Hesai Successfully Listed on the Main Board of the Hong Kong Stock Exchange
September 16, 2025, Hesai Technology (HSAI.US; 2525.HK), a global leader in 3D lidar solutions, today announced its successful listing on the Main Board of the Hong Kong Stock Exchange (HKEX) under the stock code 2525, becoming the world’s first lidar company to achieve dual primary listing in both the U.S. and Hong Kong capital markets.
This marks the largest IPO in the global lidar sector, raising more than USD $533 million before the greenshoe option. The investor lineup included global institutional investors, leading venture capital funds, and industry leaders, reflecting broad confidence in lidar’s long-term potential and Hesai’s ability to deliver at scale. On its first trading day, Hesai’s shares opened at HKD $244.0 per share, giving the company a market capitalization exceeding USD $4.6 billion.
Dr. Kai Sun, Co-founder and Chief Scientist of Hesai, remarked in his address:
“Over the past decade, leveraging ASIC technology and automated production systems, Hesai has reduced the cost of lidar from USD 100,000, once accessible only to research institutions, to just USD 200, making it possible to equip millions of vehicles with advanced safety and intelligent driving technologies. Looking to the decade ahead, the AI-driven Fourth Industrial Revolution is quietly taking shape. This surge in productivity will profoundly enhance human life, and Hesai is committed to delivering core technologies and products that define this new era.”
Founded in 2014, Hesai is a global leader in lidar R&D and manufacturing. Its products are widely used in ADAS-equipped passenger and commercial vehicles, autonomous driving, and intelligent robotics applications such as delivery robots and AGVs. Hesai currently holds three No. 1 positions in the automotive lidar market worldwide: No. 1 in overall automotive lidar market share, No. 1 in ADAS lidar market share, and No. 1 in Level 4 autonomous driving lidar market share.
In 2024, the company achieved revenue of USD $284.6 million, with annual deliveries doubling for the fourth consecutive year. Hesai became the first and only publicly listed lidar company worldwide to achieve full-year profitability, as well as positive operating and free cash flow. From 2021 to 2024, the company recorded a compound annual revenue growth rate (CAGR) of 42.3%, sustaining rapid growth.
Powered by its proprietary ASIC technology, Hesai has developed a robust product portfolio, including the AT, ET, and JT series. These products quickly gained market recognition and secured mass-production programs globally, driving continued growth. In the ADAS sector, Hesai lidar has become a safety standard, enabling the launch of numerous vehicle models. The company has secured more than 120 series production programs from 24 automakers, with deliveries scheduled for 2025–2027. Its key customers include a top European OEM, a best-selling EV maker, Li Auto, Changan, Geely, Great Wall Motor, Chery, Zeekr, Leapmotor, SAIC Audi, SAIC-GM, a Toyota joint-venture, among other top automakers.
In the robotics sector, Hesai has become the preferred lidar provider for leading Robotaxi companies worldwide. Nine of the top ten global Robotaxi companies have selected Hesai as their primary lidar supplier, such as Motional, Apollo, Didi, Pony.ai, and WeRide. Hesai’s JT series reached cumulative deliveries of over 100,000 units in less than five months after launch, setting a record for the fastest lidar delivery in the industry.
The milestone of the HKEX listing highlights international investors’ recognition of lidar’s importance and Hesai’s growing role as a trusted partner globally. Through continuous innovation, Hesai is committed to making lidar a standard component for safety in smart mobility worldwide.
(1) According to CIC
