NAME: Hesai Technology’s IPO on Nasdaq
LAW FIRM: Commerce & Finance Law Offices, Fangda Partners, Latham & Watkins, Maples Group, Skadden Arps Slate Meagher & Flom
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Industry and manufacturing, Technology and telecommunications

The initial public offering (IPO) of Hesai Technology on Nasdaq is our deal of the month for March.

Hesai Technology, a developer of sensor technology used in autonomous cars, raised $190 million in its debut on Nasdaq in February. This was China’s first LiDAR stock and the largest IPO by a Chinese firm in the US since Didi in 2021.

Founded in 2014, the Shanghai-based firm specialises in developing laser-based LiDAR, which is widely applied across autonomous vehicles. The firm has established relationships with leading automotive OEMs, and autonomous vehicle and robotics companies across over 90 cities in 40 countries, according to its website. Chinese tech giants Xiaomi, Meituan and Baidu are among the firm’s strategic investors, as well as Bosch.

Hesai’s IPO in the US came after the Chinese government tightened its grip on overseas share offerings and as a decade-long auditing dispute between China and the US reached a temporary “truce” in late 2022.

A team led by Jeffery Ding, Wang Mengjie and Brian Liu from Fangda Partners acted as the PRC legal counsel to the underwriters that included Goldman Sachs, Morgan Stanley, Credit Suisse and Huatai Securities. Latham & Watkins advised the bookrunners on US law aspects.

Commerce & Finance Law Offices, another long-time legal adviser for Hesai, advised it on PRC law, with Maples Group advising on Cayman Islands law. Skadden Arps Slate Meagher & Flom served as the issuer’s US legal counsel.