Hesai, a Xiaomi-backed Chinese lidar firm, is reportedly nearing a US IPO filing, according to sources.

Hesai could be one of the first Chinese companies to launch an IPO in the US this year, which would signal a wave of listings following the recent market boom

January 10, 2023

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Hesai Technology Co., a Chinese developer of sensor technologies used in self-driving cars, is planning to file for an initial public offering in the US, according to people familiar with the matter. The offering could raise about $150 million.
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A Shanghai-based startup is working with Credit Suisse Group AG, Goldman Sachs Group Inc. and Morgan Stanley on a potential initial public offering (IPO), according to people familiar with the matter. The company, Hesai, could file for the IPO as early as next week, the people said, requesting anonymity because the information is private.
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The firm has received strong interest in the potential listing from prospective investors, the people said. Chinese stocks listed in the US got off to a flying start in 2023, with the Nasdaq Golden Dragon China Index gaining 14% in the first week of trading this year, its best start on record.
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Discussions are ongoing about the IPO, and details such as size and timing could change, according to sources. A representative for Goldman Sachs declined to comment, while representatives for Credit Suisse, Hesai and Morgan Stanley didn’t immediately respond to requests for comment.
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Hesai could be one of the first Chinese companies to launch an IPO in the US this year, which would signal a wave of listings following the recent market boom. Such listings had slowed down due to an auditing dispute between the two countries' regulators, as well as pessimism about China's economy due to its restrictive Covid policies. However, Atour Lifestyle Holdings Ltd., a Shanghai-based hotel chain operator, debuted on the Nasdaq in November as the Covid Zero regime of quarantine and testing began to ease.
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Hesai, founded in 2014, develops and produces lidar sensors for autonomous driving cars and robotics applications. With clients in 40 countries, according to its website, Hesai has raised more than $500 million from investors including Xiaomi, German engineering conglomerate Robert Bosch GmbH, food delivery giant Meituan and investment firms Hillhouse Ventures and CPE.