- Hesai plans to raise up to $500 million in its secondary listing in Hong Kong, with shares set to begin trading on the Hong Kong Stock Exchange on September 16.
- Hesai projects LiDAR shipments of 1.2 million to 1.5 million units for 2025.
Hesai Group (NASDAQ: HSAI), the world's largest LiDAR sensor manufacturer, has launched its secondary listing offering in Hong Kong, with the official listing scheduled for next week.
Hesai plans to offer 17 million class B shares globally, including an international offering of 15.3 million class B ordinary shares starting September 6 and a Hong Kong public offering of 1.7 million class B ordinary shares commencing September 8, according to its latest prospectus.
The Hong Kong offering price is capped at HK$228 ($29.04) per share, aiming to raise up to HK$3.88 billion ($500 million).
The company's class B ordinary shares will achieve a dual primary listing on the main board of the Hong Kong Stock Exchange under the stock code "2525."
Hesai's American Depositary Shares (ADS) will continue trading on Nasdaq under the ticker "HSAI", with each ADS representing one share of the company's class B ordinary shares.
On the trading day preceding the Hong Kong offering launch, Hesai's ADS closed at $26.49 on September 4.
Following the listing of its class B ordinary shares on the Hong Kong Stock Exchange, they will become fully fungible with the ADS listed on Nasdaq.
The company plans to use the latest funding for R&D investments, manufacturing capacity expansion, business development, and as working capital and for general corporate purposes.
Founded in 2014, Hesai is a 3D LiDAR solutions provider specializing in the design, development, manufacturing, and sale of advanced LiDAR products. It was listed on the Nasdaq on February 9, 2023.
The company's major clients include Li Auto (NASDAQ: LI), Zeekr (NYSE: ZK), Leapmotor (HKG: 9863) and Xiaomi (HKG: 1810, OTCMKTS: XIACY).
It achieved non-GAAP net income of about RMB 13.7 million ($1.92 million) and operating cash flow of RMB 63 million in 2024, becoming the world's first publicly listed LiDAR manufacturer to report annual profitability and positive operating cash flow, according to its financial results released on March 10.
The company delivered 501,900 LiDAR units in 2024, representing a 126 percent year-on-year increase.
Hesai projects 2025 LiDAR shipments between 1.2 million and 1.5 million units, representing 139 percent to 200 percent year-on-year growth.
In December 2024, Hesai surpassed 100,000 units shipped in a single month, becoming the world's first LiDAR manufacturer to achieve this milestone.
($1 = RMB 7.1322, $1 = HK$7.7936)
