Jiading-based tech firm raises US$190m from US listing

Jiading-based Hesai Technology, a global leader in three-dimensional light detection and ranging (LiDAR) solutions, became the first Chinese LiDAR maker to go public in the United States on February 9.

The Shanghai firm had a market capitalization of approximately US$2.62 billion based on its closing price on the first trading day.

Founded in 2014, Hesai is a market leader in advanced driver assistance systems and autonomous vehicle fleets. It has shipped over 100,000 LiDAR units in the six years until 2022.

In 2022 alone, the company delivered over 80,000 units, making it the world’s annual LiDAR delivery champion.

According to the company, a quarter of the proceeds from Hesai’s initial public offering, which raised US$190 million, will be invested in manufacturing capabilities, including the construction of new plants and the purchase of new production and testing equipment.

Hesai currently has strong relationships with leading automotive OEMs, autonomous vehicle companies and robotics companies around the world, covering over 90 cities in 40 countries.

Meanwhile, the company holds hundreds of patents around the world. Its self-developed chips, functional safety, active anti-interference and other technologies have set numerous industry records, earning it the title of “unicorn” company in the new infrastructure sector.

Hesai’s intelligent manufacturing center, one of the major projects in Jiading New City, began construction in 2021 and is expected to be completed this year.

According to Li Yifan, CEO of Hesai Technology, the company’s vision is to use high-performance LiDAR solutions to enable the development of robot technology.