Lidar Leader Hesai Plans $497M Hong Kong Dual Listing

Hesai Group, the world's largest manufacturer of lidar sensors for vehicles, has launched a global offering of 17 million Class B ordinary shares, including a Hong Kong public offering and an international offering, with a dual-primary listing on the Hong Kong Stock Exchange while maintaining its Nasdaq listing. The shares on the Hong Kong Stock Exchange will be fully fungible with its American depositary shares traded on Nasdaq. The offering has attracted cornerstone investments totaling approximately $148 million, reflecting strong market confidence. Proceeds from the offering are intended to be used for strategic initiatives such as research and development, manufacturing, business expansion, and working capital. The company has options to increase the offering size if demand is strong, but the offering remains subject to market conditions and regulatory risks related to cross-border financial operations. This dual-listing strategy aims to enhance Hesai's financial flexibility and broaden its investor base to support its growth in the lidar technology sector, particularly for autonomous vehicles and robotics.