What’s new: RoboSense Technology Co. Ltd., a developer of lidar sensors used in self-driving cars, has filed for an initial public offering (IPO) in Hong Kong.
JP Morgan and China Renaissance will co-sponsor the listing, according to the document released by the Hong Kong Stock Exchange Friday. Details including the size and date of the share sale were not revealed.
Founded in 2014, the Shenzhen-based company offers smart lidar solutions to clients that include heavyweights Toyota Motor Corp., BYD Co. Ltd. and Zhejiang Geely Holding Group Co. Ltd.
The company booked 530.3 million yuan ($73.1 million) in revenue in 2022, more than triple its 170.9 million yuan turnover in 2020. But adjusted net losses also surged, up from 59.9 million yuan to 562.8 million yuan across the same period.
The background: The global market for lidar technology — which uses lasers to detect an object, such as a nearby vehicle, and determine its distance and physical properties — is expected to grow from 12 billion yuan in 2022 to 1.25 trillion yuan by 2030, according to a report by China Insights Industry Consultancy Ltd.
RoboSense is one of several Chinese automotive tech startups to have filed to list in Hong Kong recently, as the city seeks a revival in IPO volume. Companies have raised just $2.2 billion via flotations in the Asian financial hub so far this year, about 19% lower than the same period in 2022, which also suffered a dearth of primary offerings, according to data compiled by Bloomberg.
Xiaomi-backed Black Sesame International Holding Ltd., a designer of AI chips and systems for cars, and battery-maker REPT Battero Energy Co. Ltd., have also applied to list in Hong Kong.
Related: In Depth: Chinese Carmakers Jostle for an Edge in Autonomous Driving
Contact reporter Kelsey Cheng (kelseycheng@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
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