Hailitech (02533.HK): US Regulatory Approval Unlocks Global Market Opportunities

Hailitech (02533.HK) announced on January 4, 2026 that its Huashan A2000 high-performance full-scenario intelligent driving chip successfully passed relevant reviews by the U.S. Department of Commerce and Department of Defense, and was approved for global sales and application [1][2][3]. This milestone event makes Hailitech the only domestic intelligent driving chip enterprise to pass such reviews. Its stock price surged over 11% on the same day, with trading volume significantly expanding to over 7.36 million shares [7][8]. The market responded positively to the news, with institutions generally maintaining Buy ratings. GF Securities set a target price of HK$28.46, reflecting recognition of the company’s leading position in the domestic intelligent driving chip sector [9]. This report comprehensively analyzes the far-reaching impact of this event on the company’s fundamentals, market performance, and industry landscape from multiple dimensions.

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The approval of the Huashan A2000 chip by relevant US authorities is a breakthrough for Hailitech and even the entire Chinese automotive chip industry. From a compliance perspective, this approval means that domestic automakers using this chip will face no legal compliance risks when exporting to European and American markets [4][5]. This unique advantage among domestic intelligent driving chip enterprises opens up broad global market prospects for the company. From a technical certification perspective, passing the US review indicates that the technical specifications and safety performance of the A2000 chip meet international standards, laying a solid foundation for subsequent overseas order acquisition [1][2][3].

The Huashan A2000 chip is built on an advanced 7nm process, integrating high-performance CPU, GPU, NPU, and multiple dedicated computing units. Its computing power is 4 times that of current mainstream flagship chips, natively supporting the Transformer model, and is paired with the mature AI toolchain BaRT to achieve efficient end-to-end development from model training to deployment [1][2][6]. The company plans to mass-produce the chip by the end of 2026. Currently, during CES 2026, it is conducting in-depth demonstrations of the full-scenario universal assisted driving functions of the Huashan A2000 chip, and the Wudang C1296 cabin-driving integrated mass-production solution will also make its overseas debut [7].

Stimulated by the above major positive news, Hailitech’s stock price saw significant volatility on January 5, 2026. The stock opened higher at HK$20.62 that day, up about 5.58% from the previous trading day’s closing price of HK$19.50, then continued to rise, hitting an intraday high of HK$21.44 with a gain of 11.21%, and finally closed at HK$20.92, with a full-day increase of about 7.12% [7][8]. From a technical perspective, a gap-up was formed on January 5, and the upper edge of the gap at around HK$20.86 constitutes important support for short-term trends.

In terms of trading volume, about 7.36 million shares were traded on the day, with a transaction value ranging from HK$128 million to HK$152 million, and the volume ratio was 2.23, indicating that trading volume was more than twice the usual level, showing that a large amount of incremental capital entered the market [7][8]. It is worth noting that there is a short squeeze risk with short positions of nearly HK$400 million in the market, which also partially amplified the short-term price increase [7]. From the perspective of sector linkage, peer intelligent driving concept stocks such as Zhejiang Shibao (+6.26%), Pony.ai (+6.29%), and WeRide (+4.54%) also showed synchronized strength, reflecting the market’s optimistic sentiment towards the entire intelligent driving track [8].

Among institutions, GF Securities maintained a Buy rating on Hailitech with a target price of HK$28.46, implying an upside of about 36% [9]. Its core recommendation logic includes three points: First, the domestic intelligent driving chip track is in a high-growth stage, OEMs’ self-development is limited by cost and ecological barriers, and demand for third-party platforms is rigid; Second, the company has a complete product matrix: the A1000 series has achieved large-scale shipments, the mid-range C1200 platform conforms to the cost reduction trend, and the A2000 covers full-scenario needs from NOA (Navigation on Autopilot) to Robotaxi; Third, mass production of the A2000 is imminent, and the commercialization process is expected to accelerate [9].

Investor community sentiment is also positive. The discussion heat on the Xueqiu platform hit a record high since the company’s listing [5]. Positive factors of market concern include: the technological leadership of the Huashan A2000 chip, the 70% growth shown in the 2025 performance guidance, leading automakers such as BYD evaluating the A2000 solution, and the synergistic effect with industrial chain partners such as Joyson Electronics [5]. From the perspective of industrial chain cooperation, as a cornerstone investor in Hailitech (with an investment of US$3 million), Joyson Electronics’ investment income elasticity will be released as Hailitech’s commercialization process accelerates. At the same time, after the elimination of overseas compliance barriers for domain controller and cabin-driving integrated solutions based on the A2000, it will also help Joyson Electronics obtain overseas orders [4].

From a broader industry perspective, the Chinese automotive chip industry is in a critical transition period from breakthroughs in individual points to systematic rise of the entire industrial chain. According to GGII (Gaogong Intelligent Automobile) data, from January to November 2025, the delivery volume of passenger vehicles with factory-standard urban NOA in the Chinese market reached 1.7542 million units, a year-on-year increase of 148.89%, and it is expected that the penetration rate of factory-standard NOA will exceed 20% in 2026 [6]. At the same time, the vehicle electronic and electrical architecture is accelerating its evolution to a centralized structure, and the penetration rate is expected to exceed 30% in 2027, which provides broad market space for high-performance intelligent driving chips.

In terms of competitive landscape, the domestic intelligent driving chip market shows a pattern of multiple players advancing together. Horizon Robotics’ Journey series chips have accumulated shipments of over 10 million units, ranking among the top in the industry; SemiDrive’s Star 1 uses a 7nm process with computing power of 512TOPS; Hailitech’s Huashan A2000 has established differentiated competitiveness in overseas compliance with its unique advantage of passing US regulatory approval [6]. In addition, the company has equity cooperation with automakers such as Xiaomi, Dongfeng, Geely, SAIC, and NIO, forming a relatively stable industrial ecosystem [5].

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The compliance advantage obtained by Hailitech through US regulatory approval has irreplicable strategic value. Against the background of current Sino-US trade frictions, Chinese automotive and chip enterprises face increasingly complex compliance review challenges when going overseas. As the only domestic intelligent driving chip approved for global sales, the Huashan A2000 provides a clear compliance path for automakers using it [4][5]. This advantage is not only reflected in direct market access, but also may be transformed into pricing power and brand premium capability, which has a far-reaching impact on the company’s long-term competitiveness.

Short positions of about HK$400 million in the market mean that there is a significant short squeeze risk in the short term [7]. Once short sellers cover their positions, it will further push up the stock price, forming a short squeeze. However, investors should also note that such gains driven by short squeezes are often highly volatile and uncertain, and a pullback caused by profit-taking may occur after positive expectations are fully reflected.

According to information from the Xueqiu community, the company’s 2025 performance guidance shows a performance growth rate of 70% [5]. However, the company’s current price-to-earnings ratio is about 41 times, and it is still in a loss-making state, with valuation highly sensitive to expectations [9]. This means that any delay in mass production progress, lower-than-expected orders, or intensified competition may trigger valuation adjustments, and investors need to closely track changes in the company’s fundamentals.

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Risk Type	Details	Risk Level
Valuation Risk	Current P/E ratio is about 41x, the company is not yet profitable, and valuation is highly sensitive to performance expectations	Medium-High
Mass Production Risk	Although the A2000 has passed the review, uncertainties remain before mass production by the end of 2026	Medium
Competition Risk	Competitors such as Horizon Robotics and SemiDrive also have strong capabilities	Medium
Market Risk	There are regulatory issues and strict safety reviews when intelligent driving technology transitions from concept to commercialization [10]	Medium
Capital Risk	Uncovered short positions of nearly HK$400 million exist, leading to risk of sharp short-term fluctuations	Medium
Macro Risk	Changes in Sino-US relations may affect chip export expectations and overseas market expansion	Medium-High

The US regulatory approval has opened the following opportunity windows for Hailitech: First, as the only domestic intelligent driving chip enterprise with global sales qualifications, the company is expected to obtain a large number of orders from automakers looking to export to European and American markets; Second, the compliance advantage helps enhance the company’s brand awareness in overseas markets, creating conditions for establishing an international cooperation network; Third, the display opportunity at CES 2026 is an important window for the company’s technologies and products to showcase to the global market, which is conducive to attracting potential overseas customers and partners [7]. From the perspective of institutional target prices, GF Securities’ target price of HK$28.46 still implies an upside of about 36% from the current stock price, showing professional institutions’ optimistic expectations for the company’s medium- and long-term development [9].

In the short term (1 to 2 weeks), attention should be paid to follow-up reports of CES 2026 and the covering of short positions; in the medium term (1 to 3 months), the mass production preparation progress of the A2000 and potential order announcements will be important catalysts; in the long term (6 to 12 months), the 2025 annual report performance and the actual mass production and delivery of the A2000 will determine the final support for the company’s valuation.

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Hailitech (02533.HK) has established a unique compliance advantage position among domestic intelligent driving chip enterprises through the milestone event of the Huashan A2000 chip passing US regulatory approval. The short-term stock price volatility has fully reflected the market’s recognition of this positive news, with a 7.12% increase combined with a volume ratio of 2.23 showing active capital inflow [7][8]. From a fundamental perspective, the company has a complete product matrix, optimized customer structure, clear 2025 performance guidance, coupled with institutional Buy ratings and a target price of HK$28.46, providing a relatively clear value anchor for medium- and long-term investment [9].

However, investors should also note the sensitivity of the current valuation level to expectations, as well as potential risks brought by factors such as mass production progress, changes in competitive landscape, and macro policies. Overall, this event constitutes a substantial positive for the company’s fundamentals, but short-term chasing of high prices requires prudent decisions based on one’s own risk tolerance. It is recommended to focus on follow-up catalysts such as the mass production progress of the A2000 and overseas order acquisition.

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: This report provides information collection, analysis, and market background to support decision-making. It is not investment advice, trading recommendations, or financial guidance. The analysis aims to objectively present factual information, market background, and risk identification, and does not provide prescriptive advice on buying, selling, or holding securities. Stock investment involves risks, please make prudent decisions based on your own risk tolerance. The data in this report is compiled based on public information, please refer to the company’s announcements for details.