Hesai Group, the world’s largest maker of LiDAR sensors, has reportedly filed for a confidential Hong Kong listing, following in the footsteps of Pony AI, another Chinese company that made a similar move earlier this month. According to sources familiar with the matter cited by Bloomberg, Hesai is currently working with banks to plan a potential offering that could take place sometime this year.
The details of the listing, such as the size and timing, are still being discussed and finalized. This news comes on the heels of a recent policy change in Hong Kong that now allows companies, particularly in the technology and biotech sectors, to confidentially file for listings, a practice previously only allowed in the US stock market.
Hesai, which went public on the Nasdaq in February 2023 with a current market capitalization of $2.3 billion, has shown strong financial performance. In 2024, the company reported non-GAAP net income of RMB 13.7 million ($1.9 million) and operating cash flow of RMB 63 million, marking its first full year of profitability and positive operating cash flow as a publicly traded LiDAR manufacturer.
The company’s impressive growth continued with LiDAR deliveries reaching 501,900 units in 2024, a significant year-on-year increase of 126%. Hesai has ambitious plans for 2025, aiming to ship between 1.2 million to 1.5 million LiDAR units, representing a substantial growth projection of 139% to 200% compared to the previous year.
One of the key milestones for Hesai was a recent deal with Leapmotor to supply 200,000 units of its ATX LiDAR for use in Leapmotor’s production models starting from 2025. This partnership signifies Hesai’s expanding presence in the automotive sector and further solidifies its position as a global leader in LiDAR technology.
Overall, Hesai’s confidential filing for a Hong Kong listing reflects the company’s strong performance and growth trajectory in the LiDAR market. With a proven track record of profitability and ambitious expansion plans, Hesai is poised to capitalize on the increasing demand for LiDAR technology in various industries.
