Hesai, the world’s largest supplier of LiDAR sensors, has confidentially filed for a listing in Hong Kong, Bloomberg reported on Saturday, citing sources familiar with the matter.
The Shanghai-based company is reportedly working with banks to plan a potential offering later this year. Discussions are ongoing and details such as the size and timing of the listing have not yet been finalized, the sources said.
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The move comes after Hong Kong regulators introduced new rules on May 6 that allow technology and biotech companies to submit listing applications confidentially, a process previously available only in markets like the U.S. Under the updated policy, a company may now delay the publication of its prospectus until after it has passed a listing hearing by the Hong Kong Stock Exchange (HKEX).
Hesai would be the second Chinese company this month, after autonomous driving startup Pony AI, to reportedly take advantage of the confidential filing mechanism.
Hesai, which went public on Nasdaq in February 2023, currently holds a market capitalization of $2.3 billion. In 2024, the company posted non-GAAP net income of RMB 13.7 million ($1.9 million) and positive operating cash flow of RMB 63 million, becoming the first publicly listed LiDAR manufacturer to achieve both annual profitability and positive cash flow, according to its March financial disclosure.
See also: Hesai to Supply 200,000 ATX LiDAR Units to Leapmotor
The company’s LiDAR shipments rose 126% year-on-year to 501,900 units in 2024, and it expects shipments to reach 1.2 million to 1.5 million units in 2025, signaling further growth of 139% to 200%.
Last month, Hesai secured a significant order from Leapmotor, which agreed to purchase 200,000 units of the company’s ATX LiDAR to be integrated into various models starting in 2025.