- Hesai is the second Chinese company after Pony AI to be reported this month to have confidentially filed for a Hong Kong listing.
- Hesai is working with banks to plan a potential offering that may take place this year.
Hesai Group (NASDAQ: HSAI), the world's largest maker of LiDAR sensors, has confidentially filed for a Hong Kong listing, Bloomberg said in a report today, citing people familiar with the matter.
Hesai is working with banks to plan a potential offering that may take place this year, according to the report.
Considerations are still ongoing, and details such as size and timing haven't been finalized, people familiar with the matter said.
Hesai is the second Chinese company after autonomous driving startup Pony AI (NASDAQ: PONY) to be reported this month to have confidentially filed an application to list in Hong Kong.
Hong Kong's stock market previously didn't allow companies to confidentially file for listings, unlike the US stock market.
On May 6, Hong Kong's securities regulators and the Hong Kong Stock Exchange (HKEX) announced that they began allowing technology and biotech companies to choose to file their listing applications confidentially.
This new rule means that a company can disclose a prospectus after it has passed the HKEX's listing hearing.
Hesai went public on the Nasdaq on February 9, 2023, and currently has a market capitalization of $2.3 billion.
It saw non-GAAP net income of about RMB 13.7 million ($1.9 million) and operating cash flow of RMB 63 million in 2024, making it the world's first publicly traded LiDAR manufacturer to post a full year of profitability and positive operating cash flow, according to financial results it announced on March 10.
The company's LiDAR deliveries reached 501,900 units in 2024, a 126 percent year-on-year increase.
Hesai guided for LiDAR shipments of 1.2 million to 1.5 million units in 2025, a 139 percent to 200 percent year-on-year increase.
Last month, Hesai announced it had signed a deal with Leapmotor, which is expected to purchase 200,000 units of Hesai's ATX LiDAR, covering a number of production models from 2025 onward.
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