Hesai Group Announces Global Offering

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09/05/2025 – 09:25 PM

**Hesai Group Announces Global Offering and Dual-Primary Listing in Hong Kong, Eyeing Expansion in Asia**

SHANGHAI, China, Sept. 05, 2025 – Hesai Group (NASDAQ: HSAI), a leading provider of lidar solutions for autonomous driving and robotics, announced today the launch of its highly anticipated global offering of 17 million Class B ordinary shares. This strategic move includes a Hong Kong public offering of 1.7 million shares and an international offering of 15.3 million shares. The company will also achieve a dual-primary listing on the Main Board of The Stock Exchange of Hong Kong Limited, trading under the stock code “2525.” While pursuing opportunities in Asia, Hesai plans to maintain its listing on the Nasdaq Global Select Market.

According to the official announcement, investors participating in the global offering will purchase Class B ordinary shares and will not receive American Depositary Shares (ADSs). However, a key feature of this dual-listing structure is the full fungibility between the Class B ordinary shares listed in Hong Kong and the ADSs traded on Nasdaq. This ensures that shareholders can seamlessly convert between the two listings, enhancing liquidity and market access.

The move underscores a growing trend among U.S.-listed Chinese tech firms seeking secondary or dual-primary listings in Hong Kong, driven by a desire to diversify their investor base, navigate regulatory uncertainties, and capitalize on the burgeoning Asia-Pacific market. Hesai’s lidar technology is considered instrumental for the advancement of level 3 and level 4 autonomous driving systems.

To facilitate potential oversubscription, Hesai retains an offer size adjustment option, allowing it to issue an additional 2.55 million Class B ordinary shares, equivalent to 15% of the initially available shares. Moreover, the company is expected to grant underwriters an over-allotment option to issue another 2.55 million shares (or 2.9325 million shares if the offer size adjustment option is fully exercised) to further meet market demand.

The initial share allocation designates approximately 10% of the total Class B ordinary shares to the Hong Kong public offering and 90% to the international offering, subject to potential reallocation based on demand.

The company has set the maximum Hong Kong Offer Price at HK$228.00 per Class B ordinary share (equivalent to US$29.04 per ADS, based on a recent exchange rate). Although the final offer price for the international offering may surpass that amount. The final Hong Kong Offer Price will be set on or around September 12, 2025, with consideration given to the closing price of Hesai ADSs on Nasdaq, as well as inputs derived from investor engagement during the marketing process. The shares will be traded in board lots of 20.

Demonstrating investor confidence, Hesai has secured cornerstone investment agreements with several prominent entities, including HHLR Advisors (part of Hillhouse Group), Taikang Life, WT Asset Management, Grab, Hongda Group and Commando Global Fund. These investors have committed to subscribing for shares worth approximately US$148.0 million, representing approximately 29.8% of the Class B ordinary shares initially offered.

Hesai plans to allocate the net proceeds from the Global Offering to various strategic initiatives, including investments in cutting-edge research and development, expansion of its manufacturing capabilities, business development efforts, and general working capital needs.

The Joint Sponsors for the proposed Global Offering are China International Capital Corporation Hong Kong Securities Limited, Guotai Junan Capital Limited, and CMB International Capital Limited.

**CNBC Analysis:** Hesai’s dual-listing strategy is a shrewd move, allowing the company to not only mitigate regulatory risks associated with its U.S. listing but also to tap into a new pool of capital in the Asian markets. The cornerstone investor commitment is a major vote of confidence for Hesai’s technological prowess and future prospects in the rapidly expanding lidar space. However, the secondary listing also brings increased scrutiny and compliance requirements that Hesai will need to navigate. Furthermore, the potential dilution of existing shareholder value should be considered when weighing the benefits of the capital raise. This move positions Hesai strongly for growth, particularly as the demand for lidar technology across autonomous vehicles and robotics is expected to surge. The company’s ability to effectively deploy its R&D investments will be crucial in maintaining its competitive edge.

**About Hesai**

Hesai Technology (Nasdaq: HSAI) is a global leader in lidar solutions. The company’s lidar products enable a broad spectrum of applications including passenger and commercial vehicles (“ADAS”), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs (“Robotics”). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.

**Safe Harbor Statement**

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.