“Our lidar sensors, priced at about US$200 a unit, are no longer expensive for automotive companies as they assemble cars across all price ranges,” he said. “Most of the [listing] proceeds will be used to enhance our products’ competitiveness and build our new facilities in China and abroad.”
The CFO made the remarks after Hesai’s H shares jumped 10 per cent to HK$234 on the first day of trading, representing a premium of 1 per cent to the closing price of US$29.80 on the Nasdaq on Monday.
Hesai floated 19.55 million shares, including 2.55 million shares through the full exercise of the offer size adjustment option, at HK$212.80 apiece from its dual listing in Hong Kong. The fundraising is the largest homecoming listing by a US-traded Chinese company in four years.
“Hesai’s bullishness about demand for its products reflects the trend of the global automotive industry, where key players are striving to build smarter cars to save labour costs in the future,” said Zhou Ling, a hedge fund manager with Shanghai Shiva Investment. “Top makers of car components that are instrumental in driving the transition of the industry into electrification and automation will emerge to be winners in terms of earnings and growth pace.”
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How does a Chinese driverless system compare with Tesla’s?
How does a Chinese driverless system compare with Tesla’s?
