On February 10, "Hesai Technology," an investee company of Yuanhe Chenchun-managed fund-of-funds and its sub-funds—Datong Capital and Qiming Venture Partners—was listed on the NASDAQ in the U.S., with the stock ticker: HSAI.

Hesai Technology was founded in Jiading in 2014 and has become a global leader in lidar solutions for autonomous driving and advanced driver-assistance systems (ADAS). Its two flagship products include the AT128—a high-performance main lidar designed specifically for mass-produced ADAS applications—and the FT120, a short-range supplemental lidar tailored for ADAS pre-installed in vehicles. From 2017 to 2022, Hesai Technology delivered more than 100,000 lidar units in total. Notably, in 2022 alone, Hesai Technology shipped over 80,000 lidars, cementing its position as the world’s top annual lidar supplier.

Lidar is a rapidly advancing, cutting-edge technology product, and Hesai Technology stands out as the only lidar company that has consistently focused on in-house manufacturing—refusing to rely on contract manufacturing—since day one of its establishment. By the end of 2021, 12 out of the world’s top 15 autonomous driving companies had chosen Hesai Technology’s lidar systems as their primary lidar solutions. Today, Hesai Technology is collaborating closely with several leading automakers and autonomous driving firms, having secured production contracts for millions of units from over 10 major passenger car manufacturers. Notably, several vehicle models from these automakers will soon come standard equipped with Hesai’s AT128 lidar. Meanwhile, Hesai Technology boasts hundreds of globally recognized patents, while its self-developed chips, functional safety technologies, and advanced anti-interference capabilities have already broken multiple industry records.

The funds raised from this IPO will be invested in constructing new production facilities, purchasing advanced production and testing equipment, developing next-generation ASICs, and further advancing investments in software solutions.