HONG KONG – Shares of Hesai Group, a leading Chinese manufacturer of laser sensors for autonomous vehicles, surged as much as 8% in their Hong Kong Stock Exchange debut on Tuesday morning. The stock opened at HK$63.00 and quickly rose to a high of HK$68.00, signaling strong investor confidence despite recent U.S.export restrictions.
Hesai’s public listing arrives as the automotive industry rapidly transitions toward self-driving technology, making laser sensors – often called LiDAR – a critical component. The company’s performance underscores China‘s ambition to become a dominant force in the artificial intelligence and autonomous driving sectors, even while facing geopolitical headwinds.Hesai, blacklisted by the U.S. government over alleged ties to the Chinese military, is aiming to solidify its position as a key supplier to both Chinese and international automakers.
The strong debut reflects robust demand for Hesai’s products, which are used in advanced driver-assistance systems (ADAS) and fully autonomous vehicles. The company is a major competitor to U.S.-based Velodyne Lidar and Luminar Technologies. Hesai’s technology is currently deployed in vehicles produced by several major Chinese EV manufacturers,including Nio,Xpeng,and Li Auto.
According to a company filing, Hesai plans to use the proceeds from the IPO to fund research and development, expand production capacity, and bolster its sales and marketing efforts. The initial public offering raised approximately HK$19.53 billion ($2.5 billion).
