BEIJING — Chinese startups are raising millions of dollars in U.S. stock market listings again, after a dry spell in the once-hot market.
Hesai Group, which sells «lidar» tech for self-driving cars, listed on the Nasdaq Thursday. Shares soared nearly 11% in the debut.
The company raised $190 million in its initial public offering, more than initial plans — and one of the largest listings since ride-hailing giant Didi raised $4.4 billion in its June 2021 IPO. That listing ran afoul of Chinese regulators, who ordered a cybersecurity review into Didi just days after its public listing. The company delisted later that year.
As of the end of 2022, only six China-based companies had issued American depositary receipts in U.S. IPOs since the Didi fallout, according to Wind Information. One of those companies was biotech company LianBio, which raised $334.5 million in Nov. 2021 — the largest to date since Didi's listing, the data showed.
But the dry spell in Chinese IPOs in the U.S. is starting to end as firms get more regulatory clarity.
One new rule Chinese authorities announced requires internet platform operators with personal information of more than 1 million users to apply for a cybersecurity review before they can list overseas.
On the U.S. side, the Public Company Accounting Oversight Board (PCAOB) reached an agreement last year with China's securities regulator and finance ministry to inspect the audit work papers of Chinese companies listed in the U.S.
The PCAOB said in mid-December it secured «complete access,» removing a near-term risk of forcing Chinese companies to delist from U.S. stock exchanges.
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After the announcement, online adult
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