Hesai Group plans to list its shares in Hong Kong as early as next month, according to sources familiar with the matter.

The Shanghai-based company, which makes lidar sensors for vehicles and is already listed on Nasdaq, is targeting a US$300 million raise.

The deal size and timing could still change, the sources said.

Hesai recently received approval from China’s securities regulator to list up to 51.2 million ordinary shares in Hong Kong.

The company confidentially filed for the listing.

If completed, Hesai could be among the first US-listed Chinese firms to seek a Hong Kong listing after renewed delisting risks in the US this year.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Dual listings offer Chinese companies insurance against geopolitical risks

Hesai’s Hong Kong listing represents a growing hedge strategy among Chinese companies facing potential US delisting pressures.

The company already trades on Nasdaq but is seeking to raise $300 million in Hong Kong, positioning itself alongside other US-listed Chinese firms like Atour Lifestyle Holdings that are pursuing similar dual-listing strategies1.

This approach allows companies to maintain access to US capital markets while creating alternative fundraising channels if regulatory tensions escalate.

The strategy has become particularly relevant as US-China tensions have created uncertainty around Chinese companies’ long-term access to American exchanges, making diversified listing locations a form of financial risk management.

2️⃣ Hong Kong’s regulatory flexibility attracts innovative Chinese companies

Hong Kong’s stock exchange has positioned itself as an attractive alternative by adapting regulations to accommodate emerging technology companies.

The exchange allows companies in innovative sectors like biotech to list without operational revenue and accepts weighted voting rights structures, creating more flexible pathways for tech companies2.