HSBC is working on the initial public offering (IPO) of Chinese AI firm SenseTime according to sources reported by Bloomberg.
The listing of the Softbank-backed firm, thought to be China’s largest AI company, could be worth up to $2 billion according to the sources.
SenseTime, founded in Hong Kong in 2014, develops technology for facial recognition, image recognition, object detection, optical character recognition, medical image analysis, video analysis, autonomous driving, and remote sensing.
The firm was valued at $7.7 billion in a 2018 funding round.
SenseTime’s IPO is set to take place on the Hong Kong Stock Exchange and will be facilitated in conjunction with Chinese investment bank China International Capital according to the sources.
Bloomberg’s sources also said the AI firm is not making use of any US banks in the listing as result of it appearing on the US Bureau of Industry and Security restricted list.
Neither HSBC nor Sensetime have issued any official comments on the reports.
The news comes after SenseTime tapped Credit Suisse’s former China head Tang Zhenyi as its new vice president.
Many Chinese technology firms have reported rapid growth in 2020 despite intense regulatory scrutiny; ByteDance, owner of video sharing app TikTok, saw its revenue grow 111 per cent to 34.3 billion for the 2020 financial year.
Latest News
-
Gemini to cut quarter of workforce and exit UK, EU and Australia as crypto slump forces retrenchment
-
Bank ABC’s mobile-only ila bank migrates to core banking platform
-
Visa launches platform to accelerate small business growth in US
-
NatWest to expand Accelerator programme to 50,000 members in 2026
-
BBVA joins European stablecoin coalition
-
eToro partners with Amundi to launch equity portfolio with exposure to ‘megatrends’
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories