Deloitte China assists listing of Hesai Group on Nasdaq

1st US IPO by a China concept stock assisted by Deloitte in 2023 and 1st ever Chinese LiDAR listing on Nasdaq

Publish date: 10 February 2023

Deloitte China supported the listing of Hesai Group (stock ticker: HSAI; Hesai) on Nasdaq on 9 February 2023.

This is the 1st US listing by a China concept stock assisted by Deloitte this year and the 1st Chinese light detection and ranging (LiDAR) company ever to list on Nasdaq.

Hesai is also Deloitte China's 1st China concept stock client to list in the US since the country's Public Company Accounting Oversight Board confirmed it had access to inspect and investigate Chinese firms for the first time in mid-December 2022. Hesai is a unicorn in the high and emerging tech industry and its Nasdaq listing will have a far-reaching impact on the rapidly developing global smart mobility parts sector.

Hesai offered 10 million American depository shares at USD19 each, raising USD190 million.

Tony Tang (left), Deloitte China COO of Audit & Assurance, national leader of audit transformation, and LCSP of Hesai audit team, with Louis T. Hsieh, CFO of Hesai Group, in front of the Nasdaq building in New York.

(from left) Shaoqing Xiang, CTO of Hesai Group, Yifan Li, CEO of Hesai Group, Tony Tang, and Kai Sun, Chief Scientist of Hesai Group attended Hesai Group's listing ceremony.

About the client

Hesai Group's LiDAR products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems and autonomous mobility. Its LiDAR solutions also empower robotics applications such as last-mile delivery robots, street sweeping robots, and logistics robots in restricted areas. Its LiDAR products feature in the vehicles of prestigious car brands including Nio, Li, Xpeng, Hiphi, and Lotus.

Source: Hesai Group official website and IPO prospectus filed on 9 February 2023

About this IPO engagement

In 2021, Deloitte China accepted the US IPO audit engagement of Hesai Group. After kick starting the engagement, the firm promptly established a multi-disciplinary engagement team with members from the Audit & Assurance (A&A), Technical, Deloitte Analytics (DA), Valuation Review (VA), Tax Review, and Risk Advisory (RA) teams.

Deloitte China served Hesai throughout its IPO journey with a high quality philosophy of "diligence and excellence". The engagement team overcame obstacles with Hesai by providing consistent, professional capital market audit services at each stage of listing filing work. It also worked collaboratively with intermediaries to help the client list on Nasdaq.

Deloitte China congratulates Hesai Group on its successful listing on Nasdaq. We will continue to provide high quality professional services to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment. 

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