Xiaomi Backed Lidar Car Sensor Developer Hesai Eyes US IPO

  • Xiaomi Corp XIACY XIACF backed Hesai Technology Co, a Chinese developer of lidar sensor technologies used in self-driving cars, aimed to raise $150 million under a U.S. initial public offering.
  • The startup collaborated with Credit Suisse Group CSGoldman Sachs Group, Inc GS, and Morgan Stanley MS on the share sale debut, Bloomberg reports.
  • Hesai received strong interest in the potential listing from prospective investors. 
  • Chinese stocks listed in the U.S. took off in 2023, with the Nasdaq Golden Dragon China Index gaining a record 14% in the first week of trading this year.
  • The IPO could herald a wave of listings that slowed down amid an auditing dispute between the two countries and pessimism over China’s economy over its Covid policy.
  • Founded in 2014, Hesai develops and produces lidar sensors for autonomous driving cars and robotics applications. 
  • Hesai has raised over $500 million from investors, including Xiaomi, German engineering conglomerate Robert Bosch GmbH, food delivery giant Meituan MPNGF MPNGY, and investment firms Hillhouse Ventures and CPE.
  • Price Action: XIACY shares traded at $7.73 in the premarket on the last check Tuesday.
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