Hesai Jumps in Hong Kong Debut After $535 Million Listing (2)

Hesai Group, the world’s largest maker of lidar sensors used in cars, rose in its Hong Kong trading debut after its HK$4.2 billion ($535 million) listing in the city.

Its shares surged as much as 15% to HK$244 on Tuesday before closing at HK$234. Despite being priced at 6.7% below the company’s target maximum, the offering drew interest from major cornerstone investors, including Hillhouse Investment and Grab Holdings Ltd.

More broadly, Hesai is the first of several US-traded Chinese companies that are going public in Hong Kong this year, ensuring their ability to keep raising funds, after renewed delisting ...