Chongqing - Hesai Technology Co., Ltd., a leading global company in laser radar technology that went public on NASDAQ in February, has announced the establishment of its global software R&D headquarters in Chongqing, China.
The company aims to strengthen Chongqing's position as a world-class intelligent connected and new energy vehicle industry cluster by establishing an innovation incubation center and building a laser radar industrial park. This will help fill the city's intelligent automobile industry supply chain gap.
Chongqing Economic and Technological Development Zone and Hesai Technology signed the investment cooperation agreement, and Hu Henghua, Mayor of Chongqing Municipal People's Government, attended the signing ceremony.
"At the signing ceremony, Li Yifan, CEO of Hesai Technology, said, "We are confident in the cooperation between the two parties and will accelerate the development and application of comprehensive laser radar solutions. This will drive more upstream and downstream enterprises to develop in Chongqing and help build Chongqing's intelligent connected and new energy vehicle industry cluster."
Mayor Hu also promised to help Hesai Technology connect with cooperative enterprises, expand application scenarios, and provide better services.
According to Dealogic data, Hesai Technology was the first Chinese enterprise to raise more than $100 million in the US since October 2021. (Photo/Hesai Technology)
Largest Chinese enterprise to be listed on NASDAQ since 2021
Hesai Technology Co., Ltd., a leading global company in laser radar technology that went public on NASDAQ in February, has announced the establishment of its global software R&D headquarters in Chongqing, China.
The company's plan to set up an innovation incubation center and build a laser radar industrial park is expected to strengthen Chongqing's position as a world-class intelligent connected and new energy vehicle industry cluster and fill the gap in the city's intelligent automobile industry supply chain.
Hesai Technology and Chongqing Economic and Technological Development Zone signed an investment cooperation agreement, which was attended by Hu Henghua, Mayor of Chongqing Municipal People's Government, during the signing ceremony.
"We have full confidence in the cooperation between the two parties and will accelerate the development and application of comprehensive laser radar solutions. This will drive more upstream and downstream enterprises to develop in Chongqing and help build Chongqing's intelligent connected and new energy vehicle industry cluster," said Li Yifan, CEO of Hesai Technology, at the signing ceremony.
Hesai's products are widely used in passenger cars and commercial vehicles that support advanced driver assistance systems (ADAS) and autonomous driving vehicles. The company's laser radar technology also empowers various robot applications in enclosed areas, such as unmanned delivery vehicles and logistics robots.
According to a Frost & Sullivan report, as of December 31, 2021, among the top 15 global autonomous driving companies, 12 use Hesai Technology's radar product as their primary solution.
On February 9, 2023, Hesai Technology became the US's largest Chinese enterprise listed on NASDAQ since 2021. Hesai Technology's successful listing indicates further recovery in the new stock issuance of US-listed Chinese stocks.
Chongqing Economic and Technological Development Zone is located within the Nan'an District and is one of Chongqing's three key economic development zones, the others being Liangjiang New Area and Chongqing High-tech Zone. The region is home to high-end equipment manufacturing, modern information technology, and modern service industry enterprises.