Hesai Group, the world’s largest maker of lidar sensors used in cars, rose in its Hong Kong trading debut after its HK$4.2 billion ($535 million) listing in the city.

The shares climbed as much as 15 percent to HK$244 on Tuesday, and traded at HK$229.80 at 10:36 am. During the listing, though the offering was priced at 6.7 percent below the maximum the company was seeking, Hesai attracted big cornerstone investors including Hillhouse Investment and Grab Holdings Ltd.

More broadly, Hesai is the first of several US-traded Chinese mainland companies that are going public in the Hong Kong Special Administrative Region this year, ensuring their ability to keep raising funds, after renewed delisting risks in America emerged.

ALSO READ: Lidar maker Hesai seeks $497m in Hong Kong listing

Hotel chain Atour Lifestyle Holdings Ltd and robotaxi firm Pony AI Inc are other US-listed mainland firms planning to list in the city.

The company plans to use the proceeds to help lower manufacturing costs of lidar systems.

“We used to sell for $50,000,” Chief Executive Officer David Li said in an interview with Bloomberg TV’s Stephen Engle. “With the help of the proprietary technologies and the manufacturing, we’re bringing it to $200.”

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Meanwhile, Hesai continues to benefit from carmakers increasingly adopting lidar technology to assist drivers detect potential dangers, including other cars and pedestrians, even in poor lighting conditions.

Hesai’s American depositary receipts have doubled this year, and the company’s second-quarter revenue jumped 54 percent from a year earlier, with growth accelerating from the preceding quarter.