"Leading LiDAR company Hesai Technology surges on its Hong Kong IPO debut"

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Global LiDAR leader Hesai Technology has reached a highlight moment at the Hong Kong Stock Exchange.

On September 16, Hesai Technology was officially listed and began trading on the Main Board of the Hong Kong Stock Exchange. The stock performed strongly on its first day, rising by as much as 15% to HKD 244. At present, the stock price increase has slightly fallen back to around 12%.

The IPO price for Hesai Technology was HKD 212.80, with a fundraising scale of HKD 4.16 billion (about USD 535 million), attracting participation from heavyweight cornerstone investors such as Hillhouse Investment and Grab Holdings.

This marks Hesai as the first LiDAR enterprise to achieve dual primary listing on both the US and Hong Kong stock markets, and it is also the largest Hong Kong IPO project among US-listed Chinese companies returning to Hong Kong in the past four years in terms of fundraising scale. The successful listing of Hesai also injects new momentum into the ongoing wave of US-listed Chinese companies returning to the Hong Kong market.

The strong performance of Hesai Technology comes at a time when automobile manufacturers are increasingly adopting LiDAR technology to enhance Advanced Driver Assistance Systems (ADAS). The market holds an optimistic attitude toward the wide application prospects of LiDAR technology in the automobile industry. Hesai Technology's American Depositary Receipts have doubled so far this year, and the company's second-quarter revenue grew 54% year-on-year.

Plans to Reduce Costs, Consolidate Leading Position

According to reports, Hesai Technology plans to use the funds raised in this IPO to help reduce the manufacturing costs of LiDAR systems.

"In the past, our product prices were as high as $50,000," said CEO Li Yifan in a media interview. "With our proprietary technology and manufacturing capabilities, we are working to bring costs down to $200." If this ambitious goal is achieved, it will greatly promote the widespread adoption of LiDAR in the mainstream passenger car market and further consolidate Hesai’s cost advantages and market share.

In addition to the automotive field, Li Yifan also stated that the company is likewise aiming for a leading position in the robotics sector.

The rapid development of Hesai Technology has benefited from the global trend of intelligent transformation in the automotive industry. As a key sensor for achieving high-level autonomous driving and improving active safety performance, LiDAR is being adopted by an increasing number of automobile manufacturers.

As of March 31, 2025, Hesai has received the most mass-production ADAS orders, covering 120 models from 22 global OEMs, with clients including well-known brands such as Li Auto, Zeekr, and Leapmotor.

Founded in 2014, Hesai Technology currently holds the top position in multiple niche markets worldwide. According to data from CIC Consulting, the company was the largest global LiDAR supplier by revenue in 2022, 2023, and 2024.

Strong market demand is also reflected in performance. Hesai’s American Depositary Receipts (ADR) have doubled in price so far this year, and second-quarter revenue doubled 54% year-on-year, with growth rate surpassing the previous quarter.

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