China’s largest artificial intelligence (AI) company has been given the go-ahead from the Hong Kong stock exchange for its initial public offering (IPO), moving the company a step closer to raising around $2 billion, reports the South China Morning Post. A launch of the deal before the end of the year would place SenseTime—backed by SoftBank Group, Temasek Holdings and Alibaba Group—in potential competition with another mega-sized issuer, China Tourism Group Duty Free, for investors’ capital.
The world’s largest travel retailer has also been given permission this week by the Hong Kong bourse to proceed with its secondary listing and share sale. The Shanghai-listed firm could be targeting up to $5 billion, according to previous media reports.
SenseTime is reportedly targeting at least $2 billion, but the company has declined to comment on the deal. China International Capital Corporation (CICC), Haitong and HSBC are serving as underwriters on the offering.