Hesa-W (02525) plans to globally issue 17 million shares, introducing cornerstone investors such as Taikang Life.

Hays-W (02525) will be listed from September 8 to September 11, 2025, with a planned global offering of 17 million shares. 10% will be offered publicly in Hong Kong, and 90% internationally, with an additional around 15% for oversubscription. The offer price will not exceed HK$228.00 per share, with 20 shares per lot of Class B ordinary shares. It is anticipated that trading of Class B ordinary shares will commence on the Stock Exchange on September 16, 2025. The company is a global leader in three-dimensional LiDAR solutions. They design, develop, manufacture, and sell advanced LiDAR products. These products are widely used in vehicles equipped with advanced driver assistance systems, autonomous driving fleets providing passenger and freight services, as well as other industries such as automated guided vehicles, delivery robots, agricultural vehicles, port and yard automation, and various industrial and static applications. With advanced ASIC and LiDAR technology, proprietary design and manufacturing capabilities, and platform architecture, the company provides LiDAR products that cater to the expanding ADAS and autonomous driving market. Based on information from Enlighten Consultancy, the company is a leading LiDAR company globally in terms of commercialization and financial performance. They have paved the way for the technical innovation, mass production, and widespread application of LiDAR technology, driving the evolution of intelligent vehicles. The company's revenue scale and shipment volume demonstrate their industry position. According to data from Enlighten Consultancy, the company was the world's largest LiDAR supplier in 2022, 2023, and 2024 in terms of revenue. As of September 2022, they became the first LiDAR company worldwide to achieve a monthly shipment volume of 10,000 units. By December 2024, they became the first LiDAR company globally to surpass a monthly shipment volume of 100,000 units. Assuming the indicative offer price per share of HK$228.00 and the oversubscription rights are not exercised, the net proceeds from the global offering are estimated to be around HK$3.7061 billion. Approximately 50% of the net proceeds are expected to be allocated for research and development investments. Approximately 35% will be used to invest in the company's production capacity to ensure the continuous delivery of high-performance, high-reliability products to meet the evolving needs of customers. Around 5% will be allocated for business development to accelerate the company's business expansion. Approximately 10% will be used for operational funds and general corporate purposes to support the company's business operations and growth. Furthermore, the company has entered into cornerstone investment agreements with cornerstone investors. Under these agreements, cornerstone investors have agreed to subscribe or cause their designated entities to subscribe for a certain amount of shares at the international offer price, subject to certain conditions. The total amount of shares to be purchased is approximately US$148 million. Cornerstone investors include HHLR Advisors, Ltd., TaiKang Life Insurance Co., Ltd., WT Asset Management Limited, Grab Inc., Hutchison Group (Hong Kong) Ltd., and Commando Global Fund.