|
Cayman Islands
|
| |
3569
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
|
Z. Julie Gao, Esq.
Shu Du, Esq. Skadden, Arps, Slate, Meagher & Flom LLP c/o 42/F, Edinburgh Tower, The Landmark 15 Queen’s Road Central Hong Kong +852 3740-4700 |
| |
Brian V. Breheny, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates 1440 New York Avenue, N.W. Washington, D.C. United States 1 202-371-7000 |
| |
Allen Wang, Esq.
Latham & Watkins LLP 18th Floor, One Exchange Square 8 Connaught Place, Central Hong Kong +852 2912 2500 |
|
| | | | | 1 | | | |
| | | | | 17 | | | |
| | | | | 19 | | | |
| | | | | 22 | | | |
| | | | | 68 | | | |
| | | | | 70 | | | |
| | | | | 71 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
| | | | | 75 | | | |
| | | | | 77 | | | |
| | | | | 78 | | | |
| | | | | 99 | | | |
| | | | | 108 | | | |
| | | | | 131 | | | |
| | | | | 146 | | | |
| | | | | 152 | | | |
| | | | | 155 | | | |
| | | | | 156 | | | |
| | | | | 168 | | | |
| | | | | 178 | | | |
| | | | | 180 | | | |
| | | | | 186 | | | |
| | | | | 196 | | | |
| | | | | 197 | | | |
| | | | | 198 | | | |
| | | | | 199 | | | |
| | | | | F-1 | | |
|
Elements of LiDAR
|
| |
Definition
|
|
| Performance | | | The explicit specifications of a LiDAR unit that directly reflect its performance, including detection range (for example, 200 meters or longer at 10% reflectivity), point density (number of points generated per second, which is horizontal resolution times vertical resolution, multiplied by frame rate), distance accuracy and precision, reflectivity accuracy, and interference rejection, among others. | |
| Quality | | |
The implicit aspects of a LiDAR unit that represent its ability to perform consistently under a variety of circumstances over time, including robustness under extreme operating temperatures, different levels of humidity, waterproof levels, and mechanical shocks and stresses. Quality also represents a product’s manufacturing consistency, functional safety (typically ASIL-B), and viability as an automotive-grade component.
|
|
| Cost | | | The per unit price for each LiDAR unit. Customers of LiDAR units for different applications and industries have varying levels of cost sensitivity, which is usually influenced by factors such as timeline for mass adoption, operating scale, and the business models of the target application, among others. | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands, except for share amount and per share data)
|
| |||||||||||||||||||||||||||||||||
Summary Combined and Consolidated Statements
of Operations and Comprehensive Loss: |
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net revenues
|
| | | | 348,084 | | | | | | 415,514 | | | | | | 64,487 | | | | | | 253,016 | | | | | | 459,442 | | | | | | 71,304 | | |
Cost of revenues
|
| | | | (103,377) | | | | | | (176,600) | | | | | | (27,408) | | | | | | (112,856) | | | | | | (214,671) | | | | | | (33,317) | | |
Gross profit | | | | | 244,707 | | | | | | 238,914 | | | | | | 37,079 | | | | | | 140,160 | | | | | | 244,771 | | | | | | 37,987 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Research and development
expenses |
| | | | (149,817) | | | | | | (229,653) | | | | | | (35,642) | | | | | | (163,092) | | | | | | (210,627) | | | | | | (32,689) | | |
General and administrative
expenses |
| | | | (55,112) | | | | | | (76,553) | | | | | | (11,881) | | | | | | (56,888) | | | | | | (265,328) | | | | | | (41,178) | | |
Sales and marketing expenses
|
| | | | (38,740) | | | | | | (49,904) | | | | | | (7,745) | | | | | | (36,243) | | | | | | (48,072) | | | | | | (7,461) | | |
Litigation settlement expense
|
| | | | (160,098) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income, net
|
| | | | 11,009 | | | | | | 15,384 | | | | | | 2,387 | | | | | | 5,646 | | | | | | 18,741 | | | | | | 2,909 | | |
Total operating expenses
|
| | | | (392,758) | | | | | | (340,726) | | | | | | (52,880) | | | | | | (250,577) | | | | | | (505,286) | | | | | | (78,419) | | |
Loss from operations
|
| | | | (148,051) | | | | | | (101,812) | | | | | | (15,801) | | | | | | (110,417) | | | | | | (260,515) | | | | | | (40,432) | | |
Interest income
|
| | | | 19,107 | | | | | | 20,925 | | | | | | 3,247 | | | | | | 16,359 | | | | | | 14,203 | | | | | | 2,204 | | |
Foreign exchange gain/(loss)
|
| | | | 9,619 | | | | | | (25,696) | | | | | | (3,988) | | | | | | (6,979) | | | | | | (9,805) | | | | | | (1,522) | | |
Other income/(loss), net
|
| | | | 31 | | | | | | (832) | | | | | | (129) | | | | | | (782) | | | | | | 33,412 | | | | | | 5,185 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands, except for share amount and per share data)
|
| |||||||||||||||||||||||||||||||||
Net loss before income tax
|
| | | | (119,294) | | | | | | (107,415) | | | | | | (16,671) | | | | | | (101,819) | | | | | | (222,705) | | | | | | (34,565) | | |
Income tax (expenses)/benefit
|
| | | | (930) | | | | | | 199 | | | | | | 31 | | | | | | 177 | | | | | | 1,113 | | | | | | 173 | | |
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,640) | | | | | | (101,642) | | | | | | (221,592) | | | | | | (34,392) | | |
Change in redemption
value of preferred equity |
| | | | (55,247) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | (175,471) | | | | | | (107,216) | | | | | | (16,640) | | | | | | (101,642) | | | | | | (221,592) | | | | | | (34,392) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | (2.20) | | | | | | (1.19) | | | | | | (0.18) | | | | | | (1.15) | | | | | | (2.18) | | | | | | (0.34) | | |
Weighted average shares used
in calculating net loss per ordinary share: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 79,899,201 | | | | | | 89,895,471 | | | | | | 89,895,471 | | | | | | 88,564,129 | | | | | | 101,433,139 | | | | | | 101,433,139 | | |
Pro forma net loss per share(1):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | | | | | | | (1.43) | | | | | | (0.22) | | | | | | | | | | | | (2.34) | | | | | | (0.36) | | |
Pro forma weighted average shares used in calculating net loss per ordinary share(1):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | | | | | | | 91,919,739 | | | | | | 91,919,739 | | | | | | | | | | | | 105,481,675 | | | | | | 105,481,675 | | |
| | |
As of December 31,
|
| |
As of September 30,
|
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Summary Combined and Consolidated Balance Sheets Data:
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash and cash equivalents
|
| | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | | | | | 945,972 | | | | | | 146,813 | | |
Short-term investments
|
| | | | 910,972 | | | | | | 638,981 | | | | | | 99,168 | | | | | | 1,620,158 | | | | | | 251,445 | | |
Accounts receivable (net of allowance for doubtful accounts of RMB2,257, RMB5,270 and RMB7,324 as of December 31, 2019 and 2020 and September 30, 2021, respectively)
|
| | | | 36,511 | | | | | | 56,319 | | | | | | 8,741 | | | | | | 77,951 | | | | | | 12,098 | | |
Inventories
|
| | | | 70,243 | | | | | | 149,925 | | | | | | 23,268 | | | | | | 330,827 | | | | | | 51,344 | | |
Prepayments and other current assets
|
| | | | 31,835 | | | | | | 40,658 | | | | | | 6,310 | | | | | | 102,494 | | | | | | 15,907 | | |
Total current assets
|
| | | | 1,170,260 | | | | | | 1,209,239 | | | | | | 187,671 | | | | | | 3,159,987 | | | | | | 490,424 | | |
Total assets
|
| | | | 1,242,362 | | | | | | 1,312,125 | | | | | | 203,639 | | | | | | 3,428,190 | | | | | | 532,049 | | |
Accounts payable
|
| | | | 18,608 | | | | | | 55,437 | | | | | | 8,604 | | | | | | 90,215 | | | | | | 14,002 | | |
Accrued expenses and other current liabilities
|
| | | | 229,091 | | | | | | 91,895 | | | | | | 14,262 | | | | | | 199,755 | | | | | | 31,002 | | |
Total current liabilities
|
| | | | 271,168 | | | | | | 166,740 | | | | | | 25,878 | | | | | | 814,453 | | | | | | 126,402 | | |
Total liabilities
|
| | | | 313,150 | | | | | | 174,932 | | | | | | 27,149 | | | | | | 834,421 | | | | | | 129,501 | | |
Redeemable preferred equity
|
| | | | 1,098,639 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total shareholders’ (deficit)/equity
|
| | | | (169,427) | | | | | | 1,137,193 | | | | | | 176,312 | | | | | | 2,593,769 | | | | | | 402,548 | | |
Total liabilities, redeemable preferred equity and shareholders’ (deficit)/equity
|
| | | | 1,242,362 | | | | | | 1,312,125 | | | | | | 203,461 | | | | | | 3,428,190 | | | | | | 532,049 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Summary Combined and Consolidated Cash Flows Data:
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash provided by/(used in) operating activities
|
| | | | 46,166 | | | | | | (352,015) | | | | | | (54,632) | | | | | | (345,457) | | | | | | (114,089) | | | | | | (17,708) | | |
Net cash (used in)/provided by investing activities
|
| | | | (779,497) | | | | | | 179,027 | | | | | | 27,785 | | | | | | 177,897 | | | | | | (1,168,823) | | | | | | (181,398) | | |
Net cash provided by financing activities
|
| | | | 739,741 | | | | | | 323,437 | | | | | | 50,197 | | | | | | 323,437 | | | | | | 1,950,083 | | | | | | 302,648 | | |
Net increase in cash and cash equivalents
|
| | | | 6,410 | | | | | | 150,449 | | | | | | 23,349 | | | | | | 155,877 | | | | | | 667,171 | | | | | | 103,542 | | |
Cash and cash equivalents at the beginning of the year/period
|
| | | | 104,336 | | | | | | 112,737 | | | | | | 17,497 | | | | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | |
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
| | | | 1,991 | | | | | | (6,498) | | | | | | (1,008) | | | | | | (1,878) | | | | | | 22,113 | | | | | | 3,434 | | |
Cash and cash equivalents at the end of the year/period
|
| | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | | | | | 266,736 | | | | | | 945,972 | | | | | | 146,813 | | |
| | |
As of September 30, 2021
|
| |||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro forma
|
| |
Pro forma as adjusted(1)
|
| |||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A Ordinary shares (USD0.0001
par value, nil share authorized, issued and outstanding as of December 31, 2020; 35,000,000 shares authorized, 30,033,379 shares issued and outstanding as of September 30, 2021) |
| | | | 19 | | | | | | 3 | | | | | | 19 | | | | | | 3 | | | | | | | | |
Class B Ordinary shares (USD0.0001
par value, nil share authorized, issued and outstanding as of December 31, 2020; 150,000,000 shares authorized, 85,501,214 shares issued and outstanding as of September 30, 2021) |
| | | | 55 | | | | | | 9 | | | | | | 55 | | | | | | 9 | | | | | | | | |
Additional paid-in capital(2)
|
| | | | 3,621,657 | | | | | | 562,072 | | | |
|
| |
|
| | | | | | | ||||||
Subscription receivables
|
| | | | (766,098) | | | | | | (118,897) | | | | | | (312,120) | | | | | | (48,440) | | | | | | | | |
Accumulated deficit
|
| | | | (277,638) | | | | | | (43,087) | | | |
|
| |
|
| | | | | | | ||||||
Accumulated other comprehensive loss
|
| | | | 15,774 | | | | | | 2,448 | | | | | | 15,774 | | | | | | 2,448 | | | | | | | | |
Total Shareholders’ equity(2)
|
| | | | 2,593,769 | | | | | | 402,548 | | | |
|
| |
|
| | | | | | | ||||||
Total Capitalization(2)
|
| | | | 2,593,769 | | | | | | 402,548 | | | |
|
| |
|
| | | | | | |
| | |
Per Ordinary Share
|
| |
Per ADS
|
|
Assumed initial public offering price
|
| | US$ | | | US$ | |
Net tangible book value as of September 30, 2021
|
| | US$3.40 | | | US$ | |
As adjusted net tangible book value after giving effect to this offering
|
| | US$ | | | US$ | |
Amount of dilution in net tangible book value to new investors in this
offering |
| | US$ | | | US$ | |
| | |
Ordinary Shares
Purchased |
| |
Total Consideration
|
| |
Average
Price Per Ordinary Share |
| |
Average
Price Per ADS |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||||||||
Existing shareholders
|
| | | | | | | | | | | | | | US$ | | | | | % | | | | | US$ | | | | | | US$ | | | |
New investors
|
| | | | | | | | | | | | US$ | | | | | % | | | | | US$ | | | | | | US$ | | | | ||
Total
|
| | | | | | | | | | | | | | US$ | | | | | 100.0% | | | | | | | | | | | | | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
− Revenue from LiDAR
products |
| | | | 328,064 | | | | | | 94.2 | | | | | | 346,068 | | | | | | 53,709 | | | | | | 83.3 | | | | | | 190,447 | | | | | | 75.3 | | | | | | 434,082 | | | | | | 67,368 | | | | | | 94.5 | | |
− Revenue from gas detection products
|
| | | | 19,532 | | | | | | 5.6 | | | | | | 68,599 | | | | | | 10,646 | | | | | | 16.5 | | | | | | 62,199 | | | | | | 24.6 | | | | | | 13,536 | | | | | | 2,101 | | | | | | 2.9 | | |
− Other revenue
|
| | | | 488 | | | | | | 0.2 | | | | | | 847 | | | | | | 131 | | | | | | 0.2 | | | | | | 370 | | | | | | 0.1 | | | | | | 945 | | | | | | 147 | | | | | | 0.2 | | |
Engineering service revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,879 | | | | | | 1,688 | | | | | | 2.4 | | |
Net revenues
|
| | | | 348,084 | | | | | | 100.0 | | | | | | 415,514 | | | | | | 64,487 | | | | | | 100.0 | | | | | | 253,016 | | | | | | 100.0 | | | | | | 459,442 | | | | | | 71,304 | | | | | | 100.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Material and component
cost |
| | | | 46,115 | | | | | | 13.2 | | | | | | 64,838 | | | | | | 10,063 | | | | | | 15.6 | | | | | | 36,588 | | | | | | 14.5 | | | | | | 96,701 | | | | | | 15,008 | | | | | | 21.0 | | |
Manufacturing cost
|
| | | | 16,003 | | | | | | 4.6 | | | | | | 31,981 | | | | | | 4,963 | | | | | | 7.7 | | | | | | 21,938 | | | | | | 8.7 | | | | | | 38,953 | | | | | | 6,045 | | | | | | 8.5 | | |
Labor cost
|
| | | | 18,321 | | | | | | 5.3 | | | | | | 20,302 | | | | | | 3,151 | | | | | | 4.9 | | | | | | 14,382 | | | | | | 5.7 | | | | | | 17,932 | | | | | | 2,783 | | | | | | 3.9 | | |
Other cost(1)
|
| | | | 22,938 | | | | | | 6.6 | | | | | | 59,479 | | | | | | 9,231 | | | | | | 14.3 | | | | | | 39,948 | | | | | | 15.7 | | | | | | 61,085 | | | | | | 9,481 | | | | | | 13.3 | | |
Total cost of revenues
|
| | | | 103,377 | | | | | | 29.7 | | | | | | 176,600 | | | | | | 27,408 | | | | | | 42.5 | | | | | | 112,856 | | | | | | 44.6 | | | | | | 214,671 | | | | | | 33,317 | | | | | | 46.7 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Research and development
expenses |
| | | | 149,817 | | | | | | 43.0 | | | | | | 229,653 | | | | | | 35,642 | | | | | | 55.3 | | | | | | 163,092 | | | | | | 64.4 | | | | | | 210,627 | | | | | | 32,689 | | | | | | 45.8 | | |
General and administrative
expenses |
| | | | 55,112 | | | | | | 15.8 | | | | | | 76,553 | | | | | | 11,881 | | | | | | 18.4 | | | | | | 56,888 | | | | | | 22.5 | | | | | | 265,328 | | | | | | 41,178 | | | | | | 57.8 | | |
Sales and marketing expenses
|
| | | | 38,740 | | | | | | 11.1 | | | | | | 49,904 | | | | | | 7,745 | | | | | | 12.0 | | | | | | 36,243 | | | | | | 14.3 | | | | | | 48,072 | | | | | | 7,461 | | | | | | 10.5 | | |
Litigation settlement expense
|
| | | | 160,098 | | | | | | 46.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other operating expenses (income), net
|
| | | | (11,009) | | | | | | (3.1) | | | | | | (15,384) | | | | | | (2,387) | | | | | | (3.7) | | | | | | (5,646) | | | | | | (2.2) | | | | | | (18,741) | | | | | | (2,909) | | | | | | (4.1) | | |
Total operating expenses
|
| | | | 392,758 | | | | | | 112.8 | | | | | | 340,726 | | | | | | 52,880 | | | | | | 82.0 | | | | | | 250,577 | | | | |
|
99.0
|
| | | | | 505,286 | | | | | | 78,419 | | | | | | 110.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Payroll expenses
|
| | | | 68,585 | | | | | | 19.7 | | | | | | 113,014 | | | | | | 17,539 | | | | | | 27.2 | | | | | | 74,363 | | | | | | 29.4 | | | | | | 123,406 | | | | | | 19,152 | | | | | | 26.9 | | |
Material expenses
|
| | | | 45,759 | | | | | | 13.1 | | | | | | 46,383 | | | | | | 7,199 | | | | | | 11.2 | | | | | | 34,414 | | | | | | 13.6 | | | | | | 38,650 | | | | | | 5,998 | | | | | | 8.4 | | |
Others
|
| | | | 35,473 | | | | | | 10.2 | | | | | | 70,256 | | | | | | 10,904 | | | | | | 16.9 | | | | | | 54,315 | | | | | | 21.4 | | | | | | 48,571 | | | | | | 7,539 | | | | | | 10.5 | | |
Total | | | | | 149,817 | | | | | | 43.0 | | | | | | 229,653 | | | | | | 35,642 | | | | | | 55.3 | | | | | | 163,092 | | | | | | 64.4 | | | | | | 210,627 | | | | | | 32,689 | | | | | | 45.8 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentage data)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues
|
| | | | 348,084 | | | | | | 100.0 | | | | | | 415,514 | | | | | | 64,487 | | | | | | 100.0 | | | | | | 253,016 | | | | | | 100.0 | | | | | | 459,442 | | | | | | 71,304 | | | | | | 100.0 | | |
Cost of revenues
|
| | | | (103,377) | | | | | | (29.7) | | | | | | (176,600) | | | | | | (27,408) | | | | | | (42.5) | | | | | | (112,856) | | | | | | (44.6) | | | | | | (214,671) | | | | | | (33,317) | | | | | | (46.7) | | |
Gross profit
|
| | | | 244,707 | | | | | | 70.3 | | | | | | 238,914 | | | | | | 37,079 | | | | | | 57.5 | | | | | | 140,160 | | | | | | 55.4 | | | | | | 244,771 | | | | | | 37,987 | | | | | | 53.3 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Research and development
expenses |
| | | | (149,817) | | | | | | (43.0) | | | | | | (229,653) | | | | | | (35,642) | | | | | | (55.3) | | | | | | (163,092) | | | | | | (64.4) | | | | | | (210,627) | | | | | | (32,689) | | | | | | (45.8) | | |
General and administrative expenses
|
| | | | (55,112) | | | | | | (15.8) | | | | | | (76,553) | | | | | | (11,881) | | | | | | (18.4) | | | | | | (56,888) | | | | | | (22.5) | | | | | | (265,328) | | | | | | (41,178) | | | | | | (57.8) | | |
Sales and marketing expenses
|
| | | | (38,740) | | | | | | (11.1) | | | | | | (49,904) | | | | | | (7,745) | | | | | | (12.0) | | | | | | (36,243) | | | | | | (14.3) | | | | | | (48,072) | | | | | | (7,461) | | | | | | (10.5) | | |
Litigation settlement expense
|
| | | | (160,098) | | | | | | (46.0) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income, net
|
| | | | 11,009 | | | | | | 3.1 | | | | | | 15,384 | | | | | | 2,387 | | | | | | 3.7 | | | | | | 5,646 | | | | | | 2.2 | | | | | | 18,741 | | | | | | 2,909 | | | | | | 4.1 | | |
Total operating expenses
|
| | | | (392,758) | | | | | | (112.8) | | | | | | (340,726) | | | | | | (52,880) | | | | | | (82.0) | | | | | | (250,577) | | | | | | (99.0) | | | | | | (505,286) | | | | | | (78,419) | | | | | | (110.0) | | |
Loss from operations
|
| | | | (148,051) | | | | | | (42.5) | | | | | | (101,812) | | | | | | (15,801) | | | | | | (24.5) | | | | | | (110,417) | | | | | | (43.6) | | | | | | (260,515) | | | | | | (40,432) | | | | | | (56.7) | | |
Interest income
|
| | | | 19,107 | | | | | | 5.5 | | | | | | 20,925 | | | | | | 3,247 | | | | | | 5.0 | | | | | | 16,359 | | | | | | 6.5 | | | | | | 14,203 | | | | | | 2,204 | | | | | | 3.1 | | |
Foreign exchange gain (loss)
|
| | | | 9,619 | | | | | | 2.8 | | | | | | (25,696) | | | | | | (3,988) | | | | | | (6.2) | | | | | | (6,979) | | | | | | (2.8) | | | | | | (9,805) | | | | | | (1,522) | | | | | | (2.1) | | |
Other income (loss), net
|
| | | | 31 | | | | | | 0.0 | | | | | | (832) | | | | | | (129) | | | | | | (0.2) | | | | | | (782) | | | | | | (0.3) | | | | | | 33,412 | | | | | | 5,185 | | | | | | 7.2 | | |
Net loss before income tax
|
| | | | (119,294) | | | | | | (34.2) | | | | | | (107,415) | | | | | | (16,671) | | | | | | (25.9) | | | | | | (101,819) | | | | | | (40.2) | | | | | | (222,705) | | | | | | (34,565) | | | | | | (48.5) | | |
Income tax (expenses)/benefit
|
| | | | (930) | | | | | | (0.3) | | | | | | 199 | | | | | | 31 | | | | | | 0.0 | | | | | | 177 | | | | | | 0.0 | | | | | | 1,113 | | | | | | 173 | | | | | | 0.3 | | |
Net loss
|
| | | | (120,224) | | | | | | (34.5) | | | | | | (107,216) | | | | | | (16,640) | | | | | | (25.9) | | | | | | (101,642) | | | | | | (40.2) | | | | | | (221,592) | | | | | | (34,392) | | | | | | (48.2) | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,640) | | | | | | (101,642) | | | | | | (221,592) | | | | | | (34,392) | | |
Add (less):
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Interest income
|
| | | | (19,107) | | | | | | (20,925) | | | | | | (3,247) | | | | | | (16,359) | | | | | | (14,203) | | | | | | (2,204) | | |
Income tax expenses
|
| | | | 930 | | | | | | (199) | | | | | | 31 | | | | | | (177) | | | | | | (1,113) | | | | | | (173) | | |
Depreciation of property and
equipment |
| | | | 8,611 | | | | | | 15,435 | | | | | | 2,395 | | | | | | 11,127 | | | | | | 15,558 | | | | | | 2,414 | | |
Amortization of intangible assets
|
| | | | 1,113 | | | | | | 3,780 | | | | | | 586 | | | | | | 2,126 | | | | | | 4,985 | | | | | | 774 | | |
EBITDA | | | | | (128,677) | | | | | | (109,125) | | | | | | (16,875) | | | | | | (104,925) | | | | | | (216,365) | | | | | | (33,581) | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Selected combined and Consolidated Cash Flows Data:
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash provided by/ (used in) operating activities
|
| | | | 46,166 | | | | | | (352,015) | | | | | | (54,632) | | | | |
|
(345,457)
|
| | | |
|
(114,089)
|
| | | |
|
(17,708)
|
| |
Net cash (used in)/ provided by investing activities
|
| | | | (779,497) | | | | | | 179,027 | | | | | | 27,785 | | | | | | 177,897 | | | | | | (1,168,823) | | | | | | (181,398) | | |
Net cash provided by financing activities
|
| | | | 739,741 | | | | | | 323,437 | | | | | | 50,197 | | | | | | 323,437 | | | | | | 1,950,083 | | | | | | 302,648 | | |
Net increase in cash and cash equivalents
|
| | | | 6,410 | | | | | | 150,449 | | | | | | 23,349 | | | | |
|
155,877
|
| | | |
|
667,171
|
| | | |
|
103,542
|
| |
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
| | | | 1,991 | | | | | | (6,498) | | | | | | (1,008) | | | | | | (1,878) | | | | | | 22,113 | | | | | | 3,434 | | |
Cash and cash equivalents at the beginning of the year/period
|
| | | | 104,336 | | | | | | 112,737 | | | | | | 17,497 | | | | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | |
Cash and cash equivalents at the end of the year/period
|
| | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | | | | | 266,736 | | | | | | 945,972 | | | | | | 146,813 | | |
| | |
Payment due by December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
Total
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
After
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating lease commitments
|
| | | | 18,070 | | | | | | 18,070 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Year Ended
December 31, 2019 |
|
Expected volatility
|
| |
51.00% – 53.00%
|
|
Risk-free interest rate (per annum)
|
| |
2.73% – 2.94%
|
|
Expected dividend yield
|
| |
0.00%
|
|
Employee forfeiture rate (per annum)
|
| |
3.80%
|
|
Exercise multiples
|
| |
2.50
|
|
Contractual life
|
| |
3.00
|
|
Fair value of underlying ordinary share of Shanghai Hesai
|
| |
RMB5.41 – 6.71
|
|
Fair value of option to subscribe 1 underlying ordinary share of Shanghai Hesai
|
| |
RMB4.88 – 5.95
|
|
| | |
For the Year Ended
December 31, 2020 |
|
Expected volatility
|
| |
49.00% – 52.00%
|
|
Risk-free interest rate (per annum)
|
| |
2.70% – 2.88%
|
|
Expected dividend yield
|
| |
0.00%
|
|
Employee forfeiture rate (per annum)
|
| |
3.80%
|
|
Exercise multiples
|
| |
2.50
|
|
Contractual life
|
| |
1.93 – 3.93
|
|
Fair value per ordinary share of Shanghai Hesai
|
| |
RMB20.33
|
|
Fair value of option to subscribe 1 ordinary share of Shanghai Hesai
|
| |
RMB17.16 – 17.41
|
|
| | | |
Legacy Approach
|
| |
Minimum Channel
Approach (MEMS-based) |
| |
Minimum Channel
Approach (1550nm Wavelengths-based) |
| |
Line-flash ASIC
Approach |
| |
Hesai’s Approach
(AT series as an example) |
|
|
LiDAR architecture
|
| |
•
Discrete architecture —
large number of channels using discrete components
|
| |
•
Integrated architecture —
small number of channels
•
High speed MEMS beam scanning system
|
| |
•
Integrated architecture – small number of channels
•
High speed scanning mirror system
•
1550nm wavelengths
|
| |
•
ASIC-based
•
Integrated architecture —
large number of channels integrated at a single circuit board
•
Firing all lasers at the same time to form a line flash in vertical direction
•
Using a low-speed scanner in horizonal direction
|
| |
•
ASIC-based
•
Integrated architecture — large number of channels integrated at a single circuit board
•
Firing lasers at each channel sequentially to form a solid-state electronic scanning in vertical direction
•
Using a low-speed scanning mirror horizontal direction
|
|
|
Performance
|
| |
•
Difficult to enhance performance given complexity increases exponentially
|
| |
•
Limited range performance for MEMS due to small apertures
•
Limited field of view unless using multiple TX/RX systems
|
| |
•
High power consumption
•
Limited point density
•
Low receiver sensitivity
|
| |
•
Low performance in range and point cloud quality since power at each channel is limited
•
High power consumption
•
Severe channel crosstalk
|
| |
•
High performance in range and point cloud quality
•
Low power consumption
|
|
|
Quality
|
| |
•
Low product consistency due to large number of discrete components
|
| |
•
Concerns on reliability as the high-speed mechanical beam steering system has not been automotive grade proven
|
| |
•
Concerns on reliability as high-speed scanning mirror system has not been automotive grade proven
•
Requires many other non-automotive-grade components
|
| |
•
High product consistency as components are integrated on a single circuit board
•
Automotive grade proven scanning system
|
| |
•
High product consistency as components are integrated on a single circuit board
•
Automotive grade proven scanning system
|
|
|
Cost
|
| |
•
Complex manufacturing process
•
High cost
|
| |
•
Multiple TX/RX systems increase manufacturing complexity and cost
|
| |
•
High cost of fiber laser
|
| |
•
Low manufacturing complexity
•
Low-cost silicon-based components
|
| |
•
Low manufacturing complexity
•
Low-cost silicon-based components
|
|
Elements of
LiDAR |
| |
Definition
|
|
Performance | | |
The explicit specifications of a LiDAR unit that directly reflect its performance, including detection range (for example, 200 meters or longer at 10% reflectivity), point density (number of points generated per second, which is horizontal resolution times vertical resolution, multiplied by frame rate), distance accuracy and precision, reflectivity accuracy, and interference rejection, among others.
|
|
Quality | | |
The implicit aspects of a LiDAR unit that represent its ability to perform consistently under a variety of circumstances over time, including robustness under extreme operating temperatures, different levels of humidity, waterproof levels, and mechanical shocks and stresses. Quality also represents a product’s manufacturing consistency, functional safety (typically ASIL-B), and viability as an automotive-grade component.
|
|
Cost | | |
The per unit price for each LiDAR unit. Customers of LiDAR units for different applications and industries have varying levels of cost sensitivity, which is usually influenced by factors such as timeline for mass adoption, operating scale, and the business models of the target application, among others.
|
|
| | |
Pandar128
|
| |
QT128
|
| |
XT32
|
| |
AT128(1)
|
|
| | |
![]() |
| |
![]() |
| |
![]() |
| |
![]() |
|
Application
|
| |
Autonomous Mobility – long-range detection
|
| |
Autonomous Mobility – blind-spot detection
|
| | Robotics | | | ADAS | |
Operating principle
|
| |
Time of Flight (ToF)
|
| | ToF | | | ToF | | | ToF | |
Scanning method (vertical)
|
| | Electronic scanning | | | Electronic scanning | | | Electronic scanning | | | Electronic scanning | |
Scanning method (horizontal)
|
| | Mechanical rotation | | | Mechanical rotation | | | Mechanical rotation | | | Scanning mirror | |
Channel
|
| | 128 | | | 128 | | | 32 | | | 128 | |
Range
|
| |
up to 200 m at 10% reflectivity(2)
|
| |
up to 20 m at 10% reflectivity
|
| |
up to 80 m at 10% reflectivity
|
| |
up to 200 m at 10% reflectivity
|
|
FOV (vertical)
|
| | 40° | | | 105.2° | | | 31° | | | 25.4° | |
FOV (horizontal)
|
| | 360° | | | 360° | | | 360° | | | 120° | |
Resolution (vertical)
|
| | 0.125° finest | | | 0.4° finest | | | 1° | | | 0.2° | |
Resolution (horizontal)
|
| |
0.1° finest (10 Hz frame rate)
|
| |
0.4° finest (10 Hz frame rate)
|
| |
0.18° (10 Hz frame rate)
|
| |
0.1° (10 Hz frame rate)
|
|
Interference rejection
|
| | Yes | | | Yes | | | Yes | | | Yes | |
Power consumption
|
| | 27 W | | | 10 W | | | 10 W | | | 18 W | |
|
Field of View
|
| | |
Mechanical vs. Solid-State
|
| | |
Beam Steering Mechanisms
|
|
| Surrounding View (360 degrees) | | | |
Mechanical — TX/RX is physically rotated by a motor
|
| | |
•
Full rotation of TX/RX
|
|
|
Directional View (less than 180 degrees)
|
| | |
Hybrid Solid-State — TX/RX is static, but is complemented by one or more moving scanners in the LiDAR
|
| | |
•
Two-dimensional scanning MEMS mirror
•
One-dimensional scanning polygon mirror
•
One-dimensional scanning galvo mirror
|
|
| Full Solid-State — no moving parts | | | |
•
Optical phased array (OPA)
•
Electronic scanning (one-dimensional or two-dimensional)
|
|
|
Category
|
| |
Subjects of Related Patents
|
|
| TX/RX System | | | | |
|
Proprietary customized ASICs for LiDAR
|
| | The key aspects of the laser driver ASICs and receiver front-end ASICs | |
|
Proprietary SoC ASICs for LiDAR
|
| |
The key aspects of the monolithic integrated receiver, front-end circuit, waveform digitization and waveform algorithm processing
|
|
|
Proprietary optoelectronic and micro-optical devices
|
| |
The key aspects of optoelectronic devices that enables integration of micro-optoelectronic devices into small packages
|
|
|
Hardware system design
|
| | The key aspects of the TX/RX architecture | |
| Scanning Mechanisms | | | | |
|
360-degree mechanical rotation solution
|
| |
The key aspects of the overall structure, integration and working mode of the 360-degree mechanical rotation LiDAR
|
|
|
Scanning mirror solution
|
| |
The key aspects of the overall structure, integration and working mode of the LiDAR using scanning mirror
|
|
|
Electronic scanning solution
|
| |
The key aspects of the overall structure, integration and working mode of the electronic scanning technology
|
|
| System-level Know-how | | | | |
|
Interference rejection technique
|
| |
The key aspects of the technology to mitigate the interference from other LiDARs and the crosstalk of distinct channels of the same LiDAR
|
|
|
Close-range enhancement technology
|
| |
The key aspects of the technology to enhance the range measurement precision at short ranges of a non-coaxial LiDAR system
|
|
|
Waveform processing algorithms
|
| | The key aspects of the waveform processing, digital signal processing for LiDAR | |
|
Advanced physical design
|
| |
The key aspects of the design of dynamic balancing, heat dissipation, microstructure, and shock-proof of the LiDAR system
|
|
|
Non-uniform distribution technology
|
| |
The key aspects of the resolution improvement of by using non-uniform distribution of laser and receiver channels on the TX and RX board
|
|
|
Functional safety, cybersecurity and vehicle regulation design
|
| |
The key aspects of the fault diagnosis, reliability, electromagnetic compatibility, environmental adaptability of LiDAR
|
|
|
Detection algorithms and multi-sensor fusion technology
|
| |
The key aspects of the detection algorithms and multi-sensor fusion algorithms for the combination of LiDARs and cameras
|
|
|
Automated Calibration, Assembly and Mass Production Testing
|
| |
The key aspects of the calibration method, calibration device, automatic adjustment, test methods, and devices
|
|
Function
|
| |
Number of Employees
|
| |||
Research and development | | | | | 354 | | |
Production and supply chain | | | | | 146 | | |
Management | | | | | 63 | | |
Sales and marketing | | | | | 52 | | |
Others | | | | | 88 | | |
Total | | | | | 703 | | |
Location
|
| |
Space
(square feet) |
| |
Use
|
| |
Lease Term
|
| |||
Shanghai, China | | | | | 384,207 | | | |
Office space and manufacturing facility
|
| |
One to three years
|
|
Silicon Valley, California the United States
|
| | | | 12,647 | | | | Office space | | |
Four years
|
|
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Yifan Li | | |
35
|
| | Co-Founder, Director and Chief Executive Officer | |
Kai Sun | | |
36
|
| | Co-Founder, Director and Chief Scientist | |
Shaoqing Xiang | | |
37
|
| | Co-Founder, Director and Chief Technology Officer | |
Louis T. Hsieh | | |
57
|
| | Director and Global Chief Financial Officer | |
Cailian Yang | | |
31
|
| | Director and Vice President of Operations | |
Name
|
| |
Class B Ordinary
Shares Underlying Options |
| |
Exercise Price
(US$/Share) |
| |
Date of Grant
|
| |
Date of
Expiration |
| ||||||
Louis T. Hsieh
|
| | | | 2,000,000 | | | | | | 1.05 | | | |
July 19, 2021
|
| |
July 19, 2028
|
|
Cailian Yang
|
| | | | * | | | | | | 2.1 | | | |
July 3, 2021
|
| |
July 3, 2028
|
|
| | | | | * | | | | | | 3.3 | | | |
November 22, 2021
|
| |
November 22, 2028
|
|
Total
|
| | | | 2,345,108 | | | | | | — | | | |
—
|
| |
—
|
|
| | |
Ordinary Shares Beneficially Owned Prior
to This Offering |
| |
[Class B
Ordinary Shares Being Sold in This Offering] |
| |
Ordinary Shares Beneficially Owned
After This Offering |
| |||||||||||||||||||||||||||||||||
| | |
Class A
Ordinary shares |
| |
Class B
Ordinary Shares |
| |
% of Total
Ordinary Shares on An As- converted Basis† |
| |
% of
Aggregate Voting Power*** |
| |
Number
|
| |
%
|
| |
Class A
Ordinary shares |
| |
Class B
Ordinary Shares |
| |
% of
Total Ordinary Shares on An As- converted Basis |
| |
% of
Aggregate Voting Power |
| ||||||||||||
Directors and Executive Officers**:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Yifan Li(1)
|
| | | | 9,899,374 | | | | | | — | | | | | | 8.6 | | | | | | 25.7 | | | | | | | | | | | | | | | | | | | | |
Kai Sun(2)
|
| | | | 10,234,631 | | | | | | — | | | | | | 8.9 | | | | | | 26.5 | | | | | | |
|
| | | | | | | | | | | | |
Shaoqing Xiang(3)
|
| | | | 9,899,374 | | | | | | — | | | | | | 8.6 | | | | | | 25.7 | | | | | | | | | | | | | | | | | | | | |
Louis T. Hsieh
|
| | | | — | | | | | | * | | | | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Cailian Yang
|
| | | | — | | | | | | * | | | | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
All Directors and Executive Officers as a Group
|
| | | | 30,033,379 | | | | | | 1,307,342 | | | | | | 26.8 | | | | | | 77.9 | | | | | | | | | | | | | | | | | | | | |
Principal [and Selling] Shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ALBJ Limited(1)
|
| | | | 9,899,374 | | | | | | — | | | | | | 8.6 | | | | | | 25.7 | | | | | | | | | | | | | | | | | | | | |
Fermat Star Limited(2)
|
| | | | 10,234,631 | | | | | | — | | | | | | 8.9 | | | | | | 26.5 | | | | | | | | | | | | | | | | | | | | |
Galbadia Limited(3)
|
| | | | 9,899,374 | | | | | | — | | | | | | 8.6 | | | | | | 25.7 | | | | | | | | | | | | | | | | | | | | |
Lightspeed Opportunity(4)
|
| | | | — | | | | | | 10,688,294 | | | | | | 9.3 | | | | | | 2.8 | | | | | | | | | | | | | | | | | | | | |
Lightspeed China Partners(5)
|
| | | | — | | | | | | 9,523,412 | | | | | | 8.2 | | | | | | 2.5 | | | | | | | | | | | | | | | | | | | | |
Baidu Holdings(6)
|
| | | | — | | | | | | 7,881,155 | | | | | | 6.8 | | | | | | 2.0 | | | | | | | | | | | | | | | | | | | | |
Bosch(7) | | | | | — | | | | | | 7,653,252 | | | | | | 6.6 | | | | | | 2.0 | | | | | | | | | | | | | | | | | | | | |
Xiaomi (8)
|
| | | | — | | | | | | 7,272,727 | | | | | | 6.3 | | | | | | 1.9 | | | | | | | | | ||||||||||||
Yuanzhan(9) | | | | | — | | | | | | 6,777,885 | | | | | | 5.9 | | | | | | 1.8 | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Number of ADSs
|
| |||
[Goldman Sachs (Asia) L.L.C.
|
| |
|
| |||
Morgan Stanley & Co. LLC
|
| |
|
| |||
Credit Suisse Securities (USA) LLC]
|
| |
|
| |||
Total:
|
| | | | | |
| | | | | | | | |
Total
|
| |||||||||
| | |
Per
ADS |
| |
No
Exercise |
| |
Full
Exercise |
| |||||||||
Public offering price
|
| | | US$ | | | | | US$ | | | | | US$ | | | |||
Underwriting discounts and commissions to be paid by us:
|
| | | US$ | | | | | US$ | | | | | US$ | | | |||
[The selling shareholders Proceeds, before expenses, to us
|
| | | US$ | | | | | US$ | | | | | US$ | ] | | | ||
[Proceeds, before expenses, to selling shareholders
|
| | | US$ | | | | | US$ | | | | | US$ | ] | | |
|
SEC Registration Fee
|
| | | US$ | | | |
|
FINRA Filing Fee
|
| | | | | | |
|
Stock Exchange Market Entry and Listing Fee
|
| | | | | | |
|
Printing and Engraving Expenses
|
| | | | | | |
|
Legal Fees and Expenses
|
| | | | | | |
|
Accounting Fees and Expenses
|
| | | | | | |
|
Miscellaneous
|
| | | | | | |
| Total | | | | US$ | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-35 | | | |
Unaudited Condensed Combined and Consolidated Financial Statements for the Nine Months Ended September 30, 2020 and 2021
|
| | |||||
| | | | F-39 | | | |
| | | | F-40 | | | |
| | | | F-41 | | | |
| | | | F-42 | | | |
| | | | F-43 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||
|
RMB
|
| |
RMB
|
| |
USD
|
| |||||||||||
| | | | | | | | | | | | |
(Note 2)
|
| |||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | |
Short-term investments
|
| | | | 910,972 | | | | | | 638,981 | | | | | | 99,168 | | |
Accounts receivable (net of allowance for doubtful accounts of RMB2,257 and RMB5,270 as
of December 31, 2019 and 2020, respectively) |
| | | | 36,511 | | | | | | 56,319 | | | | | | 8,741 | | |
Contract assets (net of allowance for doubtful accounts of nil and RMB687 as of December 31, 2019 and 2020, respectively)
|
| | | | — | | | | | | 38,337 | | | | | | 5,950 | | |
Amounts due from related parties (net of allowance for doubtful accounts of RMB31 and RMB504 as of December 31, 2019 and 2020, respectively)
|
| | | | 7,962 | | | | | | 28,331 | | | | | | 4,397 | | |
Inventories
|
| | | | 70,243 | | | | | | 149,925 | | | | | | 23,268 | | |
Prepayments and other current assets
|
| | | | 31,835 | | | | | | 40,658 | | | | | | 6,310 | | |
Total current assets
|
| | | | 1,170,260 | | | | | | 1,209,239 | | | | | | 187,671 | | |
Property and equipment, net
|
| | | | 47,409 | | | | | | 63,837 | | | | | | 9,907 | | |
Investment in equity method investee
|
| | | | 1,990 | | | | | | 1,986 | | | | | | 308 | | |
Intangible assets, net
|
| | | | 9,060 | | | | | | 14,260 | | | | | | 2,213 | | |
Goodwill
|
| | | | 3,893 | | | | | | 3,640 | | | | | | 565 | | |
Other non-current assets
|
| | | | 9,750 | | | | | | 19,163 | | | | | | 2,974 | | |
Total non-current assets
|
| | | | 72,102 | | | | | | 102,886 | | | | | | 15,967 | | |
TOTAL ASSETS
|
| | | | 1,242,362 | | | | | | 1,312,125 | | | | | | 203,638 | | |
LIABILITIES, REDEEMABLE PREFERRED EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY
|
| | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 18,608 | | | | | | 55,437 | | | | | | 8,604 | | |
Contract liabilities
|
| | | | 11,843 | | | | | | 9,357 | | | | | | 1,452 | | |
Amounts due to related parties
|
| | | | 2,906 | | | | | | — | | | | | | — | | |
Income tax payable
|
| | | | 1,263 | | | | | | 9 | | | | | | 1 | | |
Accrued warranty liability
|
| | | | 7,457 | | | | | | 10,042 | | | | | | 1,558 | | |
Accrued expenses and other current liabilities
|
| | | | 229,091 | | | | | | 91,895 | | | | | | 14,264 | | |
Total current liabilities
|
| | | | 271,168 | | | | | | 166,740 | | | | | | 25,879 | | |
Deferred tax liabilities
|
| | | | 693 | | | | | | 578 | | | | | | 90 | | |
Other non-current liabilities
|
| | | | 41,289 | | | | | | 7,614 | | | | | | 1,182 | | |
Total non-current liabilities
|
| | | | 41,982 | | | | | | 8,192 | | | | | | 1,272 | | |
TOTAL LIABILITIES
|
| | | | 313,150 | | | | | | 174,932 | | | | | | 27,151 | | |
Commitments and contingencies (Note 20) | | | | | |||||||||||||||
Redeemable preferred equity
|
| | | | 1,098,639 | | | | | | — | | | | | | — | | |
Shareholders’ (deficit) equity | | | | | | | | | | | | | | | | | | | |
Class A Ordinary shares (US$0.0001 par value, nil, and nil share authorized, issued and outstanding as of December 31, 2019 and 2020, respectively)
|
| | | | — | | | | | | — | | | | | | — | | |
Class B Ordinary shares (US$0.0001 par value, nil, and nil share authorized, issued and outstanding as of December 31, 2019 and 2020, respectively)
|
| | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | — | | | | | | 1,193,857 | | | | | | 185,284 | | |
Accumulated other comprehensive income (loss)
|
| | | | 1,332 | | | | | | (618) | | | | | | (96) | | |
Accumulated deficit
|
| | | | (170,759) | | | | | | (56,046) | | | | | | (8,698) | | |
Total shareholders’ (deficit) equity
|
| | | | (169,427) | | | | | | 1,137,193 | | | | | | 176,490 | | |
TOTAL LIABILITIES, REDEEMABLE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY
|
| | | | 1,242,362 | | | | | | 1,312,125 | | | | | | 203,641 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||
|
RMB
|
| |
RMB
|
| |
USD
|
| |||||||||||
| | | | | | | | | | | | |
(Note 2)
|
| |||||
Net revenues (including related party revenues of RMB47,852 and RMB41,765 for the years ended December 31, 2019 and 2020, respectively)
|
| | | | 348,084 | | | | | | 415,514 | | | | | | 64,487 | | |
Cost of revenues
|
| | | | (103,377) | | | | | | (176,600) | | | | | | (27,408) | | |
Gross profit
|
| | | | 244,707 | | | | | | 238,914 | | | | | | 37,079 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (38,740) | | | | | | (49,904) | | | | | | (7,745) | | |
General and administrative expenses
|
| | | | (55,112) | | | | | | (76,553) | | | | | | (11,881) | | |
Research and development expenses
|
| | | | (149,817) | | | | | | (229,653) | | | | | | (35,642) | | |
Litigation settlement expense
|
| | | | (160,098) | | | | | | — | | | | | | — | | |
Other operating income, net
|
| | | | 11,009 | | | | | | 15,384 | | | | | | 2,387 | | |
Total operating expenses
|
| | | | (392,758) | | | | | | (340,726) | | | | | | (52,881) | | |
Loss from operations
|
| | | | (148,051) | | | | | | (101,812) | | | | | | (15,802) | | |
Interest income
|
| | | | 19,107 | | | | | | 20,925 | | | | | | 3,247 | | |
Foreign exchange gain (loss), net
|
| | | | 9,619 | | | | | | (25,696) | | | | | | (3,988) | | |
Other income (loss), net
|
| | | | 31 | | | | | | (832) | | | | | | (129) | | |
Net loss before income tax
|
| | | | (119,294) | | | | | | (107,415) | | | | | | (16,672) | | |
Income tax expense (benefit)
|
| | | | 930 | | | | | | (199) | | | | | | (31) | | |
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,641) | | |
Change in redemption value of preferred equity
|
| | | | (55,247) | | | | | | — | | | | | | — | | |
Net loss attributable to ordinary shareholders of the Company
|
| | | | (175,471) | | | | | | (107,216) | | | | | | (16,641) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | (2.20) | | | | | | (1.19) | | | | | | (0.19) | | |
Weighted average shares used in calculating net loss per share: | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 79,899,201 | | | | | | 89,895,471 | | | | | | 89,895,471 | | |
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,641) | | |
Other comprehensive income (loss), net of tax of nil: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 1,332 | | | | | | (1,950) | | | | | | (302) | | |
Comprehensive loss, net of tax of nil
|
| | | | (118,892) | | | | | | (109,166) | | | | | | (16,944) | | |
| | |
Class A Ordinary shares
|
| |
Class B Ordinary shares
|
| |
Additional
Paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income (loss) |
| |
Total
shareholders’ (deficit) equity |
| ||||||||||||||||||||||||||||||
| | |
Number
|
| |
RMB
|
| |
Number
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||
Balance as of January 1, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,817 | | | | | | (5,105) | | | | | | — | | | | | | 4,712 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (120,224) | | | | | | — | | | | | | (120,224) | | |
Change in redemption value of preferred equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,817) | | | | | | (45,430) | | | | | | — | | | | | | (55,247) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,332 | | | | | | 1,332 | | |
Balance as of December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (170,759) | | | | | | 1,332 | | | | | | (169,427) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (107,216) | | | | | | — | | | | | | (107,216) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,950) | | | | | | (1,950) | | |
Conversion to joint stock company as part of 2020 Reorganization (Note 12)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (221,929) | | | | | | 221,929 | | | | | | — | | | | | | — | | |
Conversion of redeemable preferred shares to ordinary shares
as part of the 2020 Reorganization (Note12) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,098,639 | | | | | | — | | | | | | — | | | | | | 1,098,639 | | |
Issuance of shares of Shanghai Hesai to new investors
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 317,147 | | | | | | — | | | | | | — | | | | | | 317,147 | | |
Balance as of December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,193,857 | | | | | | (56,046) | | | | | | (618) | | | | | | 1,137,193 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||
|
RMB
|
| |
RMB
|
| |
USD
|
| |||||||||||
| | | | | | | | | | | | |
(Note 2)
|
| |||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,640) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 9,724 | | | | | | 19,215 | | | | | | 2,982 | | |
Allowance for doubtful accounts
|
| | | | 91 | | | | | | 4,174 | | | | | | 648 | | |
Loss from disposal of property and equipment
|
| | | | — | | | | | | 28 | | | | | | 4 | | |
Share of loss in equity method investees.
|
| | | | 10 | | | | | | 4 | | | | | | 1 | | |
Foreign exchange (gain) loss
|
| | | | (10,404) | | | | | | 21,503 | | | | | | 3,337 | | |
Inventory write-down
|
| | | | 4,195 | | | | | | 7,060 | | | | | | 1,096 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 6,963 | | | | | | (22,578) | | | | | | (3,504) | | |
Contract assets
|
| | | | — | | | | | | (39,024) | | | | | | (6,056) | | |
Inventories
|
| | | | (32,387) | | | | | | (83,607) | | | | | | (12,976) | | |
Prepayments and other current assets
|
| | | | (13,037) | | | | | | (8,790) | | | | | | (1,364) | | |
Amounts due from related parties
|
| | | | (1,817) | | | | | | (20,842) | | | | | | (3,235) | | |
Non-current assets
|
| | | | 1,000 | | | | | | (4,100) | | | | | | (636) | | |
Amounts due to related parties
|
| | | | (719) | | | | | | (2,906) | | | | | | (451) | | |
Contract liabilities
|
| | | | 8,192 | | | | | | (2,569) | | | | | | (399) | | |
Deferred tax liabilities
|
| | | | (325) | | | | | | (156) | | | | | | (24) | | |
Accounts payable
|
| | | | (8,480) | | | | | | 36,258 | | | | | | 5,627 | | |
Income tax payable
|
| | | | 1,255 | | | | | | (1,268) | | | | | | (197) | | |
Accrued expenses and other current liabilities
|
| | | | 205,646 | | | | | | (143,526) | | | | | | (22,275) | | |
Other non-current liabilities
|
| | | | (3,517) | | | | | | (3,675) | | | | | | (570) | | |
Net cash provided by (used in) operating activities
|
| | | | 46,166 | | | | | | (352,015) | | | | | | (54,632) | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of short-term investments
|
| | | | (1,845,438) | | | | | | (2,001,137) | | | | | | (310,572) | | |
Maturity of short-term investments
|
| | | | 1,120,447 | | | | | | 2,256,724 | | | | | | 350,238 | | |
Payment for business acquisition, net of cash RMB613 acquired
|
| | | | (12,930) | | | | | | — | | | | | | — | | |
Payment for investment in equity investee
|
| | | | (2,000) | | | | | | — | | | | | | — | | |
Proceeds from disposals of property and equipment
|
| | | | — | | | | | | 19 | | | | | | 3 | | |
Purchases of property and equipment
|
| | | | (32,420) | | | | | | (66,000) | | | | | | (10,243) | | |
Purchases of intangible assets
|
| | | | (7,156) | | | | | | (10,579) | | | | | | (1,642) | | |
Net cash (used in) provided by investing activities
|
| | | | (779,497) | | | | | | 179,027 | | | | | | 27,785 | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of redeemable preferred equity.
|
| | | | 739,741 | | | | | | — | | | | | | — | | |
Proceeds received in advance of vesting of share-based awards.
|
| | | | — | | | | | | 6,290 | | | | | | 976 | | |
Proceeds from issuance of ordinary shares
|
| | | | — | | | | | | 317,147 | | | | | | 49,220 | | |
Net cash provided by financing activities.
|
| | | | 739,741 | | | | | | 323,437 | | | | | | 50,197 | | |
Net increase in cash and cash equivalents
|
| | | | 6,410 | | | | | | 150,449 | | | | | | 23,349 | | |
Cash and cash equivalents, beginning of the year.
|
| | | | 104,336 | | | | | | 112,737 | | | | | | 17,497 | | |
Effect of foreign exchange rate changes on cash and cash
equivalents |
| | | | 1,991 | | | | | | (6,498) | | | | | | (1,008) | | |
Cash and cash equivalents, end of the year
|
| | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Income taxes paid (refund).
|
| | | | 8,662 | | | | | | (8,662) | | | | | | (1,344) | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Accrued purchases of property and equipment.
|
| | | | 3,919 | | | | | | 3,823 | | | | | | 593 | | |
Deferred government subsidy applied to purchases of property and equipment
|
| | | | — | | | | | | 30,000 | | | | | | 4,656 | | |
|
Electronic equipment
|
| | 3 – 5 years | |
|
Machinery and equipment
|
| | 10 years | |
|
Furniture and fixture
|
| | 5 years | |
|
Transportation vehicles
|
| | 4 years | |
|
Leasehold improvements
|
| |
Over the shorter of the lease term or expected useful lives
|
|
|
Software
|
| | 3 – 5 years | |
|
Acquired technology
|
| | 3 – 5 years | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Balance as of the beginning of the year
|
| | | | 2,780 | | | | | | 7,457 | | |
Warranty provision
|
| | | | 8,354 | | | | | | 8,752 | | |
Consumption
|
| | | | (3,677) | | | | | | (6,167) | | |
Balance as of the end of the year
|
| | | | 7,457 | | | | | | 10,042 | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
Customer A
|
| | | | * | | | | | | 11.6% | | |
Customer B
|
| | | | 23.6% | | | | | | 10.4% | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
Customer B
|
| | |
|
*
|
| | | | | 31.8% | | |
Customer C
|
| | | | * | | | | | | 17.5% | | |
Customer D
|
| | | | 15.7% | | | | | | * | | |
Customer E
|
| | | | 14.6% | | | | | | * | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
Supplier A
|
| | | | 11.5% | | | | | | 14.0% | | |
| | |
RMB
|
| |||
Total cash consideration
|
| | |
|
13,543
|
| |
Recognized amounts of identifiable assets acquired and liabilities assumed | | | | | | | |
Cash and cash equivalents
|
| | | | 613 | | |
Accounts receivable
|
| | | | 1,721 | | |
Inventories
|
| | | | 3,310 | | |
Intangible assets
|
| | | | 2,424 | | |
Other non-current assets
|
| | | | 2,169 | | |
Prepayments and other current assets
|
| | | | 875 | | |
Total assets acquired
|
| | | | 11,112 | | |
Accounts payable
|
| | | | 279 | | |
Deferred tax liabilities
|
| | | | 985 | | |
Accrued expenses and other current liabilities
|
| | | | 62 | | |
Total liabilities assumed
|
| | | | 1,326 | | |
Net assets acquired
|
| | | | 9,786 | | |
Goodwill
|
| | |
|
3,757
|
| |
| | | | | 13,543 | | |
| | |
For the Year ended
December 31, 2019 |
| |||
|
RMB
|
| |||||
Pro forma net revenues
|
| | | | 350,536 | | |
Pro forma loss from operations
|
| | | | (120,016) | | |
Pro forma net loss attributable to ordinary shareholders
|
| | | | (175,263) | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Structured bank financial products
|
| | | | 454,455 | | | | | | 246,612 | | |
Time deposits
|
| | | | 456,517 | | | | | | 392,369 | | |
Total short-term investments
|
| | | | 910,972 | | | | | | 638,981 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Accounts receivable
|
| | | | 38,768 | | | | | | 61,589 | | |
Less: allowance for expected credit losses
|
| | | | (2,257) | | | | | | (5,270) | | |
Total Accounts receivable, net
|
| | | | 36,511 | | | | | | 56,319 | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Balance at beginning of the year
|
| | | | 2,197 | | | | | | 2,257 | | |
Provision for expected credit losses
|
| | | | 60 | | | | | | 3,015 | | |
Write-off
|
| | | | — | | | | | | (2) | | |
Balance at end of the year
|
| | | | 2,257 | | | | | | 5,270 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Raw materials
|
| | | | 28,305 | | | | | | 61,609 | | |
Work-in-process
|
| | | | 36,236 | | | | | | 81,104 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Finished goods
|
| | | | 5,702 | | | | | | 7,212 | | |
Inventories | | | | | 70,243 | | | | | | 149,925 | | |
|
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Advances to suppliers
|
| | | | 9,400 | | | | | | 18,307 | | |
Deposits
|
| | | | 7,214 | | | | | | 7,024 | | |
Prepaid expenses
|
| | | | 6,112 | | | | | | 8,295 | | |
Value-added tax recoverable
|
| | | | 8,662 | | | | | | 5,937 | | |
Others
|
| | | | 447 | | | | | | 1,095 | | |
Total | | | | | 31,835 | | | | | | 40,658 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Cost | | | | | | | | | | | | | |
Electronic equipment
|
| | | | 23,179 | | | | | | 29,651 | | |
Leasehold improvements
|
| | | | 20,645 | | | | | | 32,488 | | |
Machinery and equipment
|
| | | | 14,682 | | | | | | 11,602 | | |
Furniture and fixture
|
| | | | 1,869 | | | | | | 4,452 | | |
Transportation vehicles
|
| | | | 382 | | | | | | 382 | | |
Total cost
|
| | | | 60,757 | | | | | | 78,575 | | |
Less: Accumulated depreciation
|
| | | | (13,348) | | | | | | (19,793) | | |
Property and equipment, net
|
| | | | 47,409 | | | | | | 58,782 | | |
Construction in progress
|
| | | | — | | | | | | 5,055 | | |
Total | | | | | 47,409 | | | | | | 63,837 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Suzhou Kunjie Phototonics Technology Co., Ltd
|
| | | | 1,990 | | | | | | 1,986 | | |
Total | | | | | 1,990 | | | | | | 1,986 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Software
|
| | | | 2,627 | | | | | | 11,080 | | |
Technology
|
| | | | 8,044 | | | | | | 7,667 | | |
Total cost
|
| | | | 10,671 | | | | | | 18,747 | | |
Less: accumulated amortization
|
| | | | (1,611) | | | | | | (4,487) | | |
Intangible assets, net
|
| | | | 9,060 | | | | | | 14,260 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Salaries and welfare payables
|
| | | | 35,902 | | | | | | 61,576 | | |
Advances from employee
|
| | | | — | | | | | | 6,290 | | |
Payables for purchase of property and equipment
|
| | | | 3,919 | | | | | | 3,823 | | |
Withholding social security and housing funds
|
| | | | 983 | | | | | | 1,789 | | |
VAT and other tax payables
|
| | | | 1,055 | | | | | | 1,490 | | |
Professional service fees
|
| | | | 18,917 | | | | | | 717 | | |
Accrued litigation settlement cost
|
| | | | 160,098 | | | | | | — | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Others
|
| | | | 8,217 | | | | | | 16,210 | | |
Total | | | | | 229,091 | | | | | | 91,895 | | |
|
Series
|
| |
Issuance
Date |
| |
As
percent of equity at issuance date |
| |
Proceeds
from issuance, net of issuance cost |
| |
January 1,
2019 Carrying Amount |
| |
Change in
redemption value |
| |
December 31,
2019 Carrying Amount |
| |
August 1,
2020 Carrying Amount |
| |
Upon
Completion of the 2020 Reorganization Amount |
| |
December 31,
2020 Carrying Amount |
| ||||||||||||||||||||||||
| | | | | | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| | | | | | | ||||||||||||||||||
Series A+
|
| |
March 2017
|
| | | | 10.9% | | | | | | 75,750 | | | | | | 86,827 | | | | | | 6,946 | | | | | | 93,773 | | | | | | 93,773 | | | | | | (93,773) | | | | | | — | | |
Series B
|
| |
November 2017
|
| | | | 10.9% | | | | | | 104,611 | | | | | | 115,412 | | | | | | 9,233 | | | | | | 124,645 | | | | | | 124,645 | | | | | | (124,645) | | | | | | — | | |
Series B+
|
| |
June 2018
|
| | | | 6.0% | | | | | | 96,316 | | | | | | 101,412 | | | | | | 8,113 | | | | | | 109,525 | | | | | | 109,525 | | | | | | (109,525) | | | | | | — | | |
Series C-1
|
| |
May 2019
|
| | | | 7.8% | | | | | | 261,635 | | | | | | — | | | | | | 11,868 | | | | | | 273,503 | | | | | | 273,503 | | | | | | (273,503) | | | | | | — | | |
Series C-2
|
| |
June 2019
|
| | | | 7.0% | | | | | | 254,052 | | | | | | — | | | | | | 11,008 | | | | | | 265,060 | | | | | | 265,060 | | | | | | (265,060) | | | | | | — | | |
Series C-3
|
| |
July 2019
|
| | | | 5.8% | | | | | | 224,054 | | | | | | — | | | | | | 8,079 | | | | | | 232,133 | | | | | | 232,133 | | | | | | (232,133) | | | | | | — | | |
Total
|
| | | | | | | | | | | | | 1,016,418 | | | | | | 303,651 | | | | | | 55,247 | | | | | | 1,098,639 | | | | | | 1,098,639 | | | | | | (1,098,639) | | | | | | — | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Product revenues | | | | | | | | | | | | | |
Revenue from LiDAR products
|
| | | | 328,064 | | | | | | 346,068 | | |
Revenue from gas detection products
|
| | | | 19,532 | | | | | | 68,599 | | |
Other revenues
|
| | | | 488 | | | | | | 847 | | |
Net revenues
|
| | | | 348,084 | | | | | | 415,514 | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Product Revenue by geographic location | | | | | | | | | | | | | |
North America
|
| | | | 150,477 | | | | | | 201,194 | | |
Mainland China
|
| | | | 125,704 | | | | | | 185,516 | | |
Europe
|
| | | | 64,491 | | | | | | 16,589 | | |
Other regions
|
| | | | 7,412 | | | | | | 12,215 | | |
Net revenues
|
| | | | 348,084 | | | | | | 415,514 | | |
| | |
Accounts
Receivable |
| |
Contract
assets |
| |
Contract
liabilities |
| |||||||||
|
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||
Opening Balance as of January 1, 2019
|
| | | | 47,846 | | | | | | — | | | | | | 3,772 | | |
(Decrease)/increase, net
|
| | | | (11,335) | | | | | | — | | | | | | 8,071 | | |
Ending Balance as of December 31, 2019
|
| | | | 36,511 | | | | | | — | | | | | | 11,843 | | |
Increase/(decrease), net
|
| | | | 19,808 | | | | | | 38,337 | | | | | | (2,486) | | |
Ending Balance as of December 31, 2020
|
| | | | 56,319 | | | | | | 38,337 | | | | | | 9,357 | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Current tax expenses
|
| | | | 1,255 | | | | | | — | | |
Over-provision in prior year
|
| | | | — | | | | | | (125) | | |
Deferred tax benefits
|
| | | | (325) | | | | | | (74) | | |
Income tax expenses (benefits)
|
| | | | 930 | | | | | | (199) | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Net loss before income tax from PRC operations
|
| | | | (119,205) | | | | | | (104,524) | | |
Net loss before income tax from non-PRC operations
|
| | | | (89) | | | | | | (2,891) | | |
Total net loss before income tax
|
| | | | (119,294) | | | | | | (107,415) | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
Statutory income tax rate
|
| | | | 25.00% | | | | | | 25.00% | | |
Effect of different tax rate of different jurisdictions
|
| | | | 0.02% | | | | | | 0.10% | | |
Effect of non-deductible expenses
|
| | | | (1.61)% | | | | | | (0.30)% | | |
Effect of super deduction on R&D expenses
|
| | | | 23.39% | | | | | | 38.83% | | |
Effect of change of valuation allowance
|
| | | | (47.58)% | | | | | | (63.56)% | | |
Over provision for prior years
|
| | | | — | | | | | | 0.12% | | |
Income tax expenses
|
| | | | (0.78)% | | | | | | 0.19% | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Deferred tax assets | | | | | | | | | | | | | |
– Net operating loss carry forwards
|
| | | | 11,935 | | | | | | 119,354 | | |
– Deductible temporary differences
|
| | | | 45,728 | | | | | | 7,637 | | |
– Deferred revenue
|
| | | | 10,322 | | | | | | 9,278 | | |
Less: valuation allowance
|
| | | | (67,985) | | | | | | (136,269) | | |
Net deferred tax assets
|
| | | | — | | | | | | — | | |
Deferred tax liabilities | | | | | | | | | | | | | |
– Identifiable intangible assets from business combination.
|
| | | | 693 | | | | | | 578 | | |
Total deferred tax liabilities
|
| | | | 693 | | | | | | 578 | | |
| | |
For the Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Balance at beginning of the year
|
| | | | 11,478 | | | | | | 67,985 | | |
Addition
|
| | | | 56,507 | | | | | | 68,284 | | |
Total | | | | | 67,985 | | | | | | 136,269 | | |
| | |
For the year ended
December 31, 2019 |
|
Expected volatility
|
| |
51.00% – 53.00%
|
|
Risk-free interest rate (per annum)
|
| |
2.73% – 2.94%
|
|
Expected dividend yield
|
| |
0.00%
|
|
Employee forfeiture rate (per annum)
|
| |
3.80%
|
|
Exercise multiples
|
| |
2.50
|
|
Contractual life
|
| |
3.00
|
|
| | |
For the year ended
December 31, 2019 |
|
Fair value of underlying ordinary share of Shanghai Hesai
|
| |
RMB5.41 – 6.71
|
|
Fair value of option to subscribe 1 ordinary share of Shanghai Hesai
|
| |
RMB4.88 – 5.95
|
|
| | |
For the year ended
December 31, 2020 |
|
Expected volatility
|
| |
49.00% – 52.00%
|
|
Risk-free interest rate (per annum)
|
| |
2.70% – 2.88%
|
|
Expected dividend yield
|
| |
0.00%
|
|
Employee forfeiture rate (per annum)
|
| |
3.80%
|
|
Exercise multiples
|
| |
2.50
|
|
Contractual life
|
| |
1.93 – 3.93
|
|
Fair value per ordinary share of Shanghai Hesai
|
| |
RMB20.33
|
|
Fair value of option to subscribe one ordinary share of Shanghai Hesai
|
| |
RMB17.16 – 17.41
|
|
| | |
Number
of options of Shanghai Hesai |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contract life |
| |
Weighted
average grant date fair value |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | | RMB | | | | | | Years | | | | | | RMB | | | | | | RMB | | | ||
Outstanding at December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Granted
|
| | | | 5,054,138 | | | | | | 3.25 | | | | | | 2.93 | | | | | | 17.29 | | | | | | 86,302 | | |
Forfeited
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding at December 31, 2020
|
| | | | 5,054,138 | | | | | | 3.25 | | | | | | 2.93 | | | | | | 17.29 | | | | | | 86,302 | | |
Vested and expected to vest as of December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercisable as of December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Relationship
|
|
Name of the related parties | | | | |
Suzhou Kunjie Phototonics Technology Co., Ltd | | | An equity method investee of the Group | |
Robert Bosch Gesellschaft mit Beschraenkter Haftung | | | An affiliate of the shareholder of the Group | |
Robert Bosch Kft. | | | An affiliate of the shareholder of the Group | |
Robert Bosch Ltd | | | An affiliate of the shareholder of the Group | |
Robert Bosch France | | | An affiliate of the shareholder of the Group | |
Bosch Automotive Products (Suzhou) Co., Ltd.
|
| | An affiliate of the shareholder of the Group | |
Baidu USA LLC | | | An affiliate of the shareholder of the Group | |
Beijing Baidu Netcom Technology Co., Ltd. | | | An affiliate of the shareholder of the Group | |
Apollo Intelligent Transportation Technology (Guangzhou) Co., Ltd. | | | An affiliate of the shareholder of the Group | |
Baidu Smart Travel Information Technology (Chongqing) Co., Ltd. | | | An affiliate of the shareholder of the Group | |
Apollo Intelligent Transportation Technology (Hefei) Co., Ltd. | | | An affiliate of the shareholder of the Group | |
| | |
For year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Revenue from sale of LiDAR products | | | | | | | | | | | | | |
Affiliates of the shareholders of the Group
|
| | | | 47,852 | | | | | | 41,765 | | |
Total | | | | | 47,852 | | | | | | 41,765 | | |
| | |
For year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Research and development expenses | | | | | | | | | | | | | |
An equity method investee of the Group
|
| | | | 485 | | | | | | 900 | | |
Total | | | | | 485 | | | | | | 900 | | |
| | |
For year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Purchases of raw materials | | | | | | | | | | | | | |
An equity method investee of the Group
|
| | |
|
—
|
| | | | | 83 | | |
Total | | | | | — | | | | | | 83 | | |
| | |
As of December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Amounts due from related parties, net of allowance | | | | | | | | | | | | | |
Affiliates of the shareholder of the Group
|
| | | | 6,946 | | | | | | 28,088 | | |
An equity method investee of the Group
|
| | | | 960 | | | | | | — | | |
Total | | | | | 7,906 | | | | | | 28,088 | | |
| | |
For the year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Numerator | | | | | | | | | | | | | |
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | |
Change in redemption value of redeemable preferred equity
|
| | | | (55,247) | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | (175,471) | | | | | | (107,216) | | |
Denominator | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding-basic and diluted
|
| | | | 79,899,201 | | | | | | 89,895,471 | | |
Basic and diluted net loss per share attributable to ordinary shareholders
|
| | | | (2.20) | | | | | | (1.19) | | |
| | |
For the year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
Number
|
| |
Number
|
| ||||||||
Shares issuable upon exercise of share options
|
| | | | 4,176,093 | | | | | | 5,490,261 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
LiDAR segment | | | | | | | | | | | | | |
LiDAR product revenues
|
| | | | 328,552 | | | | | | 346,915 | | |
Cost of Revenues
|
| | | | 97,358 | | | | | | 155,986 | | |
Segment profit
|
| | | | 231,194 | | | | | | 190,929 | | |
Gas detection segment | | | | | | | | | | | | | |
Gas detection product revenues
|
| | | | 19,532 | | | | | | 68,599 | | |
Cost of products sold
|
| | | | 6,019 | | | | | | 20,614 | | |
Segment profit
|
| | | | 13,513 | | | | | | 47,985 | | |
Total segment profit
|
| | | | 244,707 | | | | | | 238,914 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Total profit for reportable segments
|
| | | | 244,707 | | | | | | 238,914 | | |
Unallocated amounts* | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (38,740) | | | | | | (49,904) | | |
General and administrative expenses
|
| | | | (55,112) | | | | | | (76,553) | | |
Research and development expenses
|
| | | | (149,817) | | | | | | (229,653) | | |
Litigation settlement expense
|
| | | | (160,098) | | | | | | — | | |
Other operating income, net
|
| | | | 11,009 | | | | | | 15,384 | | |
Interest income
|
| | | | 19,107 | | | | | | 20,925 | | |
Foreign exchange gains (loss)
|
| | | | 9,619 | | | | | | (25,696) | | |
Other income (loss), net
|
| | | | 31 | | | | | | (832) | | |
Loss before income tax
|
| | | | (119,294) | | | | | | (107,415) | | |
| | |
Year ended December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
LiDAR segment
|
| | | | 1,364 | | | | | | 2,528 | | |
Gas detection segment
|
| | | | 81 | | | | | | 500 | | |
| | | | | 1,445 | | | | | | 3,028 | | |
| | |
As of December 31,
2020 |
| |||
|
RMB
|
| |||||
2021
|
| | | | 18,070 | | |
Total | | | | | 18,070 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
USD
(Note 4) |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries
|
| | | | 929,212 | | | | | | 1,137,193 | | | | | | 176,490 | | |
TOTAL ASSETS
|
| | | | 929,212 | | | | | | 1,137,193 | | | | | | 176,490 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
Class A Ordinary shares (US$0.0001 par value, nil and nil share authorized, issued and outstanding as of December 31, 2019 and 2020, respectively)
|
| | | | — | | | | | | — | | | | | | — | | |
Class B Ordinary shares (US$0.0001 par value, nil and nil share authorized, issued and outstanding as of December 31, 2019 and 2020, respectively)
|
| | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 1,098,639 | | | | | | 1,193,857 | | | | | | 185,284 | | |
Accumulated other comprehensive income (loss)
|
| | | | 1,332 | | | | | | (618) | | | | | | (96) | | |
Accumulated deficit
|
| | | | (170,759) | | | | | | (56,046) | | | | | | (8,698) | | |
Total Shareholders’ Equity
|
| | | | 929,212 | | | | | | 1,137,193 | | | | | | 176,490 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | | 929,212 | | | | | | 1,137,193 | | | | | | 176,490 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
USD
(Note 4) |
| |||||||||
Net revenues
|
| | | | — | | | | | | — | | | | | | — | | |
Cost of revenues
|
| | | | — | | | | | | — | | | | | | — | | |
Equity in deficit of subsidiaries
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,641) | | |
Net Loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,641) | | |
Other comprehensive income (loss), net of tax of nil: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 1,332 | | | | | | (1,950) | | | | | | (303) | | |
Comprehensive loss, net of tax of nil
|
| | | | (118,892) | | | | | | (109,166) | | | | | | (16,944) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
USD
(Note 4) |
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (120,224) | | | | | | (107,216) | | | | | | (16,641) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | | | | | | | |
Loss from equity in earnings of subsidiaries
|
| | | | 120,224 | | | | | | 107,216 | | | | | | 16,641 | | |
Net cash provided by operating activities
|
| | | | — | | | | | | — | | | | | | — | | |
Net cash provided by investing activities
|
| | | | — | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | — | | | | | | — | | | | | | — | | |
Net increase in cash and cash equivalents
|
| | | | — | | | | | | — | | | | | | — | | |
Cash and cash equivalents, beginning of the year
|
| | | | — | | | | | | — | | | | | | — | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | | | — | | | | | | — | | | | | | — | | |
Cash and cash equivalents, end of the year
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||||||||
|
2020
|
| |
2021
|
| ||||||||||||||
|
RMB
|
| |
RMB
|
| |
USD
|
| |||||||||||
| | | | | | | | | | | | |
(Note 2)
|
| |||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 256,688 | | | | | | 945,972 | | | | | | 146,813 | | |
Short-term investments
|
| | | | 638,981 | | | | | | 1,620,158 | | | | | | 251,445 | | |
Accounts receivable (net of allowance for doubtful accounts of RMB5,270 and RMB7,324 as of December 31, 2020 and September 30, 2021, respectively)
|
| | | | 56,319 | | | | | | 77,951 | | | | | | 12,098 | | |
Contract assets (net of allowance for doubtful accounts of RMB687 and RMB1,373 as
of December 31, 2020 and September 30, 2021, respectively) |
| | | | 38,337 | | | | | | 78,320 | | | | | | 12,155 | | |
Amounts due from related parties (net of allowance for doubtful accounts of RMB504 and nil as of December 31, 2020 and September 30, 2021, respectively)
|
| | | | 28,331 | | | | | | 4,265 | | | | | | 662 | | |
Inventories
|
| | | | 149,925 | | | | | | 330,827 | | | | | | 51,344 | | |
Prepayments and other current assets
|
| | | | 40,658 | | | | | | 102,494 | | | | | | 15,907 | | |
Total current assets
|
| | | | 1,209,239 | | | | | | 3,159,987 | | | | | | 490,424 | | |
Property and equipment, net
|
| | | | 63,837 | | | | | | 147,596 | | | | | | 22,907 | | |
Investment in equity method investee
|
| | | | 1,986 | | | | | | 1,912 | | | | | | 297 | | |
Intangible assets, net
|
| | | | 14,260 | | | | | | 14,468 | | | | | | 2,245 | | |
Land-use rights, net
|
| | | | — | | | | | | 42,686 | | | | | | 6,625 | | |
Goodwill
|
| | | | 3,640 | | | | | | 3,619 | | | | | | 562 | | |
Other non-current assets
|
| | | | 19,163 | | | | | | 57,922 | | | | | | 8,989 | | |
Total non-current assets
|
| | | | 102,886 | | | | | | 268,203 | | | | | | 41,625 | | |
TOTAL ASSETS
|
| | | | 1,312,125 | | | | | | 3,428,190 | | | | | | 532,049 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 55,437 | | | | | | 90,215 | | | | | | 14,002 | | |
Contract liabilities
|
| | | | 9,357 | | | | | | 152,270 | | | | | | 23,632 | | |
Amounts due to related parties
|
| | | | — | | | | | | 313,175 | | | | | | 48,604 | | |
Income tax payable
|
| | | | 9 | | | | | | — | | | | | | — | | |
Accrued warranty liability
|
| | | | 10,042 | | | | | | 12,244 | | | | | | 1,900 | | |
Derivative liability
|
| | | | — | | | | | | 46,794 | | | | | | 7,262 | | |
Accrued expenses and other current liabilities
|
| | | | 91,895 | | | | | | 199,755 | | | | | | 31,002 | | |
Total current liabilities
|
| | | | 166,740 | | | | | | 814,453 | | | | | | 126,402 | | |
Deferred tax liabilities
|
| | | | 578 | | | | | | 523 | | | | | | 81 | | |
Other non-current liabilities
|
| | | | 7,614 | | | | | | 19,445 | | | | | | 3,018 | | |
Total non-current liabilities
|
| | | | 8,192 | | | | | | 19,968 | | | | | | 3,099 | | |
TOTAL LIABILITIES
|
| | | | 174,932 | | | | | | 834,421 | | | | | | 129,501 | | |
Commitments and contingencies (Note 16) | | | | | | | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | |
Class A Ordinary shares (USD0.0001 par value, nil share authorized, issued
and outstanding as of December 31, 2020; 35,000,000 shares authorized, 30,033,379 shares issued and outstanding as of September 30, 2021) |
| | | | — | | | | | | 19 | | | | | | 3 | | |
Class B Ordinary shares (USD0.0001 par value, nil share authorized, issued and outstanding as of December 31, 2020; 150,000,000 shares authorized, 85,501,214
shares issued and outstanding as of September 30, 2021) |
| | | | — | | | | | | 55 | | | | | | 9 | | |
Additional paid-in capital
|
| | | | 1,193,857 | | | | | | 3,621,657 | | | | | | 562,072 | | |
Subscription receivables
|
| | | | — | | | | | | (766,098) | | | | | | (118,897) | | |
Accumulated other comprehensive (loss) income
|
| | | | (618) | | | | | | 15,774 | | | | | | 2,448 | | |
Accumulated deficit
|
| | | | (56,046) | | | | | | (277,638) | | | | | | (43,087) | | |
Total Shareholders’ Equity
|
| | | | 1,137,193 | | | | | | 2,593,769 | | | | | | 402,548 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | | 1,312,125 | | | | | | 3,428,190 | | | | | | 532,049 | | |
| | |
Nine months ended September 30,
|
| |||||||||||||||
|
2020
|
| |
2021
|
| ||||||||||||||
|
RMB
|
| |
RMB
|
| |
USD
|
| |||||||||||
| | | | | | | | | | | | |
(Note 2)
|
| |||||
Net revenues (including related party revenues of RMB11,448
and RMB15,655 for the nine months ended September 30, 2020 and 2021, respectively) |
| | | | 253,016 | | | | | | 459,442 | | | | | | 71,304 | | |
Cost of revenues
|
| | | | (112,856) | | | | | | (214,671) | | | | | | (33,317) | | |
Gross profit
|
| | | | 140,160 | | | | | | 244,771 | | | | | | 37,987 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (36,243) | | | | | | (48,072) | | | | | | (7,461) | | |
General and administrative expenses
|
| | | | (56,888) | | | | | | (265,328) | | | | | | (41,178) | | |
Research and development expenses
|
| | | | (163,092) | | | | | | (210,627) | | | | | | (32,689) | | |
Other operating income, net
|
| | | | 5,646 | | | | | | 18,741 | | | | | | 2,909 | | |
Total operating expenses
|
| | | | (250,577) | | | | | | (505,286) | | | | | | (78,419) | | |
Loss from operations
|
| | | | (110,417) | | | | | | (260,515) | | | | | | (40,432) | | |
Interest income
|
| | | | 16,359 | | | | | | 14,203 | | | | | | 2,204 | | |
Foreign exchange loss, net
|
| | | | (6,979) | | | | | | (9,805) | | | | | | (1,522) | | |
Other (loss) income, net
|
| | | | (782) | | | | | | 33,412 | | | | | | 5,185 | | |
Net loss before income tax
|
| | | | (101,819) | | | | | | (222,705) | | | | | | (34,565) | | |
Income tax benefit
|
| | | | 177 | | | | | | 1,113 | | | | | | 173 | | |
Net loss
|
| | | | (101,642) | | | | | | (221,592) | | | | | | (34,392) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | (1.15) | | | | | | (2.18) | | | | | | (0.34) | | |
Weighted average shares used in calculating net loss per share: | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 88,564,129 | | | | | | 101,433,139 | | | | | | 101,433,139 | | |
Net loss
|
| | | | (101,642) | | | | | | (221,592) | | | | | | (34,392) | | |
Other comprehensive (loss) income, net of tax of nil: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | (802) | | | | | | 16,392 | | | | | | 2,544 | | |
Comprehensive loss, net of tax of nil
|
| | | | (102,444) | | | | | | (205,200) | | | | | | (31,848) | | |
| | |
Ordinary Shares
Class A |
| |
Ordinary Shares
Class B |
| |
Additional
Paid-in capital |
| |
Subscription
Receivables |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income(loss) |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||||||||
| | |
Number
|
| |
RMB
|
| |
Number
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||||||||
Balance as of January 1, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(170,759)
|
| | | |
|
1,332
|
| | | |
|
(169,427)
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (101,642) | | | | | | — | | | | | | (101,642) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (802) | | | | | | (802) | | |
Conversion to joint stock company as part of 2020
Reorganization |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (221,929) | | | | | | — | | | | | | 221,929 | | | | | | — | | | | | | — | | |
Conversion of redeemable preferred shares to ordinary shares as part of the 2020 Reorganization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,098,639 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,098,639 | | |
Issuance of shares of Shanghai Hesai to new investors
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 317,147 | | | | | | — | | | | | | — | | | | | | — | | | | | | 317,147 | | |
Balance as of September 30, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,193,857 | | | | | | — | | | | | | (50,472) | | | | | | 530 | | | | | | 1,143,915 | | |
Balance as of January 1, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,193,857 | | | | | | — | | | | | | (56,046) | | | | | | (618) | | | | | | 1,137,193 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (221,592) | | | | | | — | | | | | | (221,592) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,392 | | | | | | 16,392 | | |
Issuance of ordinary shares of Hesai Group in connection with the 2021 Reorganization
|
| | | | 30,033,379 | | | | | | 19 | | | | | | 62,834,548 | | | | | | 40 | | | | | | (59) | | | | | | (312,120) | | | | | | — | | | | | | — | | | | | | (312,120) | | |
Issuance of ordinary shares of Hesai Group upon conversion of convertible loans
|
| | | | — | | | | | | — | | | | | | 18,424,242 | | | | | | 12 | | | | | | 1,950,326 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,950,338 | | |
Issuance of ordinary shares of Hesai Group to new investors
|
| | | | — | | | | | | — | | | | | | 4,242,424 | | | | | | 3 | | | | | | 453,975 | | | | | | (453,978) | | | | | | — | | | | | | — | | | | | | — | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,558 | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,558 | | |
Balance as of September 30, 2021
|
| | | | 30,033,379 | | | | | | 19 | | | | | | 85,501,214 | | | | | | 55 | | | | | | 3,621,657 | | | | | | (766,098) | | | | | | (277,638) | | | | | | 15,774 | | | | | | 2,593,769 | | |
| | |
Nine months ended September 30,
|
| |||||||||||||||
|
2020
|
| |
2021
|
| ||||||||||||||
|
RMB
|
| |
RMB
|
| |
USD
|
| |||||||||||
| | | | | | | | | | | | |
(Note 2)
|
| |||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (101,642) | | | | | | (221,592) | | | | | | (34,392) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 13,253 | | | | | | 20,543 | | | | | | 3,188 | | |
Share-based compensation
|
| | | | — | | | | | | 23,558 | | | | | | 3,656 | | |
Allowance for doubtful accounts
|
| | | | 3,793 | | | | | | 2,237 | | | | | | 347 | | |
Loss from disposal of property and equipment
|
| | | | 51 | | | | | | 64 | | | | | | 10 | | |
Derivative liability
|
| | | | — | | | | | | 46,794 | | | | | | 7,262 | | |
Share of loss in equity method investee
|
| | | | (8) | | | | | | 74 | | | | | | 11 | | |
Foreign exchange gain, net
|
| | | | (457) | | | | | | (1,047) | | | | | | (162) | | |
Inventory write-down
|
| | | | 5,007 | | | | | | 11,546 | | | | | | 1,792 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (67,950) | | | | | | (23,686) | | | | | | (3,676) | | |
Contract assets
|
| | | | — | | | | | | (40,669) | | | | | | (6,312) | | |
Inventories
|
| | | | (52,548) | | | | | | (189,212) | | | | | | (29,366) | | |
Prepayments and other current assets
|
| | | | (2,444) | | | | | | (61,836) | | | | | | (9,597) | | |
Amounts due from related parties
|
| | | | 1,133 | | | | | | 24,570 | | | | | | 3,813 | | |
Non-current assets
|
| | | | (3,272) | | | | | | (1,678) | | | | | | (260) | | |
Amounts due to related parties
|
| | | | (2,427) | | | | | | — | | | | | | — | | |
Contract liabilities
|
| | | | (2,964) | | | | | | 142,913 | | | | | | 22,180 | | |
Deferred tax liabilities
|
| | | | (65) | | | | | | (56) | | | | | | (9) | | |
Accounts payable
|
| | | | 27,153 | | | | | | 34,777 | | | | | | 5,398 | | |
Income tax payable
|
| | | | (1,263) | | | | | | (9) | | | | | | (1) | | |
Accrued expenses and other current liabilities
|
| | | | (160,982) | | | | | | 106,789 | | | | | | 16,574 | | |
Non-current liabilities
|
| | | | 175 | | | | | | 11,831 | | | | | | 1,836 | | |
Net cash used in operating activities
|
| | | | (345,457) | | | | | | (114,089) | | | | | | (17,708) | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of short-term investments
|
| | | | (1,746,407) | | | | | | (2,441,942) | | | | | | (378,983) | | |
Maturity of short-term investments
|
| | | | 1,976,657 | | | | | | 1,460,287 | | | | | | 226,633 | | |
Purchases of property and equipment
|
| | | | (46,054) | | | | | | (139,274) | | | | | | (21,615) | | |
Purchases of land-use rights
|
| | | | — | | | | | | (43,188) | | | | | | (6,703) | | |
Purchases of intangible assets
|
| | | | (6,299) | | | | | | (4,706) | | | | | | (730) | | |
Net cash provided by (used in) investing activities
|
| | | | 177,897 | | | | | | (1,168,823) | | | | | | (181,398) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Cash distribution to shareholders of Shanghai Hesai in connection with the 2021 Reorganization
|
| | | | — | | | | | | (507,062) | | | | | | (78,695) | | |
Cash contribution from shareholders in connection with the 2021 Reorganization
|
| | | | — | | | | | | 507,062 | | | | | | 78,695 | | |
Proceeds from issuance of convertible loans
|
| | | | — | | | | | | 1,950,338 | | | | | | 302,688 | | |
Proceeds from issuance of equity shares of Hesai Shanghai
|
| | | | 317,147 | | | | | | — | | | | | | — | | |
Proceeds received in advance of vesting of share-based awards
|
| | | | 6,290 | | | | | | — | | | | | | — | | |
Return of advance due to forfeiture of share-based awards
|
| | | | — | | | | | | (255) | | | | | | (40) | | |
Net cash provided by financing activities
|
| | | | 323,437 | | | | | | 1,950,083 | | | | | | 302,648 | | |
Net increase in cash and cash equivalents
|
| | | | 155,877 | | | | | | 667,171 | | | | | | 103,542 | | |
Cash and cash equivalents, beginning of the period
|
| | | | 112,737 | | | | | | 256,688 | | | | | | 39,837 | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | | | (1,878) | | | | | | 22,113 | | | | | | 3,434 | | |
Cash and cash equivalents, end of the period
|
| | | | 266,736 | | | | | | 945,972 | | | | | | 146,813 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Income taxes (refund) paid
|
| | | | (8,662) | | | | | | 210 | | | | | | 33 | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Accrued purchases of property and equipment
|
| | | | 2,485 | | | | | | 2,059 | | | | | | 320 | | |
Conversion of convertible loans to Class B ordinary shares
|
| | | | — | | | | | | 1,950,338 | | | | | | 302,688 | | |
Description
|
| |
As of September 30, 2021
|
| |
Fair Value Measurements at Reporting Date Using
|
| ||||||||||||||||||||||||
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||||||||||
|
Carrying
Value |
| |
Fair
Value |
| ||||||||||||||||||||||||||
|
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||
Short-term investments
|
| | | | 1,620,158 | | | | | | 1,620,158 | | | | | | — | | | | | | 1,620,158 | | | | | | — | | |
Derivative liability
|
| | | | 46,794 | | | | | | 46,794 | | | | | | — | | | | | | — | | | | | | 46,794 | | |
Total
|
| | | | 1,666,952 | | | | | | 1,666,952 | | | | | | — | | | | | | 1,620,158 | | | | | | 46,794 | | |
| | |
For the Year ended
December 31, |
| |
For the nine months
ended September 30, |
| ||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Balance as of the beginning of the year/period
|
| | | | 7,457 | | | | | | 10,042 | | |
Warranty provision
|
| | | | 8,752 | | | | | | 10,819 | | |
Consumption
|
| | | | (6,167) | | | | | | (8,617) | | |
Balance as of the end of the year/period
|
| | | | 10,042 | | | | | | 12,244 | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
Customer F
|
| | | | * | | | | | | 11.0% | | |
Customer B
|
| | | | * | | | | | | 10.7% | | |
Customer G
|
| | | | 11.5% | | | | | | * | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
| | |
2020
|
| |
2021
|
| ||||||
Customer B
|
| | | | 31.8% | | | | | | 53.3% | | |
Customer C
|
| | | | 17.5% | | | | | | * | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
Supplier A
|
| | | | 15.7% | | | | | | 14.6% | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Structured bank financial products
|
| | | | 246,612 | | | | | | 1,620,158 | | |
Time deposits
|
| | | | 392,369 | | | | | | — | | |
Total short-term investments
|
| | | | 638,981 | | | | | | 1,620,158 | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Accounts receivable
|
| | | | 61,589 | | | | | | 85,275 | | |
Less: allowance for expected credit losses
|
| | | | (5,270) | | | | | | (7,324) | | |
Total Accounts receivable, net
|
| | | | 56,319 | | | | | | 77,951 | | |
| | |
For the Year ended
December 31, |
| |
For the nine months
ended September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Balance at beginning of year/period
|
| | | | 2,257 | | | | | | 5,270 | | |
Provision for expected credit losses
|
| | | | 3,015 | | | | | | 2,054 | | |
Write-off
|
| | | | (2) | | | | | | — | | |
Balance at end of year/period
|
| | | | 5,270 | | | | | | 7,324 | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Raw materials
|
| | | | 61,609 | | | | | | 121,430 | | |
Work-in-process
|
| | | | 81,104 | | | | | | 114,784 | | |
Finished goods
|
| | | | 7,212 | | | | | | 94,613 | | |
Inventories | | | | | 149,925 | | | | | | 330,827 | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Advances to suppliers
|
| | | | 18,307 | | | | | | 69,264 | | |
Deposits
|
| | | | 7,024 | | | | | | 11,478 | | |
Prepaid expenses
|
| | | | 8,295 | | | | | | 8,937 | | |
Value-added tax recoverable
|
| | | | 5,937 | | | | | | 5,987 | | |
Others
|
| | | | 1,095 | | | | | | 6,828 | | |
Total | | | | | 40,658 | | | | | | 102,494 | | |
| | |
Redemption
Value At December 31, 2022 |
| |||
| | |
RMB
|
| |||
Series D
|
| | | | 2,230,271 | | |
Series C+
|
| | | | 83,599 | | |
Series C-3
|
| | | | 292,483 | | |
Series C-2
|
| | | | 324,984 | | |
Series C-1
|
| | | | 226,775 | | |
Series B+
|
| | | | 110,451 | | |
Series B
|
| | | | 157,050 | | |
Series A+
|
| | | | 32,592 | | |
Total Redemption Value
|
| | | | 3,458,205 | | |
| | |
On the date of Issuance
|
|
Fair value of ordinary share
|
| |
USD16.40, USD16.04, USD16.09
|
|
Risk free interest rate
|
| |
0.12%, 0.16%, 0.14%
|
|
Expected volatility
|
| |
48%, 49%, 40%
|
|
| | |
Conversion
options |
| |||
|
RMB
|
| |||||
Balance at January 1, 2021
|
| | | | — | | |
Issuance of the conversion options
|
| | | | 80,143 | | |
Changes in fair value
|
| | | | (33,349) | | |
Balance at September 30, 2021
|
| | |
|
46,794
|
| |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Salaries and welfare payables
|
| | | | 63,365 | | | | | | 58,871 | | |
Advances from employees
|
| | | | 6,290 | | | | | | 6,035 | | |
Payables for purchase of property and equipment
|
| | | | 3,823 | | | | | | 2,059 | | |
VAT and other tax payables
|
| | | | 1,490 | | | | | | 123,097 | | |
Others
|
| | | | 16,927 | | | | | | 9,693 | | |
Total | | | | | 91,895 | | | | | | 199,755 | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Product revenues | | | | | | | | | | | | | |
Revenue from LiDAR products
|
| | | | 190,447 | | | | | | 434,082 | | |
Revenue from gas detection products
|
| | | | 62,199 | | | | | | 13,536 | | |
Other revenues
|
| | | | 370 | | | | | | 945 | | |
Service revenues | | | | | | | | | | | | | |
Engineering design, development and validation service .
|
| | | | — | | | | | | 10,879 | | |
Total | | | | | 253,016 | | | | | | 459,442 | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Revenues recognized at a point in time
|
| | | | 253,016 | | | | | | 448,563 | | |
Revenues recognized over time
|
| | | | — | | | | | | 10,879 | | |
Total | | | | | 253,016 | | | | | | 459,442 | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Revenues by geographic location | | | | | | | | | | | | | |
Mainland China
|
| | | | 99,865 | | | | | | 239,644 | | |
North America
|
| | | | 140,034 | | | | | | 150,423 | | |
Europe
|
| | | | 8,222 | | | | | | 47,953 | | |
Other regions
|
| | | | 4,895 | | | | | | 21,422 | | |
Total | | | | | 253,016 | | | | | | 459,442 | | |
| | |
Accounts
receivable |
| |
Contract
assets |
| |
Contract
liabilities |
| |||||||||
|
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||
Balance as of January 1, 2020
|
| | | | 36,511 | | | | | | — | | | | | | 11,843 | | |
Increase/(decrease), net
|
| | | | 19,808 | | | | | | 38,337 | | | | | | (2,486) | | |
Balance as of December 31, 2020
|
| | | | 56,319 | | | | | | 38,337 | | | | | | 9,357 | | |
Increase, net
|
| | | | 21,632 | | | | | | 39,983 | | | | | | 142,913 | | |
Ending Balance as of September 30, 2021
|
| | | | 77,951 | | | | | | 78,320 | | | | | | 152,270 | | |
| | |
For the nine months
ended |
|
| | |
September 30,
2021 |
|
Expected volatility
|
| |
48.00%
|
|
Risk-free interest rate (per annum)
|
| |
0.97% - 1.11%
|
|
Expected dividend yield
|
| |
0.00%
|
|
Employee forfeiture rate (per annum)
|
| |
3.80%
|
|
Expected multiples
|
| |
2.5
|
|
Contractual life
|
| |
7.00
|
|
Fair value of underlying ordinary share
|
| |
USD16.04
|
|
Fair value of awards on valuation date
|
| |
USD7.21 - 15.04
|
|
| | |
Number
of options |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contract life |
| |
Weighted
average grant date fair value |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | |
RMB
|
| |
Years
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||
Outstanding at January 1, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Granted (the 2017 Replacement and the 2020 Replacement)
|
| | | | 5,419,677 | | | | | | 3.87 | | | | | | 6.35 | | | | | | 22.83 | | | | | | 122,364 | | |
Granted (the New Grant)
|
| | | | 2,103,178 | | | | | | 7.49 | | | | | | 6.81 | | | | | | 96.85 | | | | | | 188,605 | | |
Forfeited
|
| | | | 36,900 | | | | | | 11.70 | | | | | | 4.76 | | | | | | 62.24 | | | | | | 2,268 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding at September 30, 2021
|
| | | | 7,485,955 | | | | | | 4.85 | | | | | | 5.69 | | | | | | 41.42 | | | | | | 308,701 | | |
Vested and expected to vest as of September 30,
2021 |
| | | | 2,103,178 | | | | | | 7.49 | | | | | | 3.99 | | | | | | 96.85 | | | | | | 188,605 | | |
Exercisable as of September 30, 2021
|
| | | | 500,000 | | | | | | 6.79 | | | | | | 6.80 | | | | | | 97.30 | | | | | | 45,255 | | |
Name of the related parties
|
| |
Relationship
|
|
Mr. Kai Sun, | | |
Founding Shareholders
|
|
Mr. Yifan Li | | |
Founding Shareholders
|
|
Mr. Shaoqing Xiang | | |
Founding Shareholders
|
|
Mr. Xiaoming Hang | | |
Shareholder
|
|
Mr. Min Ai | | |
Shareholder
|
|
Suzhou Kunjie Phototonics Technology Co., Ltd. | | |
An equity method investee of the Group
|
|
Shanghai Leyi Technology L.P. | | |
An affiliate of the shareholder of the Group
|
|
Robert Bosch Gesellschaft mit Beschraenkter Haftung | | |
An affiliate of the shareholder of the Group
|
|
Robert Bosch Kft. | | |
An affiliate of the shareholder of the Group
|
|
Name of the related parties
|
| |
Relationship
|
|
Robert Bosch Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Robert Bosch France | | |
An affiliate of the shareholder of the Group
|
|
Bosch Automotive Products (Suzhou) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Baidu USA LLC | | |
An affiliate of the shareholder of the Group
|
|
Beijing Baidu Netcom Technology Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Apollo Intelligent Transportation Technology (Guangzhou) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Baidu Smart Travel Information Technology (Chongqing) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Apollo Intelligent Transportation Technology (Hefei) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Luobo Yunli (Beijing) Technology Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Apollo Intelligent Transportation Technology (Dalian) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Apollo Intelligent Technology (Beijing) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
Apollo Intelligent Connection (Beijing) Co., Ltd. | | |
An affiliate of the shareholder of the Group
|
|
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Revenues from sale of LiDAR products | | | | | | | | | | | | | |
Affiliates of the shareholders of the Group
|
| | | | 11,448 | | | | | | 15,655 | | |
Total | | | | | 11,448 | | | | | | 15,655 | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Amounts due from related parties, net of allowance | | | | | | | | | | | | | |
Affiliates of the shareholder of the Group
|
| | | | 28,088 | | | | | | — | | |
Total | | | | | 28,088 | | | | | | — | | |
| | |
As of
December 31, |
| |
As of
September 30, |
| ||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Amounts due to related parties | | | | | | | | | | | | | |
Founding Shareholders and certain shareholders (Note)
|
| | | | — | | | | | | 313,175 | | |
Total | | | | | — | | | | | | 313,175 | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | | (101,642) | | | | | | (221,592) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding-basic and diluted
|
| | | | 88,564,129 | | | | | | 101,433,139 | | |
Basic and diluted net loss per share
|
| | | | (1.15) | | | | | | (2.18) | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
LiDAR segment | | | | | | | | | | | | | |
LiDAR revenues
|
| | | | 190,817 | | | | | | 445,906 | | |
Cost of revenues
|
| | | | 92,511 | | | | | | 208,968 | | |
Segment profit
|
| | | | 98,306 | | | | | | 236,938 | | |
Gas detection segment | | | | | | | | | | | | | |
Gas detection revenues
|
| | | | 62,199 | | | | | | 13,536 | | |
Cost of revenues
|
| | | | 20,345 | | | | | | 5,703 | | |
Segment profit
|
| | | | 41,854 | | | | | | 7,833 | | |
Total segment profit
|
| | | | 140,160 | | | | | | 244,771 | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
Total profit for reportable segments
|
| | | | 140,160 | | | | | | 244,771 | | |
Unallocated amounts* | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (36,243) | | | | | | (48,072) | | |
General and administrative expenses
|
| | | | (56,888) | | | | | | (265,328) | | |
Research and development expenses
|
| | | | (163,092) | | | | | | (210,627) | | |
Other operating income, net
|
| | | | 5,646 | | | | | | 18,741 | | |
Interest income
|
| | | | 16,359 | | | | | | 14,203 | | |
Foreign exchange (loss) gains, net
|
| | | | (6,979) | | | | | | (9,805) | | |
Other (loss) income, net
|
| | | | (782) | | | | | | 33,412 | | |
Loss before income tax
|
| | | | (101,819) | | | | | | (222,705) | | |
| | |
For the nine months ended
September 30, |
| |||||||||
|
2020
|
| |
2021
|
| ||||||||
|
RMB
|
| |
RMB
|
| ||||||||
LiDAR segment
|
| | | | 682 | | | | | | 2,304 | | |
Gas detection segment
|
| | | | 215 | | | | | | 16 | | |
Total | | | | | 897 | | | | | | 2,320 | | |
| | |
As of
September 30, |
| |||
|
2021
|
| |||||
|
RMB
|
| |||||
The remaining of 2021
|
| | | | 7,753 | | |
2022
|
| | | | 10,481 | | |
| | |
As of
September 30, |
| |||
|
2021
|
| |||||
|
RMB
|
| |||||
2023
|
| | | | 7,490 | | |
2024
|
| | | | 4,579 | | |
2025
|
| | | | 3,361 | | |
Total | | | | | 33,664 | | |
|
Securities/Purchaser
|
| |
Date of Issuance
|
| |
Number of
Securities |
| |
Consideration
|
|
Class A Ordinary Shares | | | | | | | | | | |
Fermat Star Limited
|
| |
April 21, 2021
|
| |
9,893,855
|
| |
US$989.3855
|
|
ALBJ Limited
|
| |
April 21, 2021
|
| |
9,569,762
|
| |
US$956.9762
|
|
Galbadia Limited
|
| |
April 21, 2021
|
| |
9,569,762
|
| |
US$956.9762
|
|
Fermat Star Limited
|
| |
June 1, 2021
|
| |
340,775
|
| |
US$14,856,826
|
|
ALBJ Limited
|
| |
June 1, 2021
|
| |
329,612
|
| |
US$14,370,160
|
|
Securities/Purchaser
|
| |
Date of Issuance
|
| |
Number of
Securities |
| |
Consideration
|
|
Galbadia Limited
|
| |
June 1, 2021
|
| |
329,612
|
| |
US$14,370,160
|
|
Class B Ordinary Shares | | | | | | | | | | |
Rice No.2 Limited
|
| |
June 1, 2021
|
| |
1,790,797
|
| |
US$2,805,372
|
|
Forward Captain Limited
|
| |
June 1, 2021
|
| |
1,800,370
|
| |
US$2,881,719
|
|
SAIHEYUANXIN INVESTMENT LIMITED
|
| |
June 1, 2021
|
| |
813,663
|
| |
US$1,324,977
|
|
Lighthouse Blossom Limited
|
| |
June 1, 2021
|
| |
1,052,323
|
| |
US$1,886,769
|
|
Forward Sight Investment Limited
|
| |
June 1, 2021
|
| |
3,022,369
|
| |
US$5,418,976
|
|
Baidu Holdings Limited
|
| |
June 1, 2021
|
| |
7,881,155
|
| |
US$14,130,566
|
|
Zhen Partners Fund IV, L.P.
|
| |
June 1, 2021
|
| |
524,127
|
| |
US$939,738
|
|
Lightspeed China Partners III, L.P.
|
| |
June 1, 2021
|
| |
4,857,725
|
| |
US$8,709,688
|
|
Lightspeed China Partners Select I, L.P.
|
| |
June 1, 2021
|
| |
3,431,282
|
| |
US$6,152,139
|
|
Moonstone Investments Limited
|
| |
June 1, 2021
|
| |
1,715,641
|
| |
US$3,076,069
|
|
Knollwood Investment Fund LLC
|
| |
June 1, 2021
|
| |
514,692
|
| |
US$922,820
|
|
AJ5 Ltd
|
| |
June 1, 2021
|
| |
514,692
|
| |
US$922,820
|
|
Qiming Venture Partners VI, L.P.
|
| |
June 1, 2021
|
| |
2,506,031
|
| |
US$4,493,203
|
|
Qiming Managing Directors Fund VI, L.P.
|
| |
June 1, 2021
|
| |
67,432
|
| |
US$120,903
|
|
Robert Bosch GmbH
|
| |
June 1, 2021
|
| |
7,653,252
|
| |
EUR11,288,118.06
|
|
ON Semiconductor Benelux B.V.
|
| |
June 1, 2021
|
| |
171,564
|
| |
US$307,607
|
|
Lightspeed Opportunity Fund, L.P.
|
| |
June 1, 2021
|
| |
7,981,370
|
| |
US$14,310,247
|
|
MC2 (Hong Kong) Limited
|
| |
June 1, 2021
|
| |
956,657
|
| |
US$1,715,244
|
|
Fast Pace Limited
|
| |
June 11, 2021
|
| |
3,030,303
|
| |
US$50,000,000
|
|
GSPR IV Holdings Limited
|
| |
June 11, 2021
|
| |
5,454,545
|
| |
US$90,000,000
|
|
Solid Bit Hong Kong Limited
|
| |
June 11, 2021
|
| |
3,030,303
|
| |
US$50,000,000
|
|
CPandar Investment Limited
|
| |
June 11, 2021
|
| |
3,030,303
|
| |
US$50,000,000
|
|
Lightspeed Opportunity Fund, L.P.
|
| |
June 11, 2021
|
| |
606,061
|
| |
US$10,000,000
|
|
SMRS-TOPE LLC
|
| |
June 11, 2021
|
| |
606,061
|
| |
US$10,000,000
|
|
KGT Strategic Private Investments, LP
|
| |
June 11, 2021
|
| |
303,030
|
| |
US$5,000,000
|
|
Pantheon Access Co-Investment Program, L.P.-Series 151
|
| |
June 11, 2021
|
| |
303,030
|
| |
US$5,000,000
|
|
Moonrise China Partners I LP
|
| |
June 11, 2021
|
| |
242,424
|
| |
US$4,000,000
|
|
Qiming Venture Partners VI, L.P.
|
| |
June 11, 2021
|
| |
472,144
|
| |
US$7,790,376
|
|
Qiming Managing Directors Fund VI, L.P.
|
| |
June 11, 2021
|
| |
12,704
|
| |
US$209,624
|
|
Pagoda Innovation Partners L.P.
|
| |
June 11, 2021
|
| |
606,061
|
| |
US$10,000,000
|
|
HT Global Investment Limited
|
| |
June 11, 2021
|
| |
606,061
|
| |
US$10,000,000
|
|
Yuanzhan Equity Investment Management (Shanghai) Co., Ltd.
|
| |
June 25, 2021
|
| |
1,436,192
|
| |
US$2,575,029
|
|
Shanghai Wenqian Enterprise Management Center L.P.
|
| |
June 25, 2021
|
| |
3,513,909
|
| |
US$5,164,707
|
|
Zhuhai Hengqinruishi Growth Venture Capital Fund L.P.
|
| |
June 25, 2021
|
| |
1,905,016
|
| |
US$2,933,606
|
|
Hangzhou Yuanzhan Huayao Venture Capital L.P.
|
| |
June 25, 2021
|
| |
775,461
|
| |
US$1,388,827
|
|
PANGU VC INC
|
| |
June 25, 2021
|
| |
647,296
|
| |
US$1,160,573
|
|
Guangyi HS Holding Limited
|
| |
June 25, 2021
|
| |
1,234,405
|
| |
US$2,213,234
|
|
SONIC WAY DEVELOPMENTS LIMITED
|
| |
June 25, 2021
|
| |
780,069
|
| |
US$1,398,629
|
|
TALENT CHOICE INTERNATIONAL LIMITED
|
| |
June 25, 2021
|
| |
420,038
|
| |
US$753,109
|
|
Suzhou Detong Hexin Venture Capital L.P.
|
| |
June 25, 2021
|
| |
1,175,691
|
| |
US$2,107,962
|
|
Shanghai Feiyu Xinyan Investment Management L.P.
|
| |
June 25, 2021
|
| |
2,878,171
|
| |
US$5,160,434
|
|
Securities/Purchaser
|
| |
Date of Issuance
|
| |
Number of
Securities |
| |
Consideration
|
|
Chuang Zhi Limited
|
| |
June 25, 2021
|
| |
813,158
|
| |
US$1,457,958
|
|
PANGU VC INC | | |
September 30, 2021
|
| |
121,212
|
| |
US$2,000,000
|
|
Shanghai Ziyue Enterprise Management Consulting Partnership (Limited Partnership) | | |
September 30, 2021
|
| |
4,242,424
|
| |
US$70,000,000
|
|
Convertible Loans | | | | | | | | | | |
Fast Pace Limited
|
| |
May 17, 2021
|
| |
Convertible to 3,030,303 Class B ordinary shares
|
| |
US$50,000,000
|
|
GSPR IV Holdings Limited
|
| |
May 10, 2021
|
| |
Convertible to 5,454,545 Class B ordinary shares
|
| |
US$90,000,000
|
|
Solid Bit Hong Kong Limited
|
| |
May 10, 2021
|
| |
Convertible to 3,030,303 Class B ordinary shares
|
| |
US$50,000,000
|
|
CPandar Investment Limited
|
| |
May 11, 2021
|
| |
Convertible to 3,030,303 Class B ordinary shares
|
| |
US$50,000,000
|
|
Lightspeed Opportunity Fund, L.P.
|
| |
May 19, 2021
|
| |
Convertible to 606,061 Class B ordinary shares
|
| |
US$10,000,000
|
|
SMRS-TOPE LLC
|
| |
May 10, 2021
|
| |
Convertible to 606,061 Class B ordinary shares
|
| |
US$10,000,000
|
|
KGT Strategic Private Investments, LP
|
| |
May 10, 2021
|
| |
Convertible to 303,030 Class B ordinary shares
|
| |
US$5,000,000
|
|
Pantheon Access Co-Investment Program, L.P.-Series 151
|
| |
May 10, 2021
|
| |
Convertible to 303,030 Class B ordinary shares
|
| |
US$5,000,000
|
|
Moonrise China Partners I LP
|
| |
May 10, 2021
|
| |
Convertible to 242,424 Class B ordinary shares
|
| |
US$4,000,000
|
|
Qiming Venture Partners VI, L.P.
|
| |
May 11, 2021
|
| |
Convertible to 472,144 Class B ordinary shares
|
| |
US$7,790,376
|
|
Qiming Managing Directors Fund VI, L.P.
|
| |
May 11, 2021
|
| |
Convertible to 12,704 Class B ordinary shares
|
| |
US$209,624
|
|
Pagoda Innovation Partners L.P.
|
| |
May 11, 2021
|
| |
Convertible to 606,061 Class B ordinary shares
|
| |
US$10,000,000
|
|
HT Global Investment Limited
|
| |
May 10, 2021
|
| |
Convertible to 606,061 Class B ordinary shares
|
| |
US$10,000,000
|
|
PANGU VC INC
|
| |
May 14, 2021
|
| |
Convertible to 121,212 Class B ordinary shares
|
| |
US$2,000,000
|
|
Warrants | | | | | | | | | | |
Yuanzhan Equity Investment Management (Shanghai) Co., Ltd.
|
| |
May 18, 2021
|
| |
1,436,192
|
| |
N/A
|
|
Shanghai Wenqian Enterprise Management Center L.P.
|
| |
May 18, 2021
|
| |
3,513,909
|
| |
N/A
|
|
Zhuhai Hengqinruishi Growth Venture Capital Fund L.P.
|
| |
May 18, 2021
|
| |
1,905,016
|
| |
N/A
|
|
Hangzhou Yuanzhan Huayao Venture Capital L.P.
|
| |
May 18, 2021
|
| |
775,461
|
| |
N/A
|
|
PANGU VC INC
|
| |
May 18, 2021
|
| |
647,296
|
| |
N/A
|
|
Guangyi HS Holding Limited
|
| |
May 18, 2021
|
| |
1,234,405
|
| |
N/A
|
|
SONIC WAY DEVELOPMENTS LIMITED
|
| |
May 18, 2021
|
| |
780,069
|
| |
N/A
|
|
TALENT CHOICE INTERNATIONAL LIMITED
|
| |
May 18, 2021
|
| |
420,038
|
| |
N/A
|
|
Suzhou Detong Hexin Venture Capital L.P.
|
| |
May 18, 2021
|
| |
1,175,691
|
| |
N/A
|
|
Shanghai Feiyu Xinyan Investment Management L.P.
|
| |
May 18, 2021
|
| |
2,878,171
|
| |
N/A
|
|
Chuang Zhi Limited
|
| |
May 18, 2021
|
| |
813,158
|
| |
N/A
|
|
Options | | | | | ||||||
Certain directors and employees
|
| |
Various dates
|
| |
7,485,955
|
| |
Past and future services provided by these individuals to us
|
|
|
Exhibit
Number |
| |
Description of Document
|
|
|
1.1*
|
| | Form of Underwriting Agreement | |
|
3.1**
|
| | Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect | |
|
3.2*
|
| | Form of Second Amended and Restated Memorandum and Articles of Association of the Registrant, effective immediately prior to the completion of this offering | |
|
4.1*
|
| | Registrant’s Specimen American Depositary Receipt (included in Exhibit 4.3) | |
|
4.2*
|
| | Registrant’s Specimen Certificate for Class B Ordinary Shares | |
|
4.3*
|
| | Form of Deposit Agreement, among the Registrant, the depositary and the holders and beneficial owners of American Depositary Shares issued thereunder | |
|
5.1*
|
| | Opinion of Maples and Calder (Hong Kong) LLP regarding the validity of the Class B ordinary shares being registered and certain Cayman Islands tax matters | |
|
8.1*
|
| | Opinion of Maples and Calder (Hong Kong) LLP regarding certain Cayman Islands tax matters (included in Exhibit 5.1) | |
|
8.2*
|
| | Opinion of Commerce & Finance Law Offices regarding certain PRC tax matters (included in Exhibit 99.2) | |
|
10.1**
|
| | 2021 Share Incentive Plan | |
|
10.2*
|
| | Form of Indemnification Agreement between the Registrant and its directors and executive officers | |
|
10.3*
|
| | Form of Employment Agreement between the Registrant and its executive officers | |
|
10.4**
|
| | Form of Class B Share Purchase Agreement by and among the Registrant, Hesai Hong Kong Limited, Hesai Technology Co., Ltd., the founders and each investor, and a schedule of all executed Class B Share Purchase Agreements adopting the same form | |
|
10.5**
|
| | Form of Agreement by and among the Registrant, Hesai Hong Kong Limited, Hesai Technology Co., Ltd., the founders and each investor, and a schedule of all executed Agreements adopting the same form | |
|
10.6**
|
| | Share Purchase Agreement by and between the Registrant and Robert Bosch GmbH dated June 1, 2021 | |
|
10.7**†
|
| | English translation of the Cooperation Agreement by and between Beijing Baidu Netcom Science Technology Co., Ltd. and Hesai Photonics Technology Co., Ltd. (currently known as Hesai Technology Co., Ltd.) on March 1, 2020 | |
|
10.8**
|
| | Form of Side Letter by and among the Registrant and/or Shanghai Hesai, our founders, and certain original shareholders of Shanghai Hesai, and a schedule of all executed Side Letters adopting the same form | |
|
10.9**
|
| | Form of Undertaking Letter by and among Shanghai Hesai, our founders and certain original shareholders of Shanghai Hesai, and a schedule of all executed Undertaking Letters adopting the same form | |
|
21.1*
|
| | Principal Subsidiaries of the Registrant | |
|
23.1*
|
| | Consent of Deloitte Touche Tohmatsu Certified Public Accountants LLP, an independent registered public accounting firm | |
|
23.2*
|
| | Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1) | |
|
23.3*
|
| | Consent of Commerce & Finance Law Offices (included in Exhibit 99.2) | |
|
24.1*
|
| | Powers of Attorney (included on signature page) | |
|
99.1*
|
| | Code of Business Conduct and Ethics of the Registrant | |
|
Exhibit
Number |
| |
Description of Document
|
|
|
99.2*
|
| | Opinion of Commerce & Finance Law Offices regarding certain PRC law matters | |
|
99.3*
|
| | Consent of Frost & Sullivan | |
|
99.4
|
| | Representations under Item 8.A.4 of Form 20-F | |
|
107*
|
| | Filing Fee Table | |
|
Signature
|
| |
Title
|
|
|
Yifan Li
|
| |
Director and Chief Executive Officer
(Principal Executive Officer) |
|
|
Kai Sun
|
| |
Director
|
|
|
Shaoqing Xiang
|
| |
Director
|
|
|
Louis T. Hsieh
|
| |
Director and Global Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
|
Cailian Yang
|
| |
Director
|
|
By: |
|
Exhibit 99.4
Hesai Group
9th Floor, Building L2-B
1588 Zhuguang Road, Qingpu District
Shanghai 201702
People’s Republic of China
+86 (21) 3158-8240
March 31, 2022
VIA EDGAR
Division of Corporation Finance
Office of Chief Accountant
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: Hesai Group
Registration Statement on Form F-1
(CIK Number: 0001861737)
Representations Made Pursuant to Instruction 2 to Item 8.A.4 of Form 20-F
To whom it may concern:
Hesai Group is an exempted company incorporated under the laws of the Cayman Islands with limited liability (the “Company”). In connection with the proposed initial public offering of the Company’s Class B ordinary shares to be represented by American depositary shares (the “Offering”), the Company hereby respectfully makes the representations to the Securities and Exchange Commission (the “Commission”) required by Instruction 2 to Item 8.A.4 of Form 20-F, which states that in the case of a company’s initial public offering (“IPO”), a company may comply with only the 15-month requirement in Item 8.A.4 of Form 20-F if the company is able to make the representations specified by Instruction 2 to Item 8.A.4 of Form 20-F.
The Company’s confidential submission of the draft registration statement on Form F-1 (the “Draft Registration Statement”) on the date hereof contained audited financial statements for the year ended December 31, 2020 prepared in accordance with accounting principles generally accepted in the United States of America.
In submitting the Draft Registration Statement, the Company is complying with the 15-month requirement, rather than the 12-month requirement, with respect to the last year of audited financial statements. The Company is submitting this representation letter pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that “[a] company may comply with only the 15-month requirement in this item if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship.”
Page 2
The Company hereby represents to the Commission that:
1. | the Company is not required by any jurisdiction outside of the United States to issue audited financial statements as of a date not older than 12 months at the time this document is submitted; |
2. | compliance with the 12-month requirement in Item 8.A.4 of Form 20-F is impracticable and involves undue hardship for the Company; |
3. | the Company does not anticipate that its audited financial statements for the year ended December 31, 2021 will be available until April or May 2022; and |
4. | in not event will the Company seek effectiveness of the Registration Statement if its audited financial statements are older than 15 months at the time of the Offering, |
The Company is submitting this letter as an exhibit to the Draft Registration Statement pursuant to Instruction 2 to Item 8.A.4 of Form 20-F.
* * *
Page 3
Please do not hesitate to contact the undersigned at Louis.Hsieh@hesaitech.com or the Company’s counsel Julie Gao of Skadden, Arps, Slate, Meagher & Flom LLP at Julie.Gao@skadden.com if you have any questions regarding the foregoing.
Very truly yours, | ||
Hesai Group | ||
By: | /s/ Louis T. Hsieh | |
Name: | Louis T. Hsieh | |
Title: | Chief Financial Officer |
cc: Z. Julie Gao, Esq., Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Brian V. Breheny, Esq., Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Jimmy Chen, Partner, Deloitte Touche Tohmatsu Certified Public Accountants LLP