Core Insights - Heisai Technology has officially completed its dual listing on the Hong Kong Stock Exchange, becoming the first company in the global LiDAR industry to achieve a "dual primary listing" on both US and Hong Kong markets [1] - The company plans to issue 17 million Class B ordinary shares globally, with an expected fundraising of HKD 4.16 billion [1] - Heisai's stock price opened at HKD 229.2, reflecting a 7.7% increase [1] ADAS Business: Growth Engine - Heisai's ADAS LiDAR business is experiencing significant growth, with total deliveries reaching 547,913 units in the first half of 2025, a year-on-year increase of 276.2% [2] - Deliveries in the ADAS sector alone reached 449,651 units, up 237.5% year-on-year, surpassing the total deliveries for 2024 [2] - Heisai holds a 33.0% market share in the domestic passenger car LiDAR installation, leading competitors Huawei and Suteng [2] Technological Advancements - The strong growth is attributed to Heisai's breakthroughs in chip technology, having developed its fourth-generation digital single-photon platform [6] - The fourth-generation chip has reduced the price of ATX LiDAR by 50%, bringing it down to around USD 200, a 95% decrease compared to initial industry prices [6] - Heisai has secured over 120 mass production contracts from 24 OEMs in the ADAS sector, becoming the preferred LiDAR supplier for nine of the top ten Robotaxi companies globally [6][7] Robot Business: Rapid Growth - Heisai's robot LiDAR business is emerging as a second growth driver, with shipments reaching 98,262 units in the first half of 2025, a staggering 692% increase [8] - The JT series product achieved 100,000 units delivered within five months, setting an industry record [8] - The cost of robot LiDAR has decreased from tens of thousands to thousands of yuan, facilitating large-scale applications [8][10] Capital Utilization and Future Strategy - The funds raised from the Hong Kong listing will be allocated as follows: approximately 50% for R&D, 35% for production capacity, 5% for business development, and 10% for working capital [11] - Heisai aims to enhance its manufacturing capacity to meet the growing demand in both the ADAS and robot sectors, with a planned annual production capacity exceeding 2 million units [11] - The dual listing is expected to accelerate the company's growth cycle, leveraging the recognition of hard technology in Hong Kong and the global valuation logic of the US market [12]