The corporate-backed image recognition technology producer has gone public in Hong Kong as the Chinese government introduces new regulations governing foreign IPOs.
Corporate investors SoftBank, Qualcomm, Alibaba, Suning and Dalian Wanda scored exits today as China-based computer vision technology provider SenseTime floated in Hong Kong in a HK$6.64bn ($851m) initial public offering.
The company sold 1.5 billion shares priced at the foot of the HK$3.85 to HK$3.99 range it set for the offering earlier this month and an extra 225 million through an over-allotment option. They closed at HK$4.13 ($0.53) on their first day of trading on the Hong Kong Stock Exchange.
Founded in 2014, SenseTime produces artificial intelligence-equipped chips, sensors and software for use in image, facial and vehicle recognition, and its technology stems from Chinese University of Hong Kong’s Media Lab. It generated approximately $520m in revenue in 2020.
SenseTime had initially planned to price its shares on December 10, but the IPO was delayed after the US government added the company to a blacklist due to its…
