Shanghai-based Hesai Group, the world’s largest market of lidar sensors used in driver assistance systems, has confidentially filed for a listing in Hong Kong, according to a Bloomberg report.
The Nasdaq-listed company, which was established in Silicon Valley in 2013 and relocated to Shanghai in 2014, is working with banks on a potential offering that could take place this year, per the report.
Hesai was added to a Pentagon blacklist in 2023 over alleged military ties, a designation it disputes. The company raised $192 million in initial public offering (IPO) in 2023.
Hesai had filed for an IPO on the STAR Market in 2021 to raise 2 billion yuan but withdrew the application two months later. In the same year, the company raised an additional $70 million in its Series D funding round anchored by Chinese smartphone maker Xiaomi.
The move comes as several US-listed Chinese firms are exploring Hong Kong listings amid rising geopolitical tensions and delisting threats. Among them is the autonomous-driving company Pony AI, which has also filed for an IPO in Hong Kong to raise capital for its expansion plans.
