Hesai’s listing marks a potential comeback of Chinese companies seeking to raise capital in the US, joining two other firms that have already launched IPOs this year. Delisting risk for this group has eased significantly after Washington and Beijing made progress resolving an audit dispute, with market sentiment turning more bullish amid China’s reopening bets.
Hesai Group, a developer of sensor technologies used in self-driving cars, has raised US$190 million ($251.7 million) in an initial public offering, the largest by a Chinese issuer in the US market since the crash of Didi Global Inc. in 2021.
The Shanghai-based startup sold 10 million American depositary receipts for US$19 each, according to a statement Thursday. The company had marketed 9 million shares for US$17 to US$19 apiece. At the IPO price, Hesai has a market value of about US$2.4 billion.
