Hesai Group is suing the US Department of Defense (DoD) for placing the company on a list of companies accused of aiding China's military, according to a lawsuit filed in federal court in Washington DC.
Hesai claimed that its inclusion on the list has led to reputational damage, a sharp drop in its stock price, and loss of business opportunities, and is asking for an order to either remove the company from the list or to declare the list unconstitutional.
The US has previously added companies including Huawei and SMIC (00981.HK) -0.100 (-0.610%) Short selling $11.91M; Ratio 2.402% to the list. Hesai reiterated that it only designs and manufactures products for commercial and residential use. The company's lawyers said no Chinese government or military entity is attempting to exert influence or control over the company's management, strategy or R&D operations.
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