IPO Timeline
Broker Deadline
2025-09-11
Morning deadline
HKEX Deadline
2025-09-11
Noon deadline
Broker Results (T-2)
2025-09-12
Some brokers release in afternoon
Grey Market (T-1)
2025-09-15
Afternoon
HKEX Allotment (T-1)
2025-09-15
Evening
Registrar Allotment (T-1)
2025-09-15
Evening
Listing Day (T)
2025-09-16
First day of trading
Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 228.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 禾赛－Ｗ |
|---|---|
| Stock Code | 02525 |
| Company Full Name | 禾赛－Ｗ |
| Industry | Robotics |
| Principal Activities | global leader in three-dimensional light detection and ranging (LiDAR) solutions |
| Listing Date | 2025-09-16 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8A不同投票權 |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | No. 658 Zhaohua Road Changning District, Shanghai 200050 People’s Republic of China |
| Business Address (Hong Kong) | 香港 銅鑼灣希慎道33號 利園一期19樓1922室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | hesaitech.com |
| Share Registrar | |
| Registrar Contact | and Maples Fund Services (Cayman) Limited |
| A-Share/US Dual Listing | Yes (NASDAQ) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 228.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2025-09-08 to 2025-09-11 |
| Global Offering Shares | 19,550,000 shares |
| HK Public Offer Shares (Initial) | 1,700,000 shares (8.7%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 15,300,000 shares (91.3%) |
| Offer Ratio | ~12.98% |
| Total Shares Post-IPO | 150,659,711 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 29.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,457,400,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 20 | HK$ 4,560 |
| 2 lots | 40 | HK$ 9,120 |
| 3 lots | 60 | HK$ 13,680 |
| 4 lots | 80 | HK$ 18,240 |
| 5 lots | 100 | HK$ 22,800 |
| 6 lots | 120 | HK$ 27,360 |
| 7 lots | 140 | HK$ 31,920 |
| 8 lots | 160 | HK$ 36,480 |
| 9 lots | 180 | HK$ 41,040 |
| 10 lots | 200 | HK$ 45,600 |
| 15 lots | 300 | HK$ 68,400 |
| 20 lots | 400 | HK$ 91,200 |
| 25 lots | 500 | HK$ 114,000 |
| 30 lots | 600 | HK$ 136,800 |
| 35 lots | 700 | HK$ 159,600 |
| 40 lots | 800 | HK$ 182,400 |
| 45 lots | 900 | HK$ 205,200 |
| 50 lots | 1,000 | HK$ 228,000 |
| 100 lots | 2,000 | HK$ 456,000 |
| 150 lots | 3,000 | HK$ 684,000 |
| 200 lots | 4,000 | HK$ 912,000 |
| 250 lots | 5,000 | HK$ 1,140,000 |
| 300 lots | 6,000 | HK$ 1,368,000 |
| 350 lots | 7,000 | HK$ 1,596,000 |
| 400 lots | 8,000 | HK$ 1,824,000 |
| 450 lots | 9,000 | HK$ 2,052,000 |
| 500 lots | 10,000 | HK$ 2,280,000 |
| 1,000 lots | 20,000 | HK$ 4,560,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 30,000 | HK$ 6,840,000 |
| 2,000 lots | 40,000 | HK$ 9,120,000 |
| 2,500 lots | 50,000 | HK$ 11,400,000 |
| 3,000 lots | 60,000 | HK$ 13,680,000 |
| 3,500 lots | 70,000 | HK$ 15,960,000 |
| 4,000 lots | 80,000 | HK$ 18,240,000 |
| 4,500 lots | 90,000 | HK$ 20,520,000 |
| 5,000 lots | 100,000 | HK$ 22,800,000 |
| 10,000 lots | 200,000 | HK$ 45,600,000 |
| 15,000 lots | 300,000 | HK$ 68,400,000 |
| 20,000 lots | 400,000 | HK$ 91,200,000 |
| 25,000 lots | 500,000 | HK$ 114,000,000 |
| 30,000 lots | 600,000 | HK$ 136,800,000 |
| 35,000 lots | 700,000 | HK$ 159,600,000 |
| 42,500 lots | 850,000 | HK$ 193,800,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 34,350,414,108 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | Net loss RMB300.8 million |
| Period-End Cash Balance | 人民币641,300,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 234.0 |
|---|---|
| First Day Open | HK$ 229.2 |
| First Day Change | 9.96% |
| First Day Volume | 5655180.0 |
| First Day Turnover | 1326240000.0 |
Use of Proceeds
| Use of Proceeds | 1、約50%（或約1,853.0百萬港元）預計將分配用作研發投資； 2、約35%（或約1,297.1百萬港元）預計將分配用作投資生產能力，以確保持續交付高性能、高可靠性的產品，滿足客戶不斷變化的需求； 3、約5%（或約185.3百萬港元）預計將分配用作業務發展，以加速業務擴張； 4、約10%（或約370.6百萬港元）預計將分配用作營運資金及一般企業用途，以支持業務運營及增長。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
中国国际金融香港证券有限公司 CE AEN894
国泰君安融资有限公司 CE AGS488
招银国际融资有限公司 CE AVM940
Sponsor cum Overall Coordinator (3)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
Overall Coordinators (5)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
海通国际证券有限公司 CE AAF806
中银国际亚洲有限公司 CE AET863
Joint Global Coordinators (8)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
海通国际证券有限公司 CE AAF806
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
星展亚洲融资有限公司 CE AAE430
工银国际证券有限公司 CE ARO299
Joint Bookrunners (10)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
海通国际证券有限公司 CE AAF806
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
星展亚洲融资有限公司 CE AAE430
工银国际证券有限公司 CE ARO299
农银国际融资有限公司 CE AWL249
建银国际金融有限公司 CE AJO225
Joint Lead Managers (10)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
海通国际证券有限公司 CE AAF806
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
星展亚洲融资有限公司 CE AAE430
工银国际证券有限公司 CE ARO299
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
Capital Market Intermediaries (11)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
海通国际证券有限公司 CE AAF806
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
星展亚洲融资有限公司 CE AAE430
工银国际证券有限公司 CE ARO299
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
佳利（香港）律师事务所 方达律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant |
德勤华永会计师事务所（特殊普通合伙） 德勤•关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | HHLRA | 50,000,000 USD | 1,709,400 | 10.06% | 8.74% | 6 months | 2026-03-16 |
| 2 | 泰康人寿 | 28,000,000 USD | 957,260 | 5.63% | 4.90% | 6 months | 2026-03-16 |
| 3 | WT Asset Management | 30,000,000 USD | 1,025,640 | 6.03% | 5.25% | 6 months | 2026-03-16 |
| 4 | Grab Inc | 10,000,000 USD | 341,880 | 2.01% | 1.75% | 6 months | 2026-03-16 |
| 5 | 宏达集团 | 20,000,000 USD | 683,760 | 4.02% | 3.50% | 6 months | 2026-03-16 |
| 6 | Commando Global Fund | 10,000,000 USD | 341,880 | 2.01% | 1.75% | 6 months | 2026-03-16 |
Directors & Management
| Chairman | Dr. Yifan Li |
|---|---|
| Company Secretary | Ms. Cailian Yang |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李一帆 | — | 執行董事 |
| 2 | 孙恺 | — | 執行董事 |
| 3 | 向少卿 | — | 執行董事 |
| 4 | 杨彩莲 | — | 執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张怿 | — | 獨立非執行董事 |
| 2 | 劼 | — | 獨立非執行董事 |
| 3 | 任佳 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering, assuming that (i) the Offer Size Adjustment Option and the Over-allotment Option are not exercised, (ii) no further Shares are i |
|---|
AI
AI Analysis
Market Sentiment
The IPO attracted overwhelming demand, with an oversubscription ratio of 168.65 times, signaling intense market interest. Despite this, the overall hit rate reached a relatively high 50.58%, likely supported by reallocation to the Hong Kong tranche. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors; verify against official filings.)
Tier Analysis
No tier-specific distribution data was provided, so a detailed anomaly analysis is not possible. Without such data, we cannot compare winner ratios across tiers or assess broker fee efficiency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors; verify against official filings.)
Demographics
Mainland Chinese investors dominated the applicant pool at 72.6%, reflecting strong cross-border interest in this laser radar firm. The gender split leans male at 65.9%, with an average investor age of 41.6 years among roughly 45,000 holders. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors; verify against official filings.)
Offering Structure
Subscription Tiers
IPO Timeline
