Hesai-W plans to globally issue 17 million shares, introducing cornerstone investors such as Taikang Life

According to the Zhitong Finance APP, Hesai-W (02525) will conduct an IPO from September 8 to September 11, 2025, planning to globally offer 17 million shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with an additional 15% over-allotment option. The offering price will not exceed HKD 228.00 per share, with a minimum purchase of 20 shares of Class B common stock. The Class B common stock is expected to begin trading on the Stock Exchange of Hong Kong on September 16, 2025. It is reported that the company is a global leader in three-dimensional LiDAR (Light Detection and Ranging) solutions. The company designs, develops, manufactures, and sells advanced LiDAR products. Its LiDAR products are widely used in (i) passenger cars or commercial vehicles equipped with advanced driver-assistance systems, (ii) autonomous vehicle fleets, robots, and other non-automotive industries providing passenger and freight mobility services, such as automated guided vehicles / autonomous mobile robots, delivery robots, agricultural vehicles, port and yard automation, and other extensive industrial and static applications. With advanced ASIC and other LiDAR technologies, proprietary design and manufacturing capabilities, and a platform-based architecture, the company provides LiDAR products that balance performance, quality, and cost to the expanding ADAS and robotics markets. According to data from ZhiShi Consulting, the company is a global leader in LiDAR in terms of commercialization and financial performance. The company paves the way for LiDAR from technological innovation to mass production and widespread application, driving the evolution of smart vehicles. The company's revenue scale and shipment volume demonstrate its industry position. According to ZhiShi Consulting, the company was the world's largest LiDAR supplier by revenue in 2022, 2023, and 2024. As of September 2022, the company became the world's first LiDAR company to achieve a monthly shipment volume of 10,000 units; by December 2024, it became the world's first LiDAR company to exceed a monthly shipment volume of 100,000 units. Assuming an indicative offering price of HKD 228.00 per share and that the over-allotment option is not exercised, the net proceeds from the global offering are expected to be approximately HKD 3.7061 billion. Of this, approximately 50% of the net proceeds are expected to be allocated for R&D investment. Approximately 35% of the net proceeds are expected to be allocated for investing in the company's production capacity to ensure the continuous delivery of high-performance, high-reliability products to meet the changing needs of customers. Approximately 5% of the net proceeds are expected to be allocated for business development to accelerate the company's business expansion. Approximately 10% of the net proceeds are expected to be allocated for working capital and general corporate purposes to support the company's business operations and growth. Additionally, the company has entered into cornerstone investment agreements with cornerstone investors, under which the cornerstone investors have agreed to subscribe for or procure their designated entities to subscribe for a certain number of offered shares at the international offering price, with a total amount of shares to be purchased of approximately USD 148 million. The cornerstone investors include: HHLR Advisors, Ltd., Taikang Life Insurance Co., Ltd., WT Asset Management Limited, Grab Inc., Hongda Group (Hong Kong) Limited, and Commando Global Fund