BRIEF: Hesai jumps in Hong Kong trading debut
Shares of autonomous driving technology company Hesai Group (2525.HK; HSAI.US) opened up 7.7% in their Hong Kong trading debut on Tuesday, and continued to rise during the morning to close up 11.5% at HK$237.20 by the midday break. The new Hong Kong listing complements the company’s existing listing in the U.S.
The company offered 19.55 million shares at HK$212.80 apiece. The portion of the offering for local Hong Kong investors was 167.7 times oversubscribed, while the international offering was oversubscribed by 13 times, raising net proceeds of HK$4 billion ($513 million).
Hesai has been the world’s largest supplier of light detection and ranging (lidar) technology used in autonomous driving for three consecutive years and ranked third globally last year in the advanced driver-assistance systems (ADAS) market. Its revenue jumped from 1.2 billion yuan ($168 million) in 2022 to 2.08 billion yuan last year. Its revenue rose by another 46.3% year-on-year to 359 million yuan in this year’s first quarter, while its net loss narrowed by 84% to 17.5 million yuan.
By Lau Chi Hang
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