Saturday, Sep 25, 2021
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China’s biggest AI firm SenseTime files for Hong Kong IPO

SenseTime IPO_IFM_Image
The company was recently blacklisted in the US

China-based artificial intelligence (AI) firm SenseTime is planning to sell its shares on the Hong Kong Stock Exchange, media reports said. The size of the deal was not disclosed. The decision by SenseTime to go public comes at a time when China is tightening regulations. It is also noteworthy that the firm was blacklisted in the US.

According to SenseTime, it will use the funds raised in its initial public offering (IPO) to improve its research and development capabilities. Additionally, a portion of the fund will also be used for business expansion, and strategic investment and acquisition.

The firm, which is also the biggest AI firms in the country, has around 2,400 customers and its list of investors include SoftBank, Alibaba, Tiger Global, and Silver Lake. The company’s technology is also being used in 450 million smartphones and 200 apps.

Recently, China-based ride-hailing giant Didi suspended its plan to launch in the UK as well as Europe as faces political and regulatory challenges in its home country. The plan to launch in the UK and Europe has been postponed by at least 12 months.

The company was set to launch in the UK as it secured licences to operate in Manchester, Salford and Sheffield.

A Didi spokesperson told the media, “We continue to explore additional new markets, liaising with relevant stakeholders in each and being thoughtful about when to introduce our services. As soon as we have news on additional new markets, we look forward to sharing it.”

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