• As of this writing, Hesai rose 11 percent to HK$236.2 per share in Hong Kong, with a market capitalization of HK$36 billion.
• Hesai raised HK$4.16 billion ($535 million) through the listing, the largest listing in the global LiDAR industry to date.

China's largest LiDAR maker Hesai Group (HKG: 2525, NASDAQ: HSAI) made a strong debut on the Hong Kong stock market, joining other domestic companies in conducting secondary listings in the city.

As of press time, Hesai shares in Hong Kong had climbed 11 percent to HK$236.2 per share, with a market capitalization of HK$36 billion.

The company was officially listed on the main board of the Hong Kong Stock Exchange today, becoming the first LiDAR manufacturer to achieve dual primary listings in both the US and Hong Kong.

Hesai raised HK$4.16 billion ($535 million) through the listing -- the largest listing in the global LiDAR industry to date and the biggest capital raised by a US-listed Chinese company returning to Hong Kong in nearly four years.

The company plans to allocate about 50 percent of net proceeds to R&D investments and 35 percent to production capacity expansion to ensure delivery of high-performance, reliable products.

Founded in 2014, Shanghai-based Hesai was listed on the Nasdaq in the US on February 9, 2023.

The company currently operates two production facilities -- the Hertz factory in Hangzhou and the Maxwell Global R&D and Smart Manufacturing Center in Shanghai -- for manufacturing and assembling LiDAR products.

Its primary mass-production facility, the Hertz plant, commenced operations in September 2023. The Maxwell facility began trial operations in December 2023, primarily focusing on new product design, testing, and calibration.

Over the past decade, leveraging a chip-based architecture and automated production systems, Hesai reduced the cost of LiDAR -- originally priced at $100,000 and limited to research institutions -- to only $200, said Sun Kai, Hesai's co-founder and chief scientist, in a statement today.

Hesai's LiDAR products have been deployed in millions of vehicles, making advanced safety and intelligent technologies accessible to the public, he said.

The company recorded non-GAAP net income of about RMB 13.7 million ($1.9 million) and operating cash flow of RMB 63 million in 2024, becoming the world's first publicly listed LiDAR manufacturer to achieve annual profitability and positive operating cash flow, according to its financial results released on March 10.

Hesai delivered 501,900 LiDAR units in 2024, representing a 126 percent year-on-year increase.

For the six months ended June 30, 2025, the company recorded net income of RMB 26.5 million, compared to a net loss of RMB 179 million in the same period last year.

($1 = RMB 7.1151, $1 = HK$ 7.7804)