Trading under the code 2525, Hesai’s shares opened at HK$229.20, a premium of 7.7 per cent to the offer price of HK$212.80 per share.
The company sold 19.55 million shares, including 2.55 million shares through the full exercise of the offer size adjustment option, raising about HK$4.16 billion (US$531 million) from its secondary listing. About 90 per cent was allocated to international entities and the remainder was offered to Hong Kong retail investors.
The public tranche was nearly 168.65 times oversubscribed, while the international tranche drew demand of about 14.09 times the available shares.
The deal attracted six cornerstone investors, including HHLR Advisors, Taikang Life and WT Asset Management, who subscribed to US$148 million worth of shares and agreed to hold them for at least six months after the listing.
Among lidar suppliers, the company has been the top global generator of revenue for three years running, from 2022 to 2024.
On Monday, the company said it would expand its production agreement with a US-based robotaxi company. It is expected to act as the exclusive supplier of both long-range and short-range lidars. The deal, valued at more than US$40 million, covers deliveries through the end of 2026.
