Asia Tech Wire (July 29) -- Yifan Li, CEO of Chinese LiDAR maker Hesai (HSAI:NASDAQ), recently told Nikkei that the U.S. government's accusation that the company has ties to the Chinese military is baseless.

The statement comes after Hesai sued the U.S. government for putting the company on a list of companies suspected of working with the Chinese military.

Li said the company has never cooperated with military of any country.

He argued that the U.S. government's allegations were absurd, and that Hesai would have to prove in its lawsuit against the U.S. government that there was no evidence of ties between the company and the Chinese military.

Li added that the inclusion on the U.S. Department of Defense's blacklist does not prohibit U.S. automakers from using Hesai's products, but that the uncertainty has had a significant impact on the company's reputation as well as on the price of its American depositary shares (ADSs).

Hesai's ADSs have fallen more than 60% in the past year, ending the most recent trading session at $4.58 a share.

The U.S. will hold its 2024 presidential election in November, and Li believed that despite the crazy-sounding way Republican candidate Donald Trump talks, he has always been a smart businessman.

He noted that if Trump is able to win this time, it would mean that he could not seek re-election afterward, which would allow him to focus on seeking the well-being of Americans rather than capitalizing on voters' anti-Chinese sentiments, which would help trade between China and the U.S. to a certain extent.