HK Movers | Lidar Maker Hesai Jumps 14% in Trading Debut
Lidar maker Hesai jumped 13.9% in trading debut in Hong Kong.
The company is the world’s largest maker of lidar sensors for vehicles.
Hesai is the first of a group of US-listed Chinese firms — such as hotel chain Atour Lifestyle Holdings Ltd. and robotaxi firm Pony AI Inc. — to list their shares in Hong Kong after renewed delisting risks in the US emerged this year.
Since its foundation in 2014, Hesai has grown rapidly to become a top supplier of lidars — short for light detection and ranging — a remote sensing technology that helps vehicles navigate their surroundings.
But Hesai, which raised $192 million in its US initial public offering in 2023, was added to a Pentagon blacklist of companies linked to China’s military last year. The company has denied any ties with the country’s military and has challenged its inclusion in the list.
Proceeds from the Hong Kong offering will go toward purposes including research and development, developing lidar products for the robotics markets and building new production lines.
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