Wall Street to Hong Kong: Hesai Group (HSAI) Soars to New Record, Eyes $475-Million from IPO

We recently published 10 Stocks With Eye-Popping Gains; 7 Soar to Fresh Highs. Hesai Group (NASDAQ:HSAI) is one of the top performers on Monday.

Shares of Hesai Group rallied to a new all-time high on Monday, as investors cheered its official filing of a $474.5-million initial public offering (IPO) on the Hong Kong Stock Exchange, becoming the first of the few US-listed Chinese companies to seek a secondary listing amid the US-China trade tensions.

At intra-day trading, Hesai Group (NASDAQ:HSAI) touched a new 52-week high of $30.44, before paring gains to end the day just up by 7.63 percent at $28.51 apiece. Monday also marked its fourth consecutive day of gains.

In a regulatory filing, Hesai Group (NASDAQ:HSAI) said it began offering some 17 million Class B ordinary shares at a price of HK$228 (US$ 29.04), comprising 1.7 million shares offered to Hong Kong investors, and the larger 15.3 million shares to the international market.

Hesai Group (NASDAQ:HSAI) also granted an overallotment option of up to 2.9 million shares in case of a stronger demand.

The offering is slated to close on Thursday, with the final price to be determined on Friday. Market debut on the HKEX is scheduled on September 16.

Hesai Group (NASDAQ:HSAI) said it plans to use the net proceeds from the offer to invest in research and development, invest in its manufacturing capabilities, as well as business developments to accelerate expansion, working capital, and other general corporate purposes.

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Disclosure: None. This article is originally published at Insider Monkey.