Hesai Group, a Chinese producer of LiDAR systems for Advanced Driver-Assistance Systems (ADAS) and autonomous vehicles, made its debut on the Hong Kong Stock Exchange’s main board on 16th September 2025. The company offered 17 million Class B shares priced at HKD 212.8, with the share price rising by 7% on the first day of trading.
Hesai Group was already listed on the US Nasdaq exchange, and the new Hong Kong share offering raised around HKD 4.2 billion (US$ 533 million) for the company, which it plans to use to drive future growth.
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Hesai delivered 547,900 LiDAR systems to clients in the first half of 2025, according to reports, a 276% increase over the same period of last year – reflecting surging demand from China-based automakers. Deliveries of LiDAR systems for ADAS increased by 238% to 449,650 units in this period.
The company confirmed it has secured more than 120 series production programmes 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, and a Toyota joint-venture, among other top automakers.”
Hesai was founded in 2014 and has been developing LiDAR-specific chips since 2017. It recently launched its fourth-generation digital single-photon platform, which integrates seven key components, including lasers, detectors, and digital signal processors. This has helped simplify the overall design, while improving performance and cutting cost. The company confirmed that this latest platform architecture is already in mass production with its ATX series chipset, which will soon be used in its new ETX line.
Hesai’s co-founder and chief scientist, Dr. Kai Sun, said in a statement: “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.”
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