Hesai Seeks $497M in Hong Kong Listing Amid US Delisting Risks

Hesai Group, the world's largest lidar sensor maker for vehicles, is seeking to raise $497 million in its Hong Kong listing. The company is offering 17 million shares for as much as HK$228 each, with a listing scheduled on September 16. Hesai has grown rapidly since its foundation in 2014 but was added to a Pentagon blacklist last year, which it has denied any ties to. Proceeds from the Hong Kong offering will go toward research and development, new product development, and building new production lines.

Hesai Group, the world’s largest maker of lidar sensors for vehicles, is seeking to raise HK$3.9 billion ($497 million) in its Hong Kong listing, kicking off the latest batch of US-listed Chinese firms that are debuting their shares in the city [1]. The company, which is the world’s largest maker of lidar sensors for vehicles, is offering 17 million shares for as much as HK$228 each, according to a listing document. That excludes options to increase the size of the deal if demand is strong [1].

The Shanghai-based company’s public offering starts Monday and the price is expected to be determined by Friday, with the listing scheduled on September 16 [1]. Hesai attracted cornerstone investors such as Hillhouse Investment and Grab Holdings Ltd., according to terms of the deal seen by Bloomberg [1].

Hesai will be the first of a group of US-listed Chinese firms — such as hotel chain Atour Lifestyle Holdings Ltd. and robotaxi firm Pony AI Inc. — to list their shares in Hong Kong after renewed delisting risks in the US emerged this year [1].

Since its foundation in 2014, Hesai has grown rapidly to become a top supplier of lidars — short for light detection and ranging — a remote sensing technology that helps vehicles navigate their surroundings [1]. But Hesai, which raised $192 million in its US initial public offering in 2023, was added to a Pentagon blacklist of companies linked to China’s military last year. The company has denied any ties with the country’s military and has challenged its inclusion in the list [1].

Proceeds from the Hong Kong offering will go toward purposes including research and development, developing lidar products for the robotics markets and building new production lines [1].

China International Capital Corp., Guotai Junan International Holdings Ltd. and CMB International are joint sponsors of Hesai’s Hong Kong listing [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-08/lidar-maker-hesai-seeks-497-million-in-hong-kong-listing