Deloitte China assists dual-primary listing of Hesai Group in SEHK
1st return listing by a US-listed China concept stock in HK for nearly the last two years, and largest China concept stock listing in HK since 2022
Deloitte China assisted the dual-primary listing of Hesai Group (Hesai, Stock Codes: 02525.HK, HSAI.US) on the Stock Exchange of Hong Kong (SEHK) on 16 September 2025.
As a LiDAR manufacturer, Hesai's SEHK listing:
- marks the 1st listing by a US-listed China concept stock in Hong Kong for nearly two years, the largest listing by a China concept stock since 2022 by funds raised and the 6th largest IPO in Hong Kong year-to-date.
- also sets an example for the large-scale application of LiDAR technology in the global autonomous driving and robotics sectors and for other US-listed China concept stocks. This listing has opened a phase of hard tech and dual-primary listings for China concept stocks in Hong Kong.
In its global offering, Hesai offered 19.5 million shares at HKD212.8 each, raising around HKD4.160 billion. If the over-allotment options are fully exercised, the listing could raise up to around HKD4.784 billion—significantly exceeding the amount the company raised in its listing on Nasdaq in 2023. This demonstrates the crucial role of Hong Kong in fundraisings for China concept stocks.
Representatives of Hesai Group and Deloitte China attend Hesai Group’s listing ceremony at Hong Kong Stock Exchange.
(From left) Kelly Yu and Hui Feng, Deloitte China’s Audit & Assurance (A&A) partners; Shaoqing Xiang, Dr. Kai Sun and Dr. Yifan Li, Co-Founders of Heasi Group; Dick Kay, National leader of Deloitte China's Capital Market Services Group; and Joseph Chan, A&A partner attend the listing ceremony of Hesai Group in Hong Kong Stock Exchange.
Client overview
Hesai is dedicated to the design, development, manufacturing and sale advanced LiDAR products. Its LiDAR products enable a broad spectrum of applications across (i) passenger or commercial vehicles with driver assistance systems, and (ii) autonomous vehicle fleets providing passenger and freight mobility services, robotics and other non-automotive industries, such as automated guided vehicles/autonomous mobile robots, delivery robots, agricultural vehicles, and wide industrial applications such as port and yard automation and stationary applications.
The company collaborates with well-know ndomestic and international automotive manufacturers, autonomous driving and robotics companies, including Li Auto, Xiaomi, Dreame, and ZOOX.
Source: Hesai official WeChat account and IPO prospectus filed with SEHK on 8 September 2025
Deloitte’s role
To meet the company's challenging listing timetable and Hong Kong's dual-primary listing requirements, Deloitte China formed a multidisciplinary professional services engagement team, with members from Audit & Assurance (A&A), Engagement Quality Control and Technical, Information Technology & Specialised Assurance, Data Advisory, Tax Review and Valuation Review to support the dual-primary listing process. The team was made up of partners, managers and key members with extensive experience in Hong Kong and US capital markets, high-tech and emerging industries, and proficiency in US Generally Accepted Accounting Principles and International Financial Reporting Standards.
Leveraging its solid industry experience, cross-market technical expertise, and consistent commitment to high-standard service, the engagement team worked efficiently with Hesai in a dynamic market environment to ensure steady progress across all workstreams. With the cooperation and joint efforts of the company and various intermediaries, Hesai completed its overseas offering and listing filing and passed its SEHK hearing in August 2025, listing on the Main Board of SEHK on 16 September 2025.
Deloitte China congratulates Hesai Group on its successful listing on the SEHK. We will continue to provide high quality professional services to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
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