Hesai has become the first LiDAR company to achieve dual primary listings in both the U.S. and Hong Kong.
On September 16, Hesai Group (hereafter “Hesai”), a global leader in LiDAR technology, was officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX), becoming the first LiDAR company worldwide to secure dual primary listings in both the United States and Hong Kong.
The IPO raised more than HK$4.16 billion ($584 million), making it the largest IPO to date in the global LiDAR sector and the biggest Hong Kong return listing of a Chinese company in nearly four years.
On its first trading day, Hesai’s stock briefly reached HK$232.4, lifting its market capitalization above HK$35 billion ($4.9 billion).
Just ahead of its listing, Hesai announced a new partnership with a major U.S. robotaxi operator, signing a LiDAR order valued at over $40 million.
Founded in 2014, Hesai has established multiple global firsts in the automotive LiDAR market, including overall market share, ADAS LiDAR share, and Level 4 autonomous driving LiDAR share.
In 2024, the company generated revenue of RMB 2.08 billion ($292 million), doubling deliveries for the fourth consecutive year and becoming the first publicly listed LiDAR firm globally to achieve full-year profitability.
On the application side, Hesai’s LiDAR systems have been designated for more than 120 vehicle models across 24 automakers, with deliveries scheduled between 2025 and 2027. Key clients include Li Auto, Geely, Chery, Zeekr, Leapmotor, SAIC Audi, and SAIC-GM.
In the robotaxi field, nine of the world’s top ten operators have adopted Hesai as a core supplier. Its JT-series LiDAR surpassed 100,000 units in deliveries within five months of launch, setting an industry record.
Technologically, Hesai has pursued dedicated LiDAR ASIC development since 2017. Leveraging chip integration and automated production, the company has slashed LiDAR costs from around $100,000 in the early years to $200 today, enabling mass deployment.
At the listing ceremony, Hesai co-founder and Chief Scientist Dr. Kai Sun said the coming decade will be defined by the AI-driven Fourth Industrial Revolution, with Hesai positioned to deliver the next generation of core technologies and products for this new era.
Discover more from ChinaEVHome
Subscribe to get the latest posts sent to your email.
