Hesai Group (HSAI.O), the world’s largest LiDAR sensor manufacturer, has launched a secondary listing in Hong Kong, aiming to raise up to HK$3.88 billion ($500 million) to support research, production capacity, and business development.
The Shanghai-based company is offering 17 million class B shares globally, including 15.3 million for international investors and 1.7 million through a Hong Kong public sale, according to its prospectus. The shares are priced at up to HK$228 ($29.04) each, with trading expected to begin next week under the stock code “2525.”
Hesai’s American Depositary Shares (ADS) will continue trading on Nasdaq, where each ADS represents one class B ordinary share. On Sept. 4, its ADS closed at $26.49. Once listed, the Hong Kong shares will be fully fungible with those traded in the U.S.
Proceeds from the offering are expected to be used for R&D investment, expansion of manufacturing capacity, and general corporate purposes.
Founded in 2014, Hesai supplies advanced 3D LiDAR systems to automakers including Li Auto, Zeekr, Leapmotor, and Xiaomi. It reported non-GAAP net income of RMB 13.7 million ($1.92 million) and operating cash flow of RMB 63 million in 2024, becoming the first listed LiDAR firm to report both annual profitability and positive operating cash flow.
The company shipped 501,900 LiDAR units in 2024, a 126% increase from the previous year, and projects deliveries of 1.2 million to 1.5 million units in 2025, representing growth of up to 200%. In December, it became the first LiDAR maker to ship more than 100,000 units in a single month.
Alongside its listing, Hesai Technology will showcase its latest high-performance automotive sensors at the IAA Mobility show in Munich next week. The lineup includes the ETX ultra-long-range LiDAR, developed for Level 3 autonomous driving with a compact 32 mm optical window for behind-the-windshield integration, and the FTX solid-state LiDAR for blind-spot detection. Live demonstrations of both systems are scheduled at the event.