Hesai Technology, known as "China's first lidar stock," has officially initiated its plan for a dual primary listing. On August 26, the International Cooperation Department of the China Securities Regulatory Commission (CSRC) issued a filing acceptance notice for its overseas offering and listing, approving the company's application to issue no more than 51.2362 million ordinary shares for listing on the Hong Kong Stock Exchange.
As a benchmark enterprise in the lidar field, Hesai Technology completed its initial public offering (IPO) on Nasdaq on February 9, 2023 (stock code: HSAI), issuing 10 million American Depositary Shares (ADS) at a price of $19 per ADS, raising a total of $190 million. If the Hong Kong listing is successfully implemented, the company will officially join the ranks of dual primary listed companies in the US and Hong Kong, further完善 its global capital布局.
Information shows that Hesai Technology is a globally leading lidar research and development and manufacturing company. Its products are widely used in passenger and commercial vehicles supporting Advanced Driver Assistance Systems (ADAS), as well as in various robotic applications such as autonomous vehicles, delivery robots, and mobile robots. The company possesses卓越 R&D capabilities and深厚 technical积累 in core areas of lidar such as optics, mechanics, and electronics. Its lidar products have been successfully market-validated. The company has offices in Shanghai, Silicon Valley, Stuttgart, and elsewhere, with customers遍布 over 40 countries worldwide.
On August 15, Hesai Technology released its unaudited financial data for the second quarter of 2025. During the quarter, Hesai achieved revenue of RMB 710 million, a year-over-year increase of over 50%, and net profit exceeded RMB 40 million, far surpassing the breakeven target under GAAP (Generally Accepted Accounting Principles). According to data from third-party authoritative institutions,凭借 strong technical strength and market performance, the company ranked first in main lidar installations in the ADAS field and first in 3D lidar shipments in the robotics field for the first half of the year, confirming its comprehensive leading position in the lidar industry.
In the second quarter, Hesai's total lidar deliveries reached 352,100 units, a year-over-year increase of 306.9%, continuing its rapid growth trend. Among these, ADAS product deliveries were 303,600 units, up 275.8% year-over-year. Deliveries for the robotics领域 reached 48,531 units, a significant year-over-year increase of 743.6%. In the first six months of 2025, Hesai's total lidar deliveries reached 547,900 units, a year-over-year increase of 276.2%, surpassing the total for the entire year of 2024.
It is reported that in the ADAS field, Hesai lidars have become a safety standard for assisted driving, helping launch several popular vehicle models. Recently, the company secured design wins for 20 models from 9 major automakers, with planned deliveries from 2025 to 2026. Core customers include one of Hesai's Top 2 customers, Geely, Great Wall Motors (601633), Changan Automobile, and other leading automakers.
In April 2025, the "National Standard for Vehicle-Mounted Lidar GB/T 45500-2025," led and primarily drafted by Hesai Technology, was officially released and implemented. As the first national standard in China's vehicle-mounted lidar field, this standard was jointly prepared by Hesai and over 50 partners. It specifies the performance, reliability requirements, and test methods for vehicle-mounted lidar to fill industry gaps and establish safety benchmarks.
As the optimal sensor enabling robotic mobility, lidar is rapidly scaling in volume within the robotics field and has become Hesai's second growth engine. By the end of Q2, cumulative deliveries of the Hesai JT series exceeded 100,000 units less than five months after its release, setting a global record for the fastest pace and making it the preferred choice for leading global robotic lawn mower manufacturers. Recently, Hesai Technology also officially announced deep cooperation with Vbot Vita Power, China's first consumer-level embodied AI company, and Xingdong纪元, a Tsinghua-affiliated embodied AI startup, to jointly explore new scenarios, applications, and experiences in embodied AI.
Li Yifan, Co-founder and CEO of Hesai, believes that with the advent of the artificial intelligence era, lidar, as a fundamental tool for AI to perceive the physical world, is becoming a technological necessity in three major areas: automotive-grade safe autonomous driving, robots that revolutionize productivity, and digital twins that achieve cost reduction, efficiency improvement, and quality enhancement. Leveraging its advantages in automotive-grade technology accumulation, global scaled delivery capability, and cross-industry validation experience, Hesai will continue to lead in this blue ocean market of robotics.
