Bosch-Backed Chinese Sensor-Maker Eyes $300 Million Shanghai IPO

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 Exchange on Thursday.

The background: Hesai in recent years raised hundreds of millions of dollars from multiple investors, including Bosch and Chinese search giant Baidu Inc.

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

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

A previous version of this story gave potentially inaccurate information about Hesai and its investors. In recent years, the company raised hundreds of millions of dollars from investors including Bosch and Baidu.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Matthew Walsh (matthewwalsh@caixin.com)

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