Hesai Technology-W (02525.HK) posted a strong advance in early Hong Kong trading. As of the morning session on February 11, the company’s shares were trading at HKD 214.6, up 7.19% from the previous close of HKD 200.2. The stock briefly surged to an intraday high of HKD 216.2, with turnover reaching approximately HKD 72.81 million.

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MSCI Inclusion Acts as a Catalyst as Passive Fund Expectations Are Priced In Early

On the news front, Hesai Technology’s inclusion in the MSCI China Index has become a key focus for the market. According to the index adjustment schedule, the change will take effect after market close on February 27. In the Hong Kong market, MSCI index rebalancing is widely viewed as a meaningful short- to mid-term catalyst, often drawing attention from index-tracking and passive investment funds before and after implementation.

The stock’s performance in early trading suggests that the market has begun to price in expectations of incremental capital inflows, with shares maintaining strength at elevated levels—reflecting improving investor sentiment.

Fundamental Strength Reinforced as Lidar Leadership Remains Intact

From a fundamentals perspective, Hesai Technology continues to demonstrate a clear leadership position in the global lidar industry. Public information indicates that the company ranks among the world’s leading lidar suppliers by shipment volume, with products widely deployed across advanced driver-assistance systems (ADAS), autonomous driving, and robotics applications.

As vehicle intelligence continues to advance, lidar penetration is expected to accelerate, supporting a favorable medium- to long-term industry outlook. As a leading player, Hesai benefits from strong technological capabilities, scalable mass-production capacity, and a diversified customer base, while its profitability model is expected to improve alongside expanding output.

Dual Primary Listing Enhances Global Capital Market Visibility

It is also worth noting that Hesai Technology has completed a dual primary listing in Hong Kong and the United States, a structure that enhances share liquidity while broadening access to international capital. Against the backdrop of gradual overseas capital reallocation toward Chinese technology assets, companies with global operations and clearly defined industry positioning are more likely to attract valuation re-rating opportunities.

Recent trading activity suggests that investors are reassessing Hesai’s capital-market positioning amid rising volumes and index-related catalysts.

Short-Term Sentiment Recovers, Focus Turns to Volume Sustainability

Overall, Hesai Technology’s latest rally has been driven by a combination of index-related catalysts and underlying fundamental strength, leading to a noticeable recovery in short-term market sentiment. That said, whether the stock can extend its upside will depend on the sustainability of trading volumes and the actual inflows from passive funds around the MSCI effective date.

As autonomous driving and intelligent sensing technologies continue to evolve, Hesai Technology’s valuation narrative appears to be shifting from growth expectations toward scale realization, making its performance in the capital markets worth continued attention.

How to Buy Hesai Technology via on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code (02525.HK), and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

(Image Source: uSMART HK app)