beijing chinese startups are raising millions of dollars in us stock market listings again after a dry spell in the oncehot market hesai group which sells lidar tech for selfdriving cars listed on the nasdaq thursday shares soared nearly 11 in the debut the company raised 190 million in its initial public offering more than initial plans and one of the largest listings since ridehailing giant didi raised 44 billion in its june 2021 ipo that listing ran afoul of chinese regulators who ordered a cybersecurity review into didi just days after its public listing the company delisted later that year as of the end of 2022 only six chinabased companies had issued american depositary receipts in us ipos since the didi fallout according to wind information one of those companies was biotech company lianbio which raised 3345 million in nov 2021 the largest to date since didis listing the data showed but the dry spell in chinese ipos in the us is starting to end as firms get more regulatory clarity one new rule chinese authorities announced requires internet platform operators with personal information of more than 1 million users to apply for a cybersecurity review before they can list overseas on the us side the public company accounting oversight board pcaob reached an agreement last year with chinas securities regulator and finance ministry to inspect the audit work papers of chinese companies listed in the us the pcaob said in middecember it secured complete access removing a nearterm risk of forcing chinese companies to delist from us stock exchanges after the announcement online adult education company quantasing became the first chinabased company to list in the us wind data showed major investment banks citigroup cicc and clsa were among the underwriters for the ipo which raised 406 million quantasings backers included prospect avenue capital and qiming venture partners qiming also backed the two other chinabased companies that issued adrs this year biotech company structure therapeutics and hesai the three companies which all listed on the nasdaq specified the level of risk from us and chinese regulators in their respective prospectus   hesai which sells tech to chinese automaker and us companies said it received written confirmation from chinas cybersecurity regulator that it would not need to apply for a cyber review if it didnt have personal information of more than 1 million users   quantasing said it has such user information and completed a cybersecurity review in august 2022   structure therapeutics said it had not received any notice from chinese regulators that would require the firm to undergo a cybersecurity review the companies said us authorities may in the future determine theyre unable to complete reviews of audit work putting the companies at risk of delisting looking ahead more chinese companies are starting to prepare for listings in the us drew bernstein cochairman of audit firm marcum asia cpas llp said thursday his company is working with about 50 companies mostly chinabased that plan to list in the us its probably the strongest pipeline our firm has had in its history he said if these first round of deals are successful in pricing i would suspect it will open the floodgates bernstein said however he expects it will take time for many ipos to return to the market especially since its still difficult for people to get visas and travel in and out of china