Innovusion, a LiDAR supplier of Lulai Automobile, plans to be listed on NASDAQ.

CTOnews.com, August 12, according to an announcement issued by the China Securities Regulatory Commission on August 10, Innovusion, a global lidar and solution provider, plans to issue 21382252 common shares and plan to list on the NASDAQ Stock Exchange.

Chinese companies are not required to report to their own regulators when they list in the US, but the CSRC issued new rules at the end of 2021 to enforce the requirement.

The announcement did not reveal more information about Innovusion's plans for IPO in the United States.

CTOnews.com Note: founded in 2016, Innovusion has R & D centers in Silicon Valley, Suzhou and Shanghai, and LiDAR manufacturing plants in Ningbo and Suzhou.

Xilai delivered its first ET7 models on March 28, 2022, marking Innovusion's mass production of LiDAR products.

Innovusion completed a $30 million round of financing in October 2018, led by Nio Capital.

Innovusion received $64 million in Series B financing in May 2021 and $66 million in Series B + financing in August 2021, with Nio Capital participating.

Weilai launched a new ES6,Innovusion in China on May 24. The next day it published an article saying that its two LiDAR production sites in Ningbo and Suzhou could operate efficiently and that there would be no capacity problems with the parts.