Chinese auto sensor maker Hesai to raise up to $171 mln in U.S. IPO

Chinese sensor maker Hesai Group is aiming to raise up to $171 million in a U.S initial public offering (IPO), the first major deal by a Chinese company since the country’s borders re-opened early last month, according to its regulatory filings.

Shanghai-based Hesai, which produces laser-based components essential for autonomous driving systems known as lidar sensors, will offer up to 9 million American depositary shares (ADS) at between $17 and $19 apiece.

While Chinese online education firm QuantaSing Group (QSG.O) raised $40.6 million in a U.S. IPO on Jan. 25, the Hesai deal is the largest fund-raising by a Chinese firm in New York in at least a year.

It is also one of only a few major U.S. listings by Chinese firms since Beijing tightened its grip on overseas share sales in July 2021.

Chinese companies raised nearly $230 million in U.S. listings in 2022, according to Refinitiv data, representing a massive drop from $12.85 billion a year earlier.

This report’s information was first seen on REUTERS; to read more, click this link.