Velodyne Lidar, the first listed company of LiDAR, raised 190 million dollars and completed the largest US IPO by a Chinese company since 2021.

On February 9, 2023, Hesai Technology, as a developer of autonomous driving sensors, raised $190 million in its initial public offering (IPO), becoming the largest Chinese company to go public in the US since 2021.

Founded in 2014 by Li Yifan, Sun Kai, and Xiang Shaoqing, Hesai Technology is committed to developing and manufacturing laser radar systems for advanced driver assistance systems (ADAS), autonomous driving, and robot taxis.

According to a statement released on Thursday, the Shanghai-based start-up sold 9 million shares of stock at a price of $17 to $19 per share. The final price was set at $19 per share, with a total of 10 million American Depositary Shares (ADS) sold, bringing the company’s IPO valuation to $2.4 billion.

This marks the largest financing by a Chinese issuer in the US market in 2021. The listing of Hesai not only represents the re-entry of some Wall Street investment banks into the Sino-US trading arena but also signals that more Chinese companies seeking to raise money in the US may gradually increase.

From 2017 through December 31, 2022, Hesai Technology has sold more than 103,000 laser radars, with more than 80,400 sold in 2022 alone. It has become the world’s first company to deliver more than 10,000 laser radars per month, and the monthly delivery volume has now exceeded 20,000.

According to documents submitted by Hesai to the US Securities and Exchange Commission, its revenue has steadily grown to nearly $112 million over the past three years, and its net loss for the first nine months of 2022 has been reduced to $23 million. Currently, its strategic investors include domestic companies Baidu, Xiaomi, and Meituan-Dianping, as well as German engineering group Robert BOSCH GmbH.“`

This issuance is led by Goldman Sachs Group, Morgan Stanley and Credit Suisse Group. The stock is expected to commence trading on the Nasdaq Stock Market on Thursday under the ticker symbol HSAI.


This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email