These 10 Stocks Just Lost Their Spark

4. Hesai Group (NASDAQ:HSAI)

Hesai Group fell for a second day on Thursday, dropping 8.23 percent to close at $20.06 apiece as investors remained cautious about a ruling upholding a US government decision to add it to a list of companies allegedly working with China’s military.

On Friday, US District Judge Paul Friedman in Washington ruled that the Department of Defense’s findings that Hesai Group (NASDAQ:HSAI) contributes to China’s defense industrial base, posing national security concerns around Chinese lidar makers and Hesai’s cooperation with Chinese agencies.

Hesai Group (NASDAQ:HSAI) strongly denied allegations, saying that it was disappointed about the ruling.

“We are deeply disappointed by the court’s ruling and respectfully disagree with its decision. We believe the DoD’s designation lacks both factual and legal bases. Critically, the court acknowledged that the DoD found no evidence that Hesai’s products have been used for military purposes, nor any evidence of a direct or indirect connection between Hesai and the Chinese military, fundamental facts Hesai has maintained all along,” Hesai Group (NASDAQ:HSAI) said in a statement.

It said it appealed the decision to the US Court of Appeals for the District of Columbia.