Hesai, a prominent player in the Lidar industry, aims to raise $500 million through a dual listing on the Hong Kong stock exchange amid escalating US-China tensions
Hesai Group Prepares for Dual Primary Listing on Hong Kong Stock Exchange
Hesai Group, a global leader in automotive Lidar sensors, is set to make a significant move by planning a dual primary listing in Hong Kong. The company, founded in 2014 in Shanghai, specialises in the development and sale of Lidar sensors, laser-based distance measurement tools primarily utilized in autonomous vehicles, advanced driver-assistance systems, and robotics applications.
The offering by Hesai Group opened on Monday and will close on Thursday. The company aims to raise up to HK$3.9 billion (US$500 million) from the listing. Hesai Group has an overallotment option for up to 2,932,500 additional shares, bringing the total number of shares offered to 17 million. The maximum price per share will be HK$228.
10% of the shares offered by Hesai Group will be available to Hong Kong public investors, while the remaining 90% will be open to international investors. The final price of the shares will be determined by Friday.
Hesai Technology's customer base includes top Chinese EV makers Li Auto and Nio, as well as self-driving technology firms Baidu Apollo, WeRide, and Pony.ai. The company's primary export markets are North America, Europe, and the Asia-Pacific region, with approximately 28% of its revenues coming from exports in 2024.
Potential buyers of Hesai Group's shares include institutional investors from various sectors, given its prominent position in the LiDAR market and collaborations with major automotive companies like Mercedes-Benz, BYD, Toyota, and Audi China. However, specific institutional buyers have not been publicly disclosed.
The shares of Hesai Group are scheduled to be listed on the main board of the Hong Kong stock exchange on September 16. This listing marks a significant milestone for Hesai Group and the LiDAR industry, further solidifying its position as a key player in the autonomous vehicles and robotics sectors.
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