Hesai's lawsuit comes as Seyond prepares for its Hong Kong listing.
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Category: LiDAR
Seyond plans to go public in Hong Kong through a merger with TechStar, and plans to issue no more than 190,240,000 ordinary shares.
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As of this writing, Hesai rose 11 percent to HK$236.2 per share in Hong Kong, with a market capitalization of HK$36 billion.
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This marks Hesai's second LiDAR order announcement from a US company this month.
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Hesai plans to raise up to $500 million in its secondary listing in Hong Kong, with shares set to begin trading on September 16.
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Hesai did not disclose the name of the Toyota joint venture, but said that the automaker's models equipped with its ATX LiDAR will go into mass production in 2026.
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An Xpeng executive has denied that the company plans to resume use of LiDAR, following a report earlier today that sparked discussion.
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Chinese LiDAR maker RoboSense delivered its one millionth automotive LiDAR, becoming the first company in the world to hit this milestone.
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The auto group's models equipped with Seyond products will go into mass production in 2026, with sales expected to reach hundreds of thousands over the next three years.
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Hesai is the second Chinese company after Pony AI to be reported this month to have confidentially filed for a Hong Kong listing.
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