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 CS, Goldman 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.