On February 9^th, 2023, Hesai Group (“Hesai”) was successfully listed on NASDAQ in U.S. (stock code: HSAI). Fangda acted as the PRC legal counsel to the underwriters and provided legal services for the entire listing process from PRC legal perspectives. Through this successful listing, Hesai became “China’s first LiDAR stock”. Hesai issued 10 million American Depositary Receipts, raising US$190 million (assuming no over-allotment option is exercised), making it the largest IPO for a Chinese concept stock during the past 18 months.

Hesai is the global leader in three-dimensional light detection and ranging (LiDAR) solutions. The Company’s LiDAR products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai’s technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. Hesai integrates LiDAR designs with an in-house manufacturing process, facilitating rapid product development while ensuring high performance and consistent quality. Hesai has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 90 cities in 40 countries.

Fangda is committed to continuously empowering “key and core technology” enterprises by providing one-stop legal services. As part of this commitment, Fangda is pleased to have cooperated with Hesai and to have witnessed the company’s great business success. During this years-long cooperation, Fangda has provided Hesai with high-quality professional legal services on capitalization matters and intellectual property matters.

The team advising on this transaction was led by partners Jeffrey Ding, Mengjie Wang and Brian Liu, and team members included Cesar Chang, Siling Wu, Jaden Ji and Ruolin Zhang. Data compliance partner Gil Zhang also supported this transaction, providing legal advice on data compliance and cybersecurity. Data compliance team members included Huihui Li, Katharina Zhang and Kaixian Zheng.