AInnovation floated weeks after another SoftBank-backed AI technology provider, SenseTime, while a third - Cybereason - has reportedly filed for its own offering.

Internet and telecommunications firm SoftBank has exited China-based artificial intelligence technology provider AInnovation in an initial public offering in Hong Kong, following in peer SenseTime’s footsteps.

AInnovation raised HK$1.2bn ($154m) in the IPO, pricing 44.7 million new shares at the bottom of their HK$26.30 to HK$27.30 range on its first day of trading. The company’s market capitalisation stands at about $11.2bn.

Incubated in 2018 by venture capital firm Sinovation Ventures, AInnovation has built an AI software platform that enables enterprise…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.