On September 16, 2025, Hesai Group (“Hesai Technology”) successfully completed its dual primary listing on the Main Board of the Hong Kong Stock Exchange (stock code: 02525). This milestone follows its 2023 IPO on the NASDAQ (NASDAQ: HSAI) and further expands its strategic footprint in the global capital markets. Notably, this listing also marks the first U.S.-listed Chinese company to return for a Hong Kong listing in the past two years. Fangda Partners acted as the PRC legal counsel to Hesai, providing comprehensive, one-stop legal services for this offering and listing.
As part of this global offering, Hesai Technology issued 19.55 million Class B ordinary shares, raising approximately HKD 4.16 billion (excluding the exercise of the over-allotment option).
Hesai Technology is a global leader in the LiDAR industry. Through its high-definition 3D sensing technology, the company empowers safer and smarter autonomous driving and robotic applications. By integrating LiDAR manufacturing processes into its R&D workflow, Hesai ensures rapid product iteration while maintaining high performance, exceptional reliability, and cost efficiency. The company has built strong R&D capabilities and accumulated deep technical expertise across the core LiDAR components—including optics, mechanics, and electronics. Hesai’s LiDAR products have been successfully validated in the market and are being mass-produced and widely delivered.
Fangda previously advised Hesai on its NASDAQ listing and is honored to once again support the company in its successful dual primary listing on the Hong Kong Stock Exchange. Looking ahead, Fangda remains committed to and focused on its professional values, and will continue to accompany innovative enterprises as they navigate the capital markets, moving with them into the future.
The Fangda team advising Hesai on this listing was led by partners Jeffrey Ding, Wang Mengjie and Brian Liu. Team members included Chang Jichao, Jacky Yang, Wu Siling, Helga Chen, Simon Lu and Kerry Huang. Fangda’s data compliance team, led by partners Gil Zhang and Li Huihui, provided legal services in data compliance and cybersecurity. Team members included Zheng Kaixian and Liu Yanbin.
