BRIEF: Hesai plans second listing in Hong Kong

Autonomous driving technology company Hesai Group (HSAI.US) is seeking a second listing in Hong Kong to complement its current listing on the Nasdaq, according to a notice posted by the Chinese securities regulator on its website on Tuesday.

The maker of light detection and ranging (lidar) technology plans to issue 51.2 million ordinary shares through the Hong Kong listing, according to the notice on the China Securities Regulatory Commission’s website formally registering the application.

Hesai raised $190 million when it listed on the Nasdaq in February 2023. Its shares are up nearly sixfold since last October, and now trade about 40% above their IPO price. Earlier this month, the company reported its revenue rose 54% year-on-year in the second quarter to 706 million yuan ($99 million). It swung to the black for the period with a net profit of 44 million yuan, reversing a 72 million yuan loss a year earlier 

By Doug Young

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