China’s Hesai rises in Hong Kong share debut as lidar-sensor maker raises US$531 million
The dominant maker of the key sensors in self-driving cars announced a US$40 million deal with a US robotaxi firm on Monday
Trading under the code 2525, Hesai’s shares opened at HK$229.20, a premium of 7.7 per cent to the offer price of HK$212.80 per share. The stock climbed as high as HK$244 before closing at HK$234.
The company sold 19.55 million shares, including 2.55 million shares through the full exercise of the offer size adjustment option, raising about HK$4.16 billion (US$531 million) from its secondary listing. About 90 per cent was allocated to international entities and the remainder was offered to Hong Kong retail investors.
The public tranche was nearly 168.65 times oversubscribed, while the international tranche drew demand of about 14.09 times the available shares.
The deal attracted six cornerstone investors, including HHLR Advisors, Taikang Life and WT Asset Management, who subscribed to US$148 million worth of shares and agreed to hold them for at least six months after the listing.