IPO Timeline Raw facts
Broker Deadline
2025-09-11
Morning deadline
HKEX Deadline
2025-09-11
Noon deadline
Broker Results (T-2)
2025-09-12
Some brokers release in afternoon
Grey Market (T-1)
2025-09-15
Afternoon
HKEX Allotment (T-1)
2025-09-15
Evening
Registrar Allotment (T-1)
2025-09-15
Evening
Listing Day (T)
2025-09-16
First day of trading
Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 228.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Hesai-W |
|---|---|
| Stock Code | 02525 |
| Company Full Name | Hesai Group |
| Industry | Robotics |
| Principal Activities | We are a global leader in 3D LiDAR solutions. We design, develop, manufacture and sell advanced LiDAR products. Our LiDAR products are widely used in the following areas: (i) passenger vehicles or commercial vehicles equipped with advanced driver assistance systems, and (ii) autonomous vehicle fleets providing passenger and freight mobility services, robots and other non-automotive industries, such as automated guided vehicles/autonomous mobile robots, delivery robots, agricultural vehicles, port and yard automation, and other extensive industrial applications as well as static applications. |
| Listing Date | 2025-09-16 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8A不同投票權 |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | No. 658 Zhaohua Road Changning District, Shanghai 200050 People’s Republic of China |
| Business Address (Hong Kong) | 香港 銅鑼灣希慎道33號 利園一期19樓1922室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | hesaitech.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | and Maples Fund Services (Cayman) Limited |
| A-Share/US Dual Listing | Yes (NASDAQ) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 228.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2025-09-08 to 2025-09-11 |
| Global Offering Shares | 19,550,000 shares |
| HK Public Offer Shares (Initial) | 1,700,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 15,300,000 shares (90.0%) |
| Offer Ratio | ~12.98% |
| Total Shares Post-IPO | 150,659,711 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 29.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,457,400,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 20 | HK$ 4,560 |
| 2 lots | 40 | HK$ 9,120 |
| 3 lots | 60 | HK$ 13,680 |
| 4 lots | 80 | HK$ 18,240 |
| 5 lots | 100 | HK$ 22,800 |
| 6 lots | 120 | HK$ 27,360 |
| 7 lots | 140 | HK$ 31,920 |
| 8 lots | 160 | HK$ 36,480 |
| 9 lots | 180 | HK$ 41,040 |
| 10 lots | 200 | HK$ 45,600 |
| 15 lots | 300 | HK$ 68,400 |
| 20 lots | 400 | HK$ 91,200 |
| 25 lots | 500 | HK$ 114,000 |
| 30 lots | 600 | HK$ 136,800 |
| 35 lots | 700 | HK$ 159,600 |
| 40 lots | 800 | HK$ 182,400 |
| 45 lots | 900 | HK$ 205,200 |
| 50 lots | 1,000 | HK$ 228,000 |
| 100 lots | 2,000 | HK$ 456,000 |
| 150 lots | 3,000 | HK$ 684,000 |
| 200 lots | 4,000 | HK$ 912,000 |
| 250 lots | 5,000 | HK$ 1,140,000 |
| 300 lots | 6,000 | HK$ 1,368,000 |
| 350 lots | 7,000 | HK$ 1,596,000 |
| 400 lots | 8,000 | HK$ 1,824,000 |
| 450 lots | 9,000 | HK$ 2,052,000 |
| 500 lots | 10,000 | HK$ 2,280,000 |
| 1,000 lots | 20,000 | HK$ 4,560,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 30,000 | HK$ 6,840,000 |
| 2,000 lots | 40,000 | HK$ 9,120,000 |
| 2,500 lots | 50,000 | HK$ 11,400,000 |
| 3,000 lots | 60,000 | HK$ 13,680,000 |
| 3,500 lots | 70,000 | HK$ 15,960,000 |
| 4,000 lots | 80,000 | HK$ 18,240,000 |
| 4,500 lots | 90,000 | HK$ 20,520,000 |
| 5,000 lots | 100,000 | HK$ 22,800,000 |
| 10,000 lots | 200,000 | HK$ 45,600,000 |
| 15,000 lots | 300,000 | HK$ 68,400,000 |
| 20,000 lots | 400,000 | HK$ 91,200,000 |
| 25,000 lots | 500,000 | HK$ 114,000,000 |
| 30,000 lots | 600,000 | HK$ 136,800,000 |
| 35,000 lots | 700,000 | HK$ 159,600,000 |
| 42,500 lots | 850,000 | HK$ 193,800,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 187.08B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 34,350,414,108 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 102.4 million |
| Period-End Cash Balance | RMB 1,056.38 million |
| Listing Expenses | ~HK$ 169,900,000 |
| Listing Expenses / Funds Raised | ~4.4% |
| Total Pre-IPO Investment | USD 149 million |
First Day Performance
| First Day Close | HK$ 234.0 |
|---|---|
| First Day Open | HK$ 229.2 |
| First Day Change | 9.96% |
| First Day Volume | 5655180.0 |
| First Day Turnover | 1326240000.0 |
Use of Proceeds
| Use of Proceeds | 1、約50%（或約1,853.0百萬港元）預計將分配用作研發投資； 2、約35%（或約1,297.1百萬港元）預計將分配用作投資生產能力，以確保持續交付高性能、高可靠性的產品，滿足客戶不斷變化的需求； 3、約5%（或約185.3百萬港元）預計將分配用作業務發展，以加速業務擴張； 4、約10%（或約370.6百萬港元）預計將分配用作營運資金及一般企業用途，以支持業務運營及增長。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (5)
Joint Global Coordinators (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
Futu Securities International (Hong Kong) Limited CE AZT137
DBS ASIA CAPITAL LIMITED CE AAE430
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Joint Bookrunners (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
Futu Securities International (Hong Kong) Limited CE AZT137
DBS ASIA CAPITAL LIMITED CE AAE430
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
CCB International Capital Limited CE AJO225
Joint Lead Managers (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
Futu Securities International (Hong Kong) Limited CE AZT137
DBS ASIA CAPITAL LIMITED CE AAE430
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI Securities Company Limited CE ACX411
CCB International Capital Limited CE AJO225
Capital Market Intermediaries (11)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
BOCI ASIA LIMITED CE AET863
Futu Securities International (Hong Kong) Limited CE AZT137
DBS ASIA CAPITAL LIMITED CE AAE430
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
CCB International Capital Limited CE AJO225
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Cleary Gottlieb Steen & Hamilton (Hong Kong) 方达律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
Freshfields Jingtian & Gongcheng |
| Auditor and Reporting Accountant |
德勤华永会计师事务所（特殊普通合伙） 德勤•关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | HHLRA | 50,000,000 USD | 1,709,400 | 10.06% | 8.74% | 6 months | 2026-03-16 |
| 2 | 泰康人寿 | 28,000,000 USD | 957,260 | 5.63% | 4.90% | 6 months | 2026-03-16 |
| 3 | WT Asset Management | 30,000,000 USD | 1,025,640 | 6.03% | 5.25% | 6 months | 2026-03-16 |
| 4 | Grab Inc | 10,000,000 USD | 341,880 | 2.01% | 1.75% | 6 months | 2026-03-16 |
| 5 | 宏达集团 | 20,000,000 USD | 683,760 | 4.02% | 3.50% | 6 months | 2026-03-16 |
| 6 | Commando Global Fund | 10,000,000 USD | 341,880 | 2.01% | 1.75% | 6 months | 2026-03-16 |
Directors & Management
| Chairman | Dr. Yifan Li |
|---|---|
| Company Secretary | Ms. Cailian Yang |
Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李一帆 | — | Executive Director |
| 2 | 孙恺 | — | Executive Director |
| 3 | 向少卿 | — | Executive Director |
| 4 | 杨彩莲 | — | Executive Director |
Independent Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张怿 | — | Independent Non-Executive Director |
| 2 | 劼 | — | Independent Non-Executive Director |
| 3 | 任佳 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Dr. 李一帆 holds 8,879,636 Class A ordinary shares through ALBJ Limited (representing 32.89% of the Class A ordinary shares); Dr. 孫愷 holds 9,228,622 Class A ordinary shares through Fermat Star Limited (representing 34.18% of the Class A ordinary shares); and Mr. 向少卿 holds 8,890,603 Class A ordinary shares through Galbadia Limited (representing 32.93% of the Class A ordinary shares). Dr. 李一帆, Dr. 孫愷 and Mr. 向少卿 are persons acting in concert. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO attracted overwhelming demand, with an oversubscription ratio of 168.65 times, signaling intense market interest. Despite this, the overall hit rate reached a relatively high 50.58%, likely supported by reallocation to the Hong Kong tranche. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors; verify against official filings.)
申购档位分析
No tier-specific distribution data was provided, so a detailed anomaly analysis is not possible. Without such data, we cannot compare winner ratios across tiers or assess broker fee efficiency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors; verify against official filings.)
申购人群画像
Mainland Chinese investors dominated the applicant pool at 72.6%, reflecting strong cross-border interest in this laser radar firm. The gender split leans male at 65.9%, with an average investor age of 41.6 years among roughly 45,000 holders. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors; verify against official filings.)
