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Image Source : China Visual

BEIJING, January 30 (TMTPOST) —— Hesai Technology has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offer on Nasdaq, with Goldman Sachs, Morgan Stanley, Credit Suisse, and Huatai International as its co-lead-underwriters.

This means that Hesai Technology will become the first-listed Chinese LiDAR company if the application goes through.

Founded in 2014, Hesai Technology is a global leader in LiDAR technology for autonomous driving and ADAS. It sold more than 103,000 LiDAR units from 2017 to December 31, 2022, of which 80,400 units were sold in 2022.

At present, Hesai"s LiDAR products can be mainly used in passenger cars or commercial vehicles with Advanced Driver Assistance Systems (ADAS), fleets providing passenger and freight mobility services, and robots, such as delivery robots and street cleaning robots.

According to Frost & Sullivan"s report, the company delivered about 62,000 LiDAR units to ADAS customers in 2022, making it the largest supplier of LiDAR to ADAS customers (excluding low-end LiDAR units with 16 channels or less).

In addition, Hesai Technology is one of the few companies in the ADAS market that can deliver LiDAR products in bulk to automotive OEMs. It is also the first company in the world to deliver more than 10,000 LiDAR units per month, which now delivers more than 20,000 units per month.

As of December 31, 2021, 12 of the world"s 15 top autonomous driving companies has used Hesai"s LiDAR as their primary LiDAR solution. In other words, Hesai Technology accounts for the largest share of the 12 companies" purchases. This shows that the products of Hesai Technology have been verified by the market, and the company has been able to realize mass production and delivery.

From 2019 to 2021, Hesai"s net income reached 348 million yuan ($51.55 million), 416 million yuan ($61.63 million), and 721 million yuan ($106.82 million), respectively. The company"s net revenue in the first three quarters of 2022 is the largest among all the LiDAR companies in the world, according to Frost & Sullivan"s report.