The Chinese artificial intelligence start-up SenseTime is going public in Hong Kong, even as mainland peers pull their stock market listing plans in response to Beijing’s widening crackdown on the technology sector.
The company, whose backers include SoftBank, Alibaba, Tiger Global and Silver Lake, filed documents for an initial public offering on the Hong Kong exchange late on Friday. SenseTime did not indicate how much money it intended to raise but it is one of the world’s most valuable AI start-ups.
SenseTime last raised funds at a valuation of more than $8bn last year, said two people familiar with the matter, but its valuation is now closer to $12bn, one of the people said.
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