Hesai Technology’s automotive clients primarily include Li Auto, Xiaomi Auto, NIO, BYD, and joint-venture brands under Toyota.
Hesai Technology, a lidar developer, officially launched its initial public offering (IPO) on the Hong Kong Stock Exchange on September 8. The company plans to issue 17 million shares at a maximum price of HK$228 each, aiming to raise up to HK$3.876 billion ($544 million). If all goes according to plan, Hesai will begin trading on the Hong Kong Exchange on September 16.
The IPO has attracted a number of prominent cornerstone investors, including Hillhouse HHLRA, Taikang Life, WT Asset Management, Grab, Hongda Group, and Commando Global Fund, collectively subscribing around $20.7 million (HK$151.4 million).
Hesai went public on the US stock market in February 2023. A successful Hong Kong listing would establish a dual listing structure with US and H shares, providing domestic investors with more direct access to the lidar company.
On the business front, Hesai achieved revenue of RMB 1.232 billion ($172.6 million) and net profit of RMB 26.54 million ($3.7 million) in the first half of 2025. Second-quarter revenue alone reached RMB 706 million ($98.9 million), up 53.9% year-on-year, marking a return to profitability after years of losses from 2022 through 2024.
Hesai specializes in the development and manufacture of lidar products for passenger and commercial vehicles supporting advanced driver-assistance systems (ADAS), as well as autonomous vehicles, delivery robots, and various mobile robotics applications.
The company has been expanding its automotive client base. Alongside long-term partners such as Li Auto, Xiaomi, and NIO, Hesai deepened collaboration with BYD in 2025, with over ten models equipped with Hesai lidar slated for mass production and delivery within the year.
In August, a Toyota joint-venture brand also confirmed it will adopt Hesai’s next-generation ATX lidar for future new energy models, scheduled for production in 2026.
Notably, in terms of shareholding, Xiaomi held a 5.5% stake in Hesai Technology as of the end of March, with 1.9% voting rights, making it a key external shareholder.
On the capital markets front, Hesai’s US-listed shares experienced a prolonged slump, trading around $4 at the end of 2024. Since the beginning of 2025, the stock has rebounded sharply, closing last Friday at $26.49, giving the company a market capitalization of $3.5 billion.
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