$Hesai(HSAI.US) was added to the Stock Connect (for Hong Kong) on 4/16—opened 8.7% higher at 199.9HKD—this is more important than imagined. It means southbound capital can directly buy it, and the level of faith in LiDAR and autonomous driving concepts domestically far exceeds the pricing of HSAI in the US stock market.

The core data points for this stock are several: 51% market share in automotive LiDAR, ranked first in the industry for 13 consecutive months (as of February 2026); on 4/17, at the Shanghai Tech Day, it launched the world's first 6D full-color LiDAR ultra-light-sensitive chip Picasso SPAD-SoC, the highest 4320-line ETX LiDAR, spatial intelligence AI hardware Kosmo, and robot power modules—telling all three stories of "LiDAR + Spatial Intelligence + Physical AI" at once. BAIC Group's ATX Renewed Edition multi-model orders have been locked in, with mass production starting as early as H2 2026.

The catalyst narrative is complete, but I will pay attention to one issue—the pace of L3 autonomous driving advancement in China is heavily influenced by policy cycles. If regulatory momentum slows, no matter how good the hardware is, it can't be deployed. Half of Hesai's story is a bet that "the speed of L3 adoption can keep up with the pace of technological maturity," and the odds of winning this bet are not 100%.

Short-term, I see 200HKD as a psychological level after the Stock Connect inclusion. A drop to 180 could be considered, and a break above 220 warrants a wait-and-see approach. The valuation for the AI story is no longer cheap; it needs to wait for earnings or order confirmation.