What’s new: Hesai Photonics Technology Co. Ltd., a producer of laser sensors backed by German automotive components giant Robert Bosch GmbH, has filed for an IPO on Shanghai’s STAR market, aiming to raise 2 billion yuan ($308.86 million).
The Shanghai-based company plans to use the proceeds to expand production of the laser sensors that help self-driving vehicles to detect their distance from an object, according to a prospectus (link in Chinese) filed with the Shanghai Stock Market on Thursday.
The background: Founded in 2014, Hesai raised 250 million yuan from Chinese search giant Baidu Inc. in 2018 and $173 million from Bosch the following year.
In the first nine months of 2020, Hesai reported net losses of 93.8 million yuan on 253.2 million yuan of revenue.
Read more: In Depth: Lack of Coordination, Cooperation Plague Self-Driving Car Navigation Service
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Matthew Walsh (matthewwalsh@caixin.com)
