eastwest connect

Hesai IPO on Nasdaq: market value of 2.4 billion US dollars, becoming the first stock of LiDAR in China

Source: Lei Di (WeChat#: touchweb)


It is learned on February 9 from Lei Di that Hesai Group (HESAI, stock ticker: “HSAI”) was listed on NASDAQ in the United States today, with an issue price of US$19, which is at the highest end of the issue range of US$17 to US$19.

Hesai raised the issuance scale from 9 million ADSs to 10 million ADSs. The scale of fundraising reached 190 million US dollars. Based on the issue price, the market value of Hesai is approximately US$2.4 billion.

Hesai is the largest U.S. IPO by a Chinese company in the past 18 months.

Hesai is another Chinese concept stock listed in the United States after QuantaSing. It is also the first large-scale Chinese concept stock company to initiate a listing on the U.S. capital market after the draft review of the Chinese concept stock was officially implemented.

With this listing, Hesai has become the first LiDAR stock in China to go public in the United States.

Li Yifan, CEO of Hesai Technology, said: “We have made a lot of preliminary preparations, including actively communicating with relevant institutions, advancing the work according to the requirements and milestones of the relevant regulatory agencies for US stock listing, and submitting relevant materials in a timely manner. The most important thing is the steady development of the company’s own business over the years, which has laid a solid foundation for the listing.”

9-month revenue of 790 million yuan exceeded that of the previous year

Founded in Shanghai in 2014, Hesai is a global leading company in LiDAR for autonomous driving and advanced driver assistance (ADAS).

Lidar is widely used in the fields of autonomous vehicles and robots. It is known as the “eye” of a generalized robot. It is an active measurement device that measures the precise distance between an object and a sensor by emitting laser light.

The revenue of Hesai has grown rapidly, and the revenue in the first nine months of 2022 has exceeded that of the whole year of 2021. During the same period, Hesai’s net loss rate has dropped.

The revenue of Hesai in 2019, 2020, and 2021 were 348 million yuan, 416 million yuan, and 720 million yuan (about 101 million U.S. dollars) respectively; the net losses were 120 million yuan, 107 million yuan, and 245 million yuan, respectively.

Hesai’s revenue in the first nine months of 2022 were 793 million yuan (about 112 million U.S. dollars), an increase of 72.77% from 459 million yuan in the same period last year; The net loss was 165 million yuan, narrowing from 175 million yuan in the same period last year.

Hesai’s revenue has exceeded the combined revenue of several major global lidar companies such as Velodyne, Ouster, Luminar, and Innoviz. At present, among all lidar companies in the world, Hesai is the most promising to become a profitable manufacturer.