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Published: 15:10, August 17, 2021 | Updated: 15:24, August 17, 2021
AI firm SenseTime said 'to tap HSBC for US$2 billion HK IPO'
By Agencies
Published:15:10, August 17, 2021 Updated:15:24, August 17, 2021 By Agencies

A technician from artificial intelligence company SenseTime tests an AI-powered vehicle in Shanghai on Sept 2, 2020. (PHOTO PROVIDED TO CHINA DAILY)

SenseTime Group Ltd, Chinese mainland’s largest artificial intelligence company, is working with HSBC Holdings Plc to arrange its planned initial public offering in the Hong Kong Special Administrative Region (HKSAR) that could raise at least US$2 billion, according to people familiar with the matter.

China International Capital Corp is also arranging the share sale for the SoftBank Group Corp-backed company, said the people, who asked not to be identified as the information is private.

The HKSAR share sale could even raise as much as US$3 billion depending on the valuation SenseTime is seeking, according to people familiar with the matter

ALSO READ: SenseTime deal to see construction of the first AI park in Malaysia

The AI startup has been exploring a dual listing in the HKSAR and on the mainland, Bloomberg News reported last year. The HKSAR share sale could even raise as much as US$3 billion depending on the valuation the company is seeking, the people said.

SenseTime plans to file for its HKSAR IPO as soon as the coming weeks, they added.

Founded in 2014, SenseTime develops AI technology for use in autonomous driving, augmented reality, facial recognition, medical image analysis and other fields. Its business boomed during the coronavirus pandemic last year.

READ MORE: SenseTime gets US$600m funding

Details of SenseTime’s IPO including size and timeline could change as deliberations continue, said the people. A representative for HSBC declined to comment, while SenseTime declined to comment in an emailed statement.

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