(BFM Bourse) – The Chinese company Hesai specializing in laser sensors has just raised 190 million dollars on the occasion of its listing on the Nasdaq. This is the largest IPO for a Chinese group since Didi in June 2021.
Chinese group Hesai, which develops laser sensors, raised $190 million for its Nasdaq listing on Thursday and will make the biggest IPO of a Chinese company in a US market since 2021.
Based in Shanghai, Hesai Technology presents itself as the “world leader” in laser ranging systems, also known by the acronym LiDAR. This technology is used in particular by certain car manufacturers to develop their autonomous driving systems. Mercedes-Benz thus obtained approval in Germany last May to market vehicles equipped with a LiDAR system from the French equipment supplier Valeo.
For its arrival on Wall Street, where the start-up will appear under the symbol HSAI on the Nasdaq platform, Hesai sold 10 million shares at a unit price of 19 dollars.
The biggest IPO of a Chinese group since Didi
At the IPO price, that values the company at around $2.4 billion. This is the largest capitalization for a Chinese group arriving on Wall Street since Didi Global in June 2021.
This car-with-driver reservation specialist had made a fanfare debut on the New York Stock Exchange (NYSE), but had left the American stock exchange less than a year later.
He had found himself under pressure from the Chinese government, opposed to this IPO and which had launched an investigation into the collection of personal data by the company, causing the share price to fall. Since Didi’s withdrawal, only a handful of Chinese companies have entered the US Stock Exchange.
In early January, 252 Chinese companies were listed on US stock exchanges, according to the United States-China Economic and Security Review Commission (USCC), a government agency. Their cumulative value was just over $1 trillion.
(With AFP)
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