cornerstone investors

Hesai Group (HSAI) announced a global offering of 17 million Class B shares, including a Hong Kong public offering and an international offering, alongside a dual-primary listing on the Hong Kong Stock Exchange (“2525”). The maximum Hong Kong offer price is HK$228.00 per share. Cornerstone investors committed approximately US$148 million, representing about 29.8% of the initial offering. Proceeds will fund R&D, manufacturing, business expansion, and working capital. The dual-listing aims to diversify Hesai’s investor base and mitigate regulatory uncertainties.

HKEX had its busiest trading day of 2025 on July 9, listing five companies and one ETF simultaneously. This marks a dramatic market recovery from 2023’s depressed IPO conditions, where valuations slumped and listings stalled. The recent debuts raised nearly HK$10 billion collectively. H1 2024 saw HK$106.7 billion raised from 40+ listings—a 689% YoY surge exceeding 2023’s full-year total. Cornerstone investors, involved in 36 of 42 recent IPOs covering 43.7% of funding, have seen significant returns, including HK$9.8 billion in paper gains from major listings like CATL and Mixue Bingcheng.