Latham & Watkins has advised the underwriters, including Goldman Sachs, Morgan Stanley, Credit Suisse, and Hutai Securities, on the initial public offering of Hesai Group, a developer of sensor technologies used in self-driving cars. The offering consists of 10 million American Depositary Shares (ADS) listed on the NASDAQ Global Market under the symbol “HSAI”, for a total offering size of approximately US$190 million, assuming the underwriters do not exercise their over-allotment option to purchase additional ADRs. The listing is the largest US IPO of a Chinese company since July 2021.
Hesai is a global leader in three-dimensional light detection and ranging (LiDAR) solutions. The company’s products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems and autonomous vehicle fleets, as well as for robotics.
The Latham team was led by Hong Kong corporate partners Allen Wang and Dominik Sklenar, with Beijing counsel Wei Wei, and Shanghai associate Jasmine Hu.