Chinese startups are raising millions of dollars in U.S. stock market listings again, after a dry spell in the once-hot market.
Chinese startups are raising millions of dollars in U.S. stock market listings again, after a dry spell in the once-hot market.
Hesai Group, which sells “lidar” tech for self-driving cars, listed on the Nasdaq Thursday. Shares soared nearly 11% in the debut.
The company raised $190 million in its initial public offering, more than initial plans — and one of the largest listings since ride-hailing giant Didi raised $4.4 billion in its June 2021 IPO. That listing ran afoul of Chinese regulators, who ordered a cybersecurity review into Didi just days after its public listing. The company delisted later that year.
As of the end of 2022, only six China-based companies had issued American depositary receipts in U.S. IPOs since the Didi fallout, according to Wind Information. One of those companies was biotech company LianBio, which raised $334.5 million in Nov. 2021 — the largest to date since Didi’s listing, the data showed.
