Press Releases in Hong Kong

AI firm SenseTime Group files for Hong Kong IPO

Xu Li, chief executive officer of SenseTime Group Ltd, is identified by the company's facial recognition system on a screen as he poses for a photograph at SenseTime's showroom in Beijing, June 15, 2018.

China’s largest artificial intelligence company SenseTime Group Inc has filed plans for an initial public offering on the Hong Kong Special Administrative Region's stock exchange. 

China International Capital Corp, Haitong Securities and HSBC Holdings Plc are joint sponsors on the proposed offering, the company said in documents filed with the exchange on Friday. The IPO could raise at least US$2 billion, depending on the valuation the company is seeking, people familiar with the matter have said. 

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

The SoftBank Group Corp-backed company, which makes AI technology for interpreting images, has thrived during the COVID-19 pandemic. 

“The COVID-19 pandemic is expected, in the long run, to accelerate the digital transformation of enterprises and city management, indicating more opportunities for the AI industry,” SenseTime wrote in the filing.

ALSO READ: AI firm SenseTime said 'to tap HSBC for US$2 billion HK IPO'

In the filing Friday, the company said its 2020 revenue rose 14 percent to 3.45 billion yuan (US$533 million), while its operating loss widened to 1.81 billion yuan.