Core Viewpoint - Hesai Technology, the first Chinese lidar company to go public, achieved a dual listing on the Hong Kong Stock Exchange and NASDAQ, marking the largest IPO of a Chinese company returning to Hong Kong in four years, led by three founders born in the 1980s [1][6]. Company Overview - Hesai Technology's IPO raised approximately HKD 4.16 billion (around CNY 3.8 billion) by issuing 19.55 million shares at a final price of HKD 212.80 per share [3][4]. - The company’s market capitalization exceeded HKD 35 billion (approximately CNY 32 billion) on its first trading day, with a peak price of HKD 244, representing a more than 14% increase from the issue price [1][4]. Investment and Market Reception - Prior to the IPO, Hesai secured commitments from six cornerstone investors, led by Hillhouse Capital, totaling over HKD 1.1 billion [3][6]. - The IPO was met with strong demand, achieving an oversubscription rate of 168.65 times for the public offering and 14.09 times for the international offering [6]. Business Model and Product Lines - Hesai specializes in lidar solutions, primarily targeting three sectors: Advanced Driver Assistance Systems (ADAS), Level 4 (L4) autonomous driving, and robotics [8][10]. - The company has established partnerships with 24 automakers, securing over 120 model production contracts for its ADAS lidar products [11]. Financial Performance - Hesai's revenue for 2022 was CNY 1.203 billion, with projections of CNY 1.877 billion for 2023 and CNY 2.077 billion for 2024 [19]. - The company reported a gross profit of CNY 520 million in the first half of 2023, with a gross margin of 47.9% [23]. R&D and Future Plans - Approximately 50% of the net proceeds from the IPO will be allocated to R&D to ensure continuous innovation in lidar technology [41]. - The global lidar market is projected to grow significantly, with a compound annual growth rate (CAGR) of 57.8% from 2020 to 2029, indicating substantial growth potential for Hesai [41][43].

Core Viewpoint - Hesai Technology, a leading player in the lidar industry, has successfully completed a dual listing on the Hong Kong Stock Exchange and NASDAQ, marking the largest IPO of a Chinese company returning to Hong Kong in four years, led by three founders born in the 1980s [1][3][6]. Company Overview - Hesai Technology is the first company in the lidar industry to achieve a dual primary listing on both the Hong Kong and US stock exchanges [3][12]. - The company issued 19.55 million shares at a final price of HKD 212.80 per share, raising approximately HKD 4.16 billion (around RMB 3.8 billion) [3][4]. Market Performance - On its first trading day, Hesai's stock price surged, reaching a high of HKD 244, which is over 14% above the issue price, and the market capitalization exceeded HKD 35 billion [4][6]. - The IPO was significantly oversubscribed, with a 168.65 times oversubscription rate for the public offering and a 14.09 times oversubscription rate for the international offering [6][8]. Financial Highlights - Hesai's revenue for 2022, 2023, and projected for 2024 are RMB 1.203 billion, RMB 1.877 billion, and RMB 2.077 billion respectively, with a strong growth trajectory [20][24]. - The company achieved a gross profit of RMB 520 million in the first half of this year, with a gross margin of 47.9% [25]. - Hesai has turned a profit in the first half of this year, reporting a net profit of RMB 26.54 million, compared to losses in previous years [27]. R&D and Innovation - The company invests heavily in R&D, with expenditures of RMB 5.55 billion, RMB 7.91 billion, and RMB 8.56 billion from 2022 to 2024, representing 46.2%, 42.1%, and 41.2% of revenue respectively [29]. - Approximately 50% of the funds raised from the IPO will be allocated to R&D to ensure continuous innovation in lidar technology [41][44]. Market Position and Growth Potential - Hesai holds the leading market share in the global lidar industry, particularly in the automotive sector, with significant contracts with major automotive manufacturers [20][24]. - The global lidar market is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8% [44][46]. - The ADAS market is expected to see a revenue increase from USD 100 million in 2020 to USD 1 billion in 2024, with a CAGR of 104.1% [46][47].

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong, marking a significant milestone in the global lidar industry [1][10]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [3]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing strong market consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [3]. - Upon opening, Hesai's stock reached HKD 244.0 per share, with a market capitalization exceeding HKD 36 billion [3]. Group 2: Company Achievements - Founded in 2014, Hesai Technology is a leading developer and manufacturer of lidar, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [7]. - The company holds three global market share leaderships: in the overall lidar market, ADAS lidar market, and L4 autonomous driving lidar market, and is the only company to have achieved multiple global firsts for four consecutive years [7]. - In 2024, the company achieved revenue of CNY 2.08 billion, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [7]. Group 3: Product and Market Position - Hesai's lidar has become a standard safety feature in ADAS, with over 120 models from 24 major manufacturers set for mass production between 2025 and 2027, including leading global and domestic automotive brands [8]. - In the robotics sector, Hesai is the preferred lidar supplier for nine of the top ten Robotaxi companies globally, with significant partnerships in the autonomous driving space [8]. - Since 2017, the company has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, establishing a strong competitive advantage in the market [9]. Group 4: Future Outlook - The listing on the Hong Kong Stock Exchange marks a new milestone for Hesai, reflecting international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [9]. - Looking ahead, the company aims to leverage chip innovation and global expansion to position its lidar technology as a standard for safe intelligent mobility and to empower robotics, leading the future of global intelligence [9].

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong markets [1][12]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years, with a total pre-greenshoe financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [7]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing the capital market's strategic consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [7]. - Upon opening, the stock reached HKD 244.0 per share, with a market capitalization exceeding HKD 36 billion [7]. Group 2: Company Achievements - Since its establishment in 2014, Hesai has become a leading lidar research and manufacturing company, achieving the number one global market share in vehicle-mounted lidar, ADAS lidar, and L4 autonomous driving lidar [9]. - The company has maintained a compound annual growth rate (CAGR) of 42.3% in revenue from 2021 to 2024, becoming the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [10]. - Hesai's lidar products have become standard safety features in many popular models, with over 120 mass production models from 24 OEMs planned for delivery between 2025 and 2027 [10]. Group 3: Technological Innovations - Since 2017, Hesai has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, which has provided a competitive advantage in the market [11]. - The fourth-generation self-developed chip integrates all seven key components of lidar, making Hesai the only company in the industry to independently develop all critical components and achieve mass production of both transmission and reception module chips [11]. - The successful launch on the Hong Kong Stock Exchange marks a new milestone for Hesai, emphasizing international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [11].