Chinese lidar developer Hesai files for $100 million US IPO

Chinese lidar startup Hesai filed for a $100 million US initial public offering on Tuesday, becoming one of the first Chinese companies to seek a US listing this year. The Shanghai-based company makes lidar sensors for autonomous driving cars and robotics applications and has customers in 40 countries. Documents show that Hesai’s total revenue has grown rapidly over the past three years, while its net loss widened year-on-year between 2019 and 2021. In the first three quarters of 2022, Hesai posted revenues of RMB 793 million ($117 million), exceeding full-year 2021 figures, while net loss narrowed by 6% during the period. Hesai filed for an IPO on the Shanghai Star market in 2021 to raise RMB 2 billion. However, the company withdrew the application two months later, and Hesai has not commented on the reasons for the delisting. [Hesai SEC filing]