Chinese LiDAR developer Hesai Technology turns in IPO prospectus in US

Beijing (Gasgoo)- Chinese LiDAR developer Hesai Technology officially submitted its IPO prospectus to the SEC on January 17, in an effort to be listed on the Nasdaq.

Photo credit: Hesai Technology

The company plans to raise US$150 million, expecting a market valuation of US$3 billion. At the present, Hesai Technology’s move bears significance in spite of the IPO’s outcome. If successful, Hesai Technology is expected to be China's first US-listed LiDAR company. 

As one of the leading LiDAR suppliers in China, Hesai Technology has cumulatively bagged more than US$500 million in its several rounds of financing so far. In June 2021, the company landed over US$300 million in Series D financing. Up to now, the company has attracted a host of globally renowned tech firms and investment institutes, such as Bosch, Baidu, Xiaomi, Meituan, ON Semiconductor, Hillhouse Capital, Qiming Venture Partners, and CPE.

Market-wise, Hesai Technology announced on December 27 last year its cumulative LiDAR shipments had exceeded 103,000 sets, more than 80,400 sets were delivered in 2022. 

In the first nine months of 2022, Hesai Technology’s revenue rose 72.77% year-over-year to 793 million yuan (US$117 million). In 2019, 2020, and 2021, the company’s annual revenues were 348 million yuan (US$52 million), 416 million yuan (US$62 million), and 720 million yuan (US$107 million), respectively.