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China's largest AI firm SenseTime said to plan dual listing in HK and mainland

Phate Zhang Aug 13, 2020 20:18 GMT+8

China's largest AI firm SenseTime said to plan dual listing in HK and mainland-CnTechPost

China’s largest AI firm SenseTime is exploring a dual listing in Hong Kong and the Chinese mainland as it closes in on $1.5 billion of pre-IPO financing, Bloomberg reported Thursday citing people familiar with the matter.

SenseTime, backed by SoftBank, is seeking a pre-funding valuation of about $8.5 billion before kicking off an initial public offering, the report said, adding the company is leaning toward a dual listing though it hasn’t finalized a timeline.

The company’s previous IPO plans were shelved because of pandemic-induced market volatility as well as a US blacklisting that threatens to curtail its access to vital American technology.

It’s now considering tapping markets in Hong Kong and the mainland simultaneously, betting on a recent resurgence of investor interest in new listings, the report said.

Two weeks ago, Reuters reported that SenseTime was considering an IPO on China's Nasdaq-style sci-tech innovation board, also known as the STAR market.

Chinese AI start-up SenseTime said to plan IPO on Shanghai's Nasdaq-style market

The company was expected to raise $1.5 billion from its funding round which is due to be completed soon that will value the company at $10 billion, the Reuters report said.

SenseTime became the world’s most valuable AI startup after it raised about $2.5 billion in 2018. It was valued at more than $7.5 billion, drawing investors including SoftBank and Singapore’s Temasek Holdings.

The company is working with 127 cities across China with its facial recognition technology.

#AI#China AI#China Tech#SenseTime#STAR market#Stocks
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Phate Zhang
Phate is the founder of CnTechPost and the main author of the site. He has been reporting in Chinese and English since 2009, focusing on macroeconomics and capital markets. He is also a tech enthusiast, and it is his interest to follow tech industry developments.
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