Last updated 18:35:02
HK$228.20
+7.24%
- Listing price
- HK$212.80
- Open
- —
- High
- —
- Low
- —
- Bid / Ask
- — / —
- Volume
- —
Turnover —View source
HESAI-W
02525SecondaryListed汽車/智能出行 · 我们是全球领先的三维激光雷达解决方案提供商，设计、开发、制造和销售先进激光雷达产品。
HESAI-W (02525) is a listed Hong Kong IPO. This page brings together the offer price, entry fee, subscription timeline, grey-market context, allotment data and stage-based reference research in one place.
- Offer price
- HK$212.80
- Final offer price
- HK$212.80
- One-lot win rate
- 30.0%
- Proceeds
- HK$4.16B
- Public oversub.
- 168.7x
Predicted 7.1%
Lot / entry fee 20 shares · HK$4K · Sponsor CICC / CMB International
- Offer starts Sep 8
- /Offer closes Sep 11
- /Grey market Sep 15
- /Listing Sep 16Now
SubscriptionHESAI-W: subscription-stage reference
The subscription stage draws on the prospectus, sponsor record and early public filings. Allotment results and grey-market prints have not occurred yet.
Earlier stage- Reference rating
- Cautious
- Reference score
- 62.5
- Forecast grey range
- -4.6% – +5.1%
Pre-greyHESAI-W: pre-grey-market reference
The pre-grey stage includes published allotment and public oversubscription data. Grey-market prints are not yet reflected here.
Earlier stage- Reference rating
- Neutral
- Reference score
- 66.7
- Forecast grey range
- -7.3% – +2.4%
Post-greyHESAI-W: post-grey-market reference
The post-grey stage includes grey-market price and turnover observations. Listing-day results still follow official trading and company announcements.
Current- Reference rating
- Neutral
- Reference score
- 71.2
- Forecast first-day range
- -7.2% – +15.3%
Data updated · Sep 22, 2026, 12:02 HKT
View factors and research
Model forecastListing-day trendNeutral-positiveUp probability 68.0%
Published outcome check
First-day resultUp+10.0%
Our call: Trend call valid
Covered 19/25 core factors
UsedMissingNot yet scorableN/A
Margin oversubscription
High heatOffer size
Weaker qualityCornerstone lockup
Average supportPost-lockup offer value
Weak scarcityRecent same-rule trend
Strong trendRecent same-type trend
—Recent sector trend
—Valuation
Weak appealFundamental quality
Good qualityGrowth quality
Weak qualityProfitability
Weak qualityCash runway
—Customer concentration
High riskCornerstone quality
Strong supportSponsor record
Strong recordGreenshoe arrangementGreenshoe: yes · 15%
Average supportStabilizer track recordCICC
Good recordA-share pre-grey trend
—A-share listing-day trend
—Public oversubscription
High heatOne-lot win rate
Weak heatInternational placing
High heatFinal pricing position
—Actual greenshoe useCumulative use +6.0%
Average supportGrey market return
Strong trendThe assessment and probability ranges are informational only and are not investment advice.
AI Research Report
Post-greyThe analysis report for this IPO is being generated.
HESAI-W: grey-market trend
HESAI-W: predicted allotment
Data updated · Sep 22, 2026, 14:40 HKT
Only key tiers are shown here. Full tiers and other allotment-pattern comparisons are on the allotment-odds page.
- 1 lot
- 7.1%
- A tail · Apply 1,000 lots
- 2.38 lots
- B head · Apply 1,500 lots
- 6.08 lots
- Top hammer
- 152.42 lots
Predicted
Official
30.0%
Predicted
Official
1.99 lots
Predicted
Official
7.5 lots
Predicted
Official
210.78 lots
Most likely allotment pattern：Larger Pool A applications get less extra allotment；Pool B allotment is similar across tiersView full allotment-odds research
How to read this page
These answers combine this IPO’s published figures with clearly labeled model estimates. They explain how to read the modules above and are not investment advice.
What is the one-lot allotment rate for HESAI-W?
Public allotment filings put the official one-lot rate at 30.0%, versus this site's pre-allotment model estimate of 7.1%. It is an observation for a 1-lot application, not a guaranteed result.
What is the difference between A-tail and B-head for HESAI-W?
Based on the prospectus's legal application tiers, A-tail is 1,000 lots and B-head is 1,500 lots, representing about HK$4.3M and HK$6.4M of application principal. Official average allotment was 1.99 lots and 7.5 lots, versus pre-allotment model estimates of 2.38 lots and 6.08 lots. Pool A and Pool B are allocated separately, so application size alone does not show capital efficiency.
Can the grey-market price of HESAI-W be treated as the listing price?
The compiled grey-market observation is about +7.2%, versus +10.0% on the listing day. Grey-market prints are pre-listing sentiment from public sources, not the official opening price.
Why does HESAI-W have three reference ratings?
The current status is "Listed", so start with the post-grey section. Subscription, pre-grey and post-grey each use only the public information available at that point, so the score can change. Labels are high attention / neutral / caution only — informational comparison, not a buy or subscribe call.