Hesai Group is aiming to raise HK$3.9 billion (US$497 million) through a Hong Kong listing, offering 17 million shares at up to HK$228 (US$29.14) each.

The Shanghai-based company supplies lidar sensors used in vehicles and is already listed in the US.

The public offering begins September 8, with pricing expected by September 12, and trading set to start on September 16.

Hesai’s deal has attracted cornerstone investors, including Hillhouse Investment and Grab Holdings Ltd.

The company is the first among several US-listed Chinese firms, such as Atour Lifestyle Holdings and Pony AI, to pursue a Hong Kong listing this year due to renewed US delisting risks.

Hesai previously raised US$192 million in its 2023 US IPO but was later placed on a Pentagon list of firms linked to China’s military, a connection the company disputes.

Funds raised will go toward research, lidar development for robotics, and new production lines.

China International Capital Corp., Guotai Junan International, and CMB International are joint sponsors of the listing.

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