Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
 LiDAR TAM is underestimated - Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.</li>
<li>Three Sub-segments Key -China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.</li>
<li>Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.</li>
</ul>



 LiDAR TAM is underestimated - Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.
Three Sub-segments Key -China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.
Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.


Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.


HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a>, a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.</li>
<li>On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.</li>
<li>The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.</li>
</ul>



Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.


Hesai Group H Share Listing: The Investment Case

China

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

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Robosense Technology (2498 HK)

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

Hesai Secondary Listing: LiDAR market potential underestimated, 2030 TAM could be 70-120% higher. Hesai poised as leader. Apart from China, global...

Raj S, CA, CFA

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

Hesai Secondary Listing: ​LiDAR market potential underestimated, 2030 TAM could be 70-120% higher. Hesai poised as leader. Apart from China, global...

Raj S, CA, CFA

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Hesai Group H Share Listing: The Investment Case

Hesai, a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing. In this note, I discuss the investment case.

Arun George

Hesai Secondary Listing: LiDAR market potential underestimated, 2030 TAM could be 70-120% higher. Hesai poised as leader. Apart from China, global...