On June 22, Hesai-W declined 5.03% in regular trading, trading at 128.5 HKD/share, with turnover of approximately HKD 101 million.

On the news front, market concerns over the company's Q1 earnings quality continue to weigh on the stock. The company previously disclosed that LiDAR shipments surged 140.9% year-over-year, while revenue grew only 29.6%, indicating a significant decline in average selling price. This volume-price divergence has raised persistent questions regarding the sustainability of profitability. Despite a brokerage initiating coverage with a Buy rating and a target price of HKD 269.66 along with upward revisions to revenue and net profit forecasts, market sentiment has shown no meaningful recovery, with short-selling ratios remaining elevated and near-term selling pressure concentrated.

Notably, the company announced a strategic partnership with Mercedes-Benz as an L3 autonomous driving LiDAR supplier and unveiled its Picasso chip platform. However, these positive developments have yet to offset investor concerns over margin compression amid aggressive pricing strategies.

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