Hesai prices 19.6M Class B shares at HK$212.8 per share in public offering

Hesai (HSAI) Group announced the pricing of its global offering of 19,550,000 Class B ordinary shares of the Company, which comprises an international offering and a Hong Kong public offering. The final offering price for both the International Offering and the Hong Kong Public Offering has been set as HK$212.8 per Offer Share. Based on the ratio of one Class B ordinary share per Nasdaq-listed American depositary share, the Offering Price translates to $27.11 per ADS based on an exchange rate of HK$7.8499 to $1.00 as of June 30, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. In addition, the Company has granted an over-allotment option to the international underwriters, exercisable by the Sponsor-OCs on behalf of the international underwriters, until the 30th day after the last day for lodging applications under the Hong Kong Public Offering, to require the Company to issue up to an aggregate of 2,932,500 additional Offer Shares at the Offering Price. Subject to approval from The Stock Exchange of Hong Kong, the Class B ordinary shares of the Company are expected to begin trading on the Main Board of the Hong Kong Stock Exchange on or about Tuesday, September 16, 2025 under the stock code “2525.” The Global Offering is expected to close on the same day, subject to customary closing conditions. The gross proceeds to the Company from the Global Offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be HK$4,160.2M. The Company plans to use the net proceeds from the Global Offering for investment in research and development, investment in its manufacturing capabilities, business development to accelerate its business expansion, and working capital and general corporate purposes. China International Capital Corporation Hong Kong Securities, Guotai Junan Capital, and CMB International Capital are the Joint Sponsors for the proposed Global Offering; China International Capital Corporation Hong Kong Securities, Guotai Junan Securities, and CMB International Capital are the Sponsor-OCs for the proposed Global Offering; China International Capital Corporation Hong Kong Securities, Guotai Junan Securities, CMB International Capital, Haitong International Securities Company, BOCI Asia, Futu Securities, DBS Asia Capital Limited, and ICBC International Securities are the Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers for the proposed Global Offering; ABCI Capital and CCB International Capital are the Joint Bookrunners for the proposed Global Offering; and ABCI Securities Company and CCB International Capital are the Joint Lead Managers for the proposed Global Offering.