Advertisement
Chinese AI start-up SenseTime hires HSBC as it pursues US$2 billion Hong Kong IPO
- Beijing-based start-up also has tapped CICC for its potential listing
- China’s largest artificial intelligence company was blacklisted by the US in 2019
Reading Time:2 minutes
Why you can trust SCMP
SenseTime Group, China’s largest artificial intelligence (AI) company, has hired HSBC to help it pursue an initial public offering in Hong Kong that could raise at least US$2 billion, according to a person familiar with the matter.
The Hong Kong-based start-up, known for its facial-recognition software, has also tapped China International Capital Corp (CICC) for the offering and could file paperwork for a Hong Kong listing in the next few weeks, the person said.
SenseTime was blacklisted alongside a group of Chinese technology champions by the Trump administration in 2019 and added to the so-called entity list, which prevents it from buying from American suppliers. That has caused it to steer away from American underwriters.
Advertisement
The timing and size of its potential listing in Hong Kong are preliminary and could change, the person said.
07:30
Why China is tightening control over cybersecurity
Why China is tightening control over cybersecurity
HSBC and SenseTime declined to comment on Tuesday.
Advertisement
Bloomberg reported HSBC’s hiring earlier on Tuesday.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x