The biggest Chinese concept stock IPO since Didi is here! HeSai Technology (HSAI.US) will debut on Nasdaq tonight.

Chinese autonomous driving car sensor technology developer, Hesai Technology (HSAI.US), raised $190 million through its initial public offering (IPO) and will debut on Nasdaq tonight. This will be the largest IPO by a Chinese issuer in the US market since Didi in 2021. The company sold 9 million shares of stock at a price range of $17 to $19 per share, ultimately pricing at $19 per share, issuing a total of 10 million American Depositary Shares (ADS) with an estimated valuation of around $2.4 billion. Hesai Technology is a leading global provider of autonomous driving and advanced driver-assistance system (ADAS) LiDAR. From 2017 to December 31, 2022, Hesai Technology has shipped over 103,000 LiDAR units, with over 80,400 units shipped in 2022, primarily targeting ADAS customers. Its major ADAS customers include Li Auto, Inc. Sponsored ADR Class A, Jidu Auto, and Lotus, with 12 out of the top 15 global autonomous driving companies using Hesai Technology's main LiDAR solutions as of December 31, 2021. Over the past three years, Hesai Technology has achieved steady revenue growth, with sales reaching nearly $112 million, and a net loss of $23 million for the nine months ending on September 30. Tech giants Baidu Inc Sponsored ADR Class A, Xiaomi, Meituan, and Germany's Bosch Group are among the company's strategic investors. On the other hand, Hesai Technology's listing in the US is also significant because there have only been 10 Chinese companies that went public in the US last year, raising a total of $376 million, marking the lowest level in the past 10 years.