Hesai Group IPO: Everything You Need to Know
Dual primary listing overview, business highlights, financials, and risks — presented as a clean blog article without hyperlinks.
Stock Code: 2525
Dual Primary Listing
WVR Structure
Offering Snapshot
| Company |
Hesai Group (禾賽科技) |
| Stock Code (HK) |
2525 |
| Global Offering Size |
17,000,000 shares |
| Nominal Value |
US$0.0001 per share |
| Listing Structure |
Dual primary listing; incorporated in the Cayman Islands under a Weighted Voting Rights (WVR) structure. |
| Allocation |
Hong Kong Public Offering: 1,700,000 shares (10%); International Offering: 15,300,000 shares (90%). |
| Maximum Public Offer Price |
HK$228.00 per share (plus brokerage and statutory fees). |
| Minimum Application (HK eIPO White Form) |
20 shares; payable amount approximately HK$4,605.99 including fees. |
Application Notes
- Fees include brokerage, SFC levy, AFRC levy, and Stock Exchange trading fee.
- Offer Size Adjustment and Over-allotment options may apply.
- All dates and times refer to Hong Kong time.
Business Overview
Hesai Group designs and manufactures advanced three-dimensional LiDAR solutions serving multiple sectors:
- Automotive ADAS and autonomous vehicles.
- Robotics: autonomous mobile robots, delivery robots, agricultural vehicles, and industrial/port automation.
- Other: stationary sensing, security, and smart infrastructure scenarios.
Key Achievements
- No. 1 LiDAR supplier globally by revenue (2022–2024).
- First LiDAR company to reach 100,000 units shipped in a single month (December 2024).
- Positive operating cash flow in 2023 and 2024.
- Exclusive, multi-year design win with a top European OEM across ICE and EV platforms.
Product Lineup & Technology
Automotive-Focused
- AT Series
- ET Series
- FT Series
Robotics-Focused
- Pandar Series
- OT Series
- XT Series
- QT Series
- JT Series
Technology Advantages
- ASIC-based architecture: Industry-first integration across both TX and RX modules.
- In-house manufacturing: Facilities in Hangzhou and Shanghai.
- Automation: 100% automation in core production processes to enhance quality and lower cost.
Ownership and WVR Structure
The company operates a dual-class share structure to align long-term control with founding leadership.
- Class A Shares: 10 votes per share
- Class B Shares: 1 vote per share
Founders’ Voting Control
| Founder |
Equity |
Voting Rights |
| Dr. Yifan Li |
5.89% |
22.59% |
| Dr. Kai Sun |
6.13% |
23.48% |
| Mr. Shaoqing Xiang |
6.01% |
22.66% |
| Together |
~18.03% of shares |
~68.73% of voting rights |
Key Risks to Consider
- History of net losses, though narrowing.
- High product complexity may lead to defects or production delays.
- Dependence on large OEM customers with significant bargaining power.
- Intense competition across ADAS and LiDAR markets.
- Regulatory exposure, including outbound investment restrictions.
- WVR structure limits minority shareholder influence.
Peer comparison — industry benchmarks
| Company |
Ticker |
P/E (ttm) |
P/B |
P/S (ttm) |
EV/Sales |
Rev (ttm, US$) |
QoQ/YoY Rev Growth* |
Gross Margin |
Net Margin |
Debt/Equity |
ROE |
| Hesai Group |
HSAI (ADR) |
266.1 |
6.24 |
10.77 |
11.72 |
$347.7m |
+53.9% YoY |
42.49% |
4.14% |
0.20 |
2.54% |
| Ouster |
OUST |
n/a |
7.57 |
11.80 |
11.64 |
$125.9m |
n/a |
42.32% |
−73.07% |
0.08 |
−46.96% |
| Luminar |
LAZR |
n/a |
n/a |
1.03 |
6.53 |
$72.5m |
n/a |
−23.98% |
−166.09% |
n/a |
n/a |
| Innoviz |
INVZ |
n/a |
3.99 |
8.86 |
8.69 |
$37.7m |
n/a |
23.66% |
−197.89% |
0.38 |
−72.45% |
| RoboSense |
2498.HK |
n/a |
4.89 |
10.38 |
9.28 |
~HK$1.86b |
n/a |
n/a |
−21.33% |
0.09 |
−10.41% |
*Growth shown for Hesai is “Quarterly revenue growth (YoY)”.
IPOs in the same week/period (HKEX)
- Hesai-W (2525) — lists Sep 16, 2025. Offer price HK$212.80. Offer size adjustment option exercised in full.
- 160 Health (2656) — lists Sep 17, 2025.
- GenFleet Biotech-B (2595) — lists Sep 17, 2025.
Implication: Pricing below the maximum cap and full option use signal strong demand, a mild positive for day-one trading.
10-day sector tape check
- Ouster (OUST): +366% 52-week, strong momentum.
- Innoviz (INVZ): +227% 52-week, recovery story.
- Luminar (LAZR): −84% 52-week, weak tape.
- Hesai ADR (HSAI): strong run into dual listing.
Take: Sector tape is constructive for profitable leaders, but selective. This backdrop supports a firm open for Hesai.
Research & expert opinions
| Institution |
Analyst |
Rating |
Price Target (ADR) |
Date |
| UBS |
Nora Min |
Buy |
$35 |
Aug 2025 |
| Morgan Stanley |
Tim Hsiao |
Overweight |
$26 |
Jul 2025 |
| Jefferies |
Xiaoyi Lei |
Buy |
$29.30 |
Jun 2025 |
| Daiwa Capital Markets |
— |
Buy |
$35 |
Mar 2025 |
| Goldman Sachs |
T. Hou |
Buy |
$18.40 |
Jan 2025 |
Consensus: All “Buy/Strong Buy.” Average target approximately $28–29 (ADR).
IPO allotment result
| Offer price |
HK$212.80 |
| Option |
Exercised in full |
| Allocation results |
Sep 15, 2025 |
| Listing |
Sep 16, 2025 |
Implication: Healthy demand, supportive for debut.
Bottom line
- Fundamentals: Only profitable lidar name, positive growth, but premium valuation.
- Demand: Strong order book, disciplined pricing.
- Sector tape: Selective risk appetite, favors quality.
Decision: Worth subscribing for lidar exposure to a profitable leader.
Day-one call (HKEX): HK$210–HK$240 (−1% to +13% vs. issue). Likely to trade mildly above IPO price.
Final Thoughts
Hesai Group’s listing marks a significant milestone for the LiDAR sector. The company’s leadership in technology, in-house manufacturing, and growing revenues provide strong foundations in a rapidly expanding market. Investors should balance these strengths against the ongoing path to sustained profitability, competitive pressures, and governance considerations inherent to WVR structures.
Expected first trading of Class B ordinary shares on the Stock Exchange: September 16, 2025, 9:00 a.m. (Hong Kong Time).
Thank you
