The global market leader in LiDAR, Hesai Technologies (02525, HSAI.US), returns to Hong Kong, driving long-term growth momentum in the automotive and Siasun Robot & Automation industries.

If we are to discuss the hottest direction in the global capital markets this year, the technology sector is probably second to none. Take the NASDAQ index, which is technology-heavy, for example. Driven by the artificial intelligence boom and expectations of interest rate cuts by the Federal Reserve, the NASDAQ has repeatedly hit historical highs throughout the year. In an era where technology stocks are highly regarded, GMTEight has noticed that the Hong Kong stock market is also welcoming another technology company with strong core capabilities. On September 16, the world's first listed company in the global LiDAR market, Hesai (02525, HSAI.US), was officially listed on the main board of the Hong Kong Stock Exchange. As a leading global LiDAR company, Hesai's dominant position and scarcity have been highly recognized by top international institutions and investors at home and abroad. The company's subscription was very hot, with the public offering portion oversubscribed by 170 times, involving HK$66.9 billion; the overall amount was around HK$46.8 billion, with a public offering portion raising HK$388 million, and the oversubscription for the overall amount was nearly 120 times. At the same time, Hesai has also attracted six cornerstone investors including Hillhouse, WT Asset Management, and Taikang Life, bringing together international long-term funds and industry capital strength. On the first day of listing, the stock was trading at HK$244.0 per share at one point, with a market value exceeding HK$37 billion. The reason why Hesai's return to Hong Kong has attracted a lot of capital is naturally due to the company's solid fundamentals and strong growth prospects. Looking at the company's past financial reports, Hesai not only leads in terms of scale in the industry but has also been profitable ahead of others. What's even more remarkable is that, in addition to its traditional core business of automotive LiDAR, Hesai's proactive layout in the Siasun Robot & Automation LiDAR field has also started to yield results, with the company's second growth curve showing potential early signs. It is expected to continue to contribute significantly to performance gains in the future. The new journey of the global LiDAR leader Founded in 2014, Hesai made its US stock market debut with the title of "China's first LiDAR stock" in February 2023. Two years later, the Hesai listing in Hong Kong can be considered more "versatile." In terms of financial performance, Hesai achieved revenue of HK$710 million in the second quarter of this year, an increase of 53.9% year-on-year, marking the company's fifth consecutive quarter of revenue growth. Alongside the continuous growth in scale, Hesai's profit performance has exceeded expectations, with the company's net profit reaching HK$44.1 million in the second quarter compared to HK$-72.1 million in the same period last year. Looking back, Hesai's outstanding performance had been anticipated. In 2024, Hesai had already become the world's first and only listed LiDAR company to achieve profitability for the entire year, based on a revenue of HK$2.08 billion. In the same year, Hesai's operating cash flow and net cash flow reached HK$63 million and HK$130 million, demonstrating the company's self-sustaining potential. Behind the impressive financial figures is Hesai's rapidly increasing market influence in the LiDAR field. In the second quarter of 2025, Hesai's total LiDAR delivery volume increased by 306.9% year-on-year to 352,100 units, with the ADAS LiDAR delivery volume at 306,000 units, a 275.8% increase; the Siasun Robot & Automation sector LiDAR delivery volume was 48,500 units, a staggering 743.6% increase. For the entire first half of the year, Hesai's total LiDAR delivery volume was 547,900 units, surpassing the scale for the entire year of 2024. From a global perspective, according to the "2025 Global Automotive LiDAR Market Report," Hesai held a market share of around 33% in the global automotive LiDAR market in 2024, ranking first globally. It is worth mentioning that this is the fourth consecutive year that Hesai has been the top-ranked company. Hesai's competitive advantage in the L4 autonomous driving LiDAR market is even more prominent. Based on the revenue generated from relevant products in 2024, Hesai's global market share in this segment reached 61%, maintaining its dominance for the fourth consecutive year. While leveraging its core business advantages, Hesai has also invested strategically in the Siasun Robot & Automation LiDAR field and achieved remarkable interim results. According to public information, Hesai's cumulative sales volume of Siasun Robot & Automation LiDAR currently ranks first globally, with over 2,000 customers in various countries worldwide. Hesai's leading position in the Siasun Robot & Automation LiDAR track is linked to the company's strong product cycle. For example, the JT series, launched earlier this year for grass cutting applications, had accumulated over 100,000 deliveries by the end of June, making it the fastest LiDAR product in the Siasun Robot & Automation sector to reach this milestone. With its successful return to Hong Kong, the fundraising this time has injected new capital momentum into the company. Coupled with Hong Kong's status as an international financial hub and its unique advantage as a bridge connecting the mainland and overseas markets, it is foreseeable that Hesai's growth prospects will become more optimistic in the future. Broad development prospects with multiple growth logics converged Standing at a new starting point for dual listings in Hong Kong and the US, Hesai's global expansion is expected to continue. As of now, seven of the top 10 international automotive manufacturers with the highest global revenue in the Fortune Global 500 list have established mass production partnerships with Hesai. Additionally, eight out of the top ten Robotaxi companies globally have chosen Hesai as their LiDAR supplier. With industry trends in mind, Hesai's global influence is expected to expand further. In terms of the automotive track, the increasing demand for autonomous driving and the rising expectations for intelligent driving standards are driving the continuous growth of LiDAR penetration. LiDAR is becoming an increasingly cost-effective choice due to price reductions, resulting in high-speed growth in the automotive LiDAR market. According to an analysis by Guosheng Securities analysts, the global automotive LiDAR market is expected to reach HK$50 billion by 2030. Given its position as an industry leader, Hesai continues to iterate and innovate in performance breakthroughs and cost reduction. The company now has a range of high-performance LiDAR products, with the ETX being the highest resolution and longest-range automotive-grade long-range LiDAR in the world, designed specifically for L3 and L4 autonomous driving. The FTX product from Hesai has the widest field of view among all solid-state LiDAR, making it a popular choice in the automotive industry. In the field of L2 assisted driving, Hesai's ATX product has become a popular model due to its high performance, small size, and excellent performance in all weather conditions. With its first-mover advantage, technological advantage, and comprehensive product range, Hesai is likely to maintain its leadership position in the rapidly growing automotive LiDAR industry. The growth prospects for Hesai in the Siasun Robot & Automation LiDAR field, which is full of imagination, are also significant. Presently, there has been a significant increase in shipments for industrial scenarios, consumer service scenarios, humanoid Siasun Robot & Automation, and others. For consumer Siasun Robot & Automation, industrial Siasun Robot & Automation, and even the evolving humanoid Siasun Robot & Automation fields, the visual system is the core link for perception. According to Guosheng Securities analysts, the Siasun Robot & Automation LiDAR market is expected to soar to the billions of HK dollars by 2030. As the era of Siasun Robot & Automation approaches, Hesai is entering the market as a pioneer. In terms of grass cutting Siasun Robot & Automation, Hesai will provide 300,000 JT series LiDAR units to Kotane Technology in the coming year. In the fields of quadrupedal and humanoid Siasun Robot & Automation, Hesai reached a deep cooperation agreement last month with Vbot Vitadynamics, the first consumer-level smart humanoid company in China. Similarly, last month, Hesai also reached a cooperation agreement with Xingdongjiyuan, a humanoid smart enterprise affiliated with Tsinghua Group. In the mobile and commercial Siasun Robot & Automation fields, Hesai has also established deep partnerships with several leading industry players. For example, the company has already scaled up its products for deployment in the New Stone Age autonomous vehicles, supporting deployments in over 30 cities globally and 9 overseas countries, with nearly a thousand deliveries and a total of over 1.3 million kilometers of safe driving. Conclusion At this current juncture, whether in the US stock market or the Chinese capital market, the enthusiasm for investing in "hard technology" has reached unprecedented heights. This is because the global macroeconomic and industrial landscape is undergoing profound changes, with hard technology seen not only as a core engine for driving future economic growth but also as a key factor in achieving technological strategic autonomy for countries. In this era, where Hesai's growth potential in its traditional core business has not yet been fully realized and a second growth curve is being built through the strong performance in the Siasun Robot & Automation LiDAR field, it is no wonder that Hesai's return to Hong Kong has garnered high attention from various sources of capital. Looking ahead, it is foreseeable that as Hesai's multiple growth logics gradually come to fruition, the stock price trend of the company's Hong Kong listing is also worth looking forward to.