Hesai Group in $614 Million Offering and Dual Primary Listing in Hong Kong

Cleary Gottlieb represented Hesai Group, as U.S. and Hong Kong counsel, in its $614 million global offering of Class B ordinary shares and dual primary listing on the Main Board of the Hong Kong Stock Exchange.

The offering is the largest listing to date in the global lidar industry and also the largest dual listing in Hong Kong by a U.S.-listed Chinese company over the past four years.

CICC, GTJA, and CMBI acted as joint sponsors, sponsor-OCs, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers; Haitong and BOCI acted as overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers; Futu, DBS, and ICBC acted as joint global coordinators, joint bookrunners, and joint lead managers; and ABCI and CCBI acted as joint bookrunners and joint lead managers.

The offering priced on September 11, 2025, and closed on September 16, 2025. The Class B ordinary shares began trading on the Main Board of the Hong Kong Stock Exchange on September 16, 2025 under the Hong Kong Stock Exchange Code: 2525.

Hesai Group is a global leader in three-dimensional light detection and ranging (LiDAR) solutions. It was the No. 1 LiDAR supplier globally in each of 2022, 2023, and 2024 in terms of revenue, according to CIC. It was the first LiDAR company in the world to achieve a full-year non-GAAP net profit (non-GAAP measure) in 2024. Additionally, it recorded full-year positive operating cash flow in both 2023 and 2024, making it the first publicly-listed LiDAR company to generate positive operating cash flow, according to CIC. Its ADSs are listed on the NASDAQ Global Select Market under the symbol “HSAI.”