Hesai Group, one of the world’s largest makers of automotive Lidar sensors, received the green light from China’s securities regulator to sell new shares in Hong Kong.
The Shanghai-based company plans to issue up to 51.24 million shares on the Hong Kong stock exchange, according to a filing with the China Securities Regulatory Commission (CSRC) on Tuesday.
The filing confirmed that the CSRC reviewed and acknowledged Hesai’s materials, without disclosing the fundraising size and timetable for listing. But a Bloomberg report said it expected to sell about US$300 million worth of shares as early as next month.
The report said it filed for the Hong Kong initial public offering (IPO) via a confidential channel.
The company trades on the Nasdaq and its shares closed more than 14 per cent higher at US$26.67 on Tuesday.
Last year, the US Department of Defense added Hesai to its list of “Chinese Military Companies.” Hesai tried to clear its name in January, saying it does not sell products “to any military in any country”, or “have ties of any kind to any military in any country.”
