Hesai Launches $497 Million Hong Kong IPO Plan
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Hesai Group is seeking to raise HK$3.9 billion ($497 million) in its Hong Kong listing, kicking off the latest batch of U.S.-listed Chinese firms that are debuting their shares in the city.
The company, which is the world’s largest maker of lidar sensors for vehicles, is offering 17 million shares for as much as HK$228 each, according to a listing document. That excludes options to increase the size of the deal if demand is strong.
The Shanghai-based company’s public offering starts Sept. 8, and the price is expected to be determined by Sept. 12, with the listing scheduled on Sept. 16. Hesai attracted cornerstone investors such as Hillhouse Investment and Grab Holdings Ltd., according to terms of the deal seen by Bloomberg.
Hesai will be the first of a group of U.S.-listed Chinese firms — such as hotel chain Atour Lifestyle Holdings Ltd. and robotaxi firm Pony AI Inc. — to list their shares in Hong Kong afterÌýrenewed delisting risksÌýin the U.S. emerged this year.
Since its foundation in 2014, Hesai has grown rapidly to become a top supplier of lidars — short for light detection and ranging — a remote sensing technology that helps vehicles navigate their surroundings.Ìý
But Hesai, which raised $192 million in its U.S. initial public offering in 2023, wasÌýaddedÌýto a Pentagon blacklist of companies linked to China’s military last year. The company has denied any ties with the country’s military and has challenged its inclusion in the list.
Proceeds from the Hong Kong offering will go toward purposes including research and development, developing lidar products for the robotics markets and building new production lines.
China International Capital Corp., Guotai Junan International Holdings Ltd. and CMB International are joint sponsors of Hesai’s Hong Kong listing.
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