China’s LiDAR maker Hesai Technology goes public on Nasdaq

Beijing (Gasgoo)- On February 9 Beijing time, shares of Hesai Technology, China-based leading LiDAR supplier, began trading on Nasdaq (NASDAQ: HSAI), making Hesai China's first US-listed LiDAR company. 

Photo credit: Hesai Technology

Offered at $19 per American depositary shares, Hesai Technology has raised $190 million through 9 million shares via public offering, making it the largest Chinese company to go public in the U.S. since 2021. At $19 per share, Hesai Technology has an initial market capitalization of about $2.4 billion.

Opened at $23.75, Hesai Technology’s shares closed at $21.05 on Nasdaq at day one, giving the Chinese LiDAR maker a market value of roughly $2.6 billion.

After the hubbub in the past few years, Hesai Technology's IPO also signified the return of some Wall Street investment banks to the China trading market. Notably, Hesai Technology’s IPO is the first Chinese deal underwritten by Goldman Sachs, Morgan Stanley, and Credit Suisse since 2021.

As one of the leading LiDAR suppliers in China, Hesai Technology has cumulatively bagged more than $500 million so far. 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.