Chongqing Terminus Smart Technology, a Chinese artificial intelligence (AI) company, joined a growing list of companies seeking to launch their initial public offerings (IPOs) in Hong Kong, reports the South China Morning Post. The city’s IPO market is riding high on the momentum created by Midea Group’s $3.98 billion listing last week, as well as a stock market rally driven by policy stimulus from Beijing and declining interest rates.
The AI company, backed by China Everbright and Jingdong Technology, submitted its IPO application on Thursday without disclosing a target amount for the fundraising.
Founded in 2015, it specialises in developing and commercialising AI and the Internet of Things for governments and enterprises in projects focused on urban management, energy management and infrastructure operations. Its other investors include SenseTime Group, Yuyao Yangming Equity Investment Fund, Shenzhen Futian Capital Operation Group and Chongqing Science City Investment Holding.