Hesai To Raise $497M In Hong Kong After Pentagon Blacklist And US Delisting Risks

Hesai Group, the world’s largest maker of lidar sensors for vehicles, is aiming to raise HK$3.9 billion ($497 million) in its Hong Kong debut, offering 17 million shares at up to HK$228 each.

Books open on Monday, pricing is expected on Friday, and trading is scheduled for Sept. 16. 

Cornerstone investors include Hillhouse Investment and Grab Holdings, while China International Capital, Guotai Junan International, and CMB International are joint sponsors. Proceeds will go toward R&D, new lidar products for robotics, and expanded production lines, Bloomberg reported.

Hesai, founded in 2014, raised $192 million in its 2023 U.S. IPO but was later placed on a Pentagon blacklist over alleged military links, which the company denies. It will be the first of several U.S.-listed Chinese firms, including Atour Lifestyle and Pony AI, to list in Hong Kong amid renewed delisting risks.

The Shanghai-based firm reported first-quarter (Q1) net revenue of 525.3 million yuan ($72 million), up nearly 50% year-on-year, and cut its net loss by 84% to 17.5 million yuan ($2.4 million). 

Earnings per share were 0.06 yuan versus a loss of 0.54 yuan a year earlier. Hesai shipped close to 200,000 lidar units, more than triple Q1 2024 volumes, and remained profitable on a non-GAAP basis.

Hesai also secured multiple ADAS design wins with 23 global automakers across more than 120 vehicle models, including Chery, Great Wall Motor, Zeekr and Geely. 

It advanced robotics lidar sales through its JT series, remained the top lidar supplier for robotaxi fleets such as Baidu Apollo Go and WeRide, and resolved all outstanding IP litigation with Ouster without financial settlement. 

CFO Andrew Fan said the company remains on track to meet full-year profitability targets despite tariffs.

On Stocktwits, retail sentiment for Hesai was ‘bearish’ amid ‘low’ message volume.

Hesai’s stock has nearly doubled so far in 2025.

($1=7.13 yuan; $1=HK$7.8)

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