Media365
Hesai Group, the world’s largest supplier of automotive lidar sensors, is seeking to raise up to HK$3.9 billion (US$500 million) from a dual primary listing in Hong Kong, joining a clutch of Chinese electric vehicle (EV) assemblers and supply-chain vendors tapping into global investor interest in the country’s unpolished industrial gems.
The company plans to issue up to 17 million shares at a maximum price of HK$228 per share, with 10 per cent offered to Hong Kong public investors and the remaining 90 per cent to international investors, according to its listing documents. The company also has an overallotment option that could increase the offering by up to 2,932,500 additional shares if demand is strong.
The offering opened on Monday and closes on Thursday, with the final price to be determined by Friday. The shares are scheduled to be listed on the main board of the Hong Kong stock exchange on September 16.
Founded in 2014 in Shanghai, Hesai Technology develops and sells Lidar sensors, short for light detection and ranging, which use lasers to measure distances to objects. These sensors are primarily used in autonomous vehicles, advanced driver-assistance systems and robotics applications.
Its customers include top Chinese EV makers Li Auto and Nio as well as self-driving technology firms Baidu Apollo, WeRide and Pony.ai.
In 2024, about 28 per cent of its revenues came from exports, mainly to North America, Europe and Asia-Pacific.
