AI firm Xiaoi keen on Hong Kong flotation after mainland delisting
Shanghai Xiaoi Robot Technology, which is involved in a legal dispute with Apple over intellectual property, last month delisted from a mainland bourse because of low trading volumes
Artificial intelligence solutions provider Shanghai Xiaoi Robot Technology, which last month withdrew its listing from China’s National Equities Exchange and Quotations (NEEQ) board, is keen to float shares in Hong Kong, according to its chairman.
Yuan Hui said he is confident the loss-making company can meet listing requirements.
“We are interested in Hong Kong because the city has in the past two years announced various policies to support the growth of innovative technology companies,” he said in an interview on the sidelines of the Boao Forum for Asia.
Under Hong Kong Exchanges and Clearing’s listing rules revised last year, Growth Enterprise Market-listed firms must have a minimum market capitalisation of HK$150 million (US$19.1 million) but there is no profit requirement.
Those listed on the main board need a capitalisation of at least HK$500 million and need to post profits for three financial years.
Xiaoi last month delisted from the four-year-old NEEQ because of low trading volumes, Yuan said, adding it will seek to re-list in a more liquid market either in the mainland, Hong Kong or the US.