Qiming Venture Partners' Portfolio Company Hesai Technology Completes Dual Primary Listing on Hong Kong Exchanges and Clearing Limited
Qiming Venture Partners has long paid close attention to innovation and transformation in the autonomous driving space. In 2019, Qiming Venture Partners participated in Hesai Technology's Series C financing and continued to invest in its Series D round.
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On September 16, Beijing time, Hesai Technology (NASDAQ: HSAI, 02525.HK), a Qiming Venture Partners portfolio company and Nasdaq-listed firm, completed its dual primary listing on the Hong Kong Stock Exchange. The global leader in three-dimensional LiDAR solutions priced its shares at HK$212.8 apiece, giving it a market capitalization of HK$32.6 billion.
Qiming Venture Partners has long tracked innovation and disruption in autonomous driving. The firm participated in Hesai Technology's Series C round in 2019 and followed on in its Series D round.
Founded in 2014, Hesai Technology designs, develops, manufactures, and sells advanced LiDAR products. Through cutting-edge application-specific integrated circuit (ASIC) and other LiDAR-related technologies, proprietary in-house design and production capabilities, and a platform-level architecture, the company delivers LiDAR products that balance performance, quality, and cost to the expanding advanced driver-assistance systems (ADAS) and robotics markets.
According to China Insights Consultancy, Hesai Technology was the world's largest LiDAR supplier by revenue in 2022, 2023, and 2024. By September 2022, it became the first LiDAR company globally to ship 10,000 units in a single month; by December 2024, it was also the first to break through 100,000 units in monthly shipments.
Dr. Kai Sun, Co-Founder and Chief Scientist of Hesai Technology, said: "Over the past decade, through chip-based architecture and automated production, Hesai Technology has driven LiDAR costs down from $100,000 for research-only use to $200, enabling deployment in millions of vehicles and bringing advanced safety and intelligence to the masses. Looking ahead, the AI-centered fourth industrial revolution is already underway, and the leap in social productivity will meaningfully improve human life. Hesai Technology will deliver the core technologies and products this new era demands. Great technology should elevate everyone's life. Our Hong Kong stock code is 2525 — we hope Hesai Technology's contributions to this new era will be remembered 500 years from now, just as this number suggests, inspiring all of us at Hesai to keep moving forward, again and again."
Qiming Venture Partners' Portfolio Company Hesai Technology Completes Dual Primary Listing on Hong Kong Stock Exchange
Hesai Technology (NASDAQ:HSAI, SEHK:2525), a global leader in three-dimensional light detection and ranging (LiDAR) solutions and portfolio company of Qiming Venture Partners, completed its dual primary listing on the Hong Kong Stock Exchange on September 16th. Hesai Technology was issued at HK$212.8 per share, representing a market capitalization of HK$32.6 billion.
Qiming has long recognized the transformative potential of autonomous driving technology. In 2019, Qiming invested in Hesai Technology's Series C round and followed on in its Series D round.
Founded in 2014, Hesai Technology designs, develops, manufactures, and sells advanced LiDAR products. Leveraging advanced ASIC and other LiDAR technologies, proprietary in-house design, manufacturing capacities, and platform level-shared architecture, Hesai Technology delivers LiDAR products that balance performance, quality, and cost for the expanding ADAS and robotics markets.
According to China Insights Consultancy (CIC), Hesai Technology ranked as the world's No. 1 LiDAR supplier in each of 2022, 2023, and 2024 in terms of revenue. By September 2022, the company became the first LiDAR company worldwide to ship 10,000 units in a single month; by December 2024, it was also the first LiDAR company globally to reach 100,000 units in monthly shipments.
Dr. Kai Sun, Co-Founder & Chief Scientist of Hesai Technology, said, "Over the past decade, Hesai Technology has leveraged its chip-based architecture and automated production system to reduce LiDAR costs from $100,000, which was once limited to research institutions, to $200. This breakthrough has enabled the adoption in millions of vehicles and brought advanced safety and intelligence to the public. As the AI-driven fourth industrial revolution unfolds and rising productivity continues to improve lives, Hesai Technology remains committed to delivering core technologies and products. Great technology should benefit everyone. With our Hong Kong stock code 2525, we hope Hesai Technology's contributions will be remembered for centuries to come, inspiring us to keep moving forward."
Past Highlights
Qiming Venture Partners was founded in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total assets under management of $9.5 billion. Since its inception, Qiming has focused on investing in outstanding early- and growth-stage companies in technology and healthcare innovation.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have listed on the New York Stock Exchange, Nasdaq, Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. More than 80 portfolio companies have become recognized unicorns or super-unicorns.
Many Qiming portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ: WRD), Insta360 (688775.SH), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Berry Genomics (000710.SZ), SinoCellTech (688520.SH), Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.