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SenseTime, a Chinese intelligence company that specializes in facial recognition, is seeking a $ 17bn offer for the first time, which could be the largest in Hong Kong in months.
The company plans to raise between $ 750m and $ 767m, according to a report in the Financial Times. With the 1.5bn shares offered representing approximately 4.5 per cent of its assets, the requirement could cost between $ 16.5 and $ 17bn.
SenseTime was he was already waiting to raise up to $ 2bn from its Hong Kong list. The smaller IPO comes at a time when the Chinese technical sector is under the control of Beijing, which has resulted in quantity in portions of companies that specialize in ecommerce, sports and food distribution
Violations have taken place go to equity fundraising in Hong Kong, which at $ 26bn is down one-fifth from last year, although global IPO revenues have risen by three-thirds, making New York only about $ 300bn.
HSBC is the only western bank involved in SenseTime IPO, according to US banking regulators.
Some international lenders avoided the deal after SenseTime written by US for supporting human rights abuses in the Xinjiang region of northwestern China. SenseTime has denied the allegations.
“As an AI unicorn, its benefits have been [very limited], “said Edmond Hui, chief executive of Hong Kong’s Bright Smart Securities, SenseTime.
He also said the slowdown in IPO growth was mainly due to market turmoil, which makes it difficult to predict whether the company will receive a large number of Investor registrations such as the previous technical lists in Hong Kong.
SenseTime opened the contract books on Monday, prices are expected on Friday and sales begin on December 17.
The deal also included eight investors who volunteered to purchase $ 450m shares, equivalent to about 59 percent of what was offered if it rose above expectations. Cornerstone retailers are heavily used in Hong Kong to strengthen the confidence of retailers and ensure the quality of the list.
The SenseTime fundraiser also included a $ 200m fundraiser for the Mixed-Ownership Reform Fund, set up in late 2020 by China Chengtong Holdings Group and other investors under the auspices of the Chinese Assets Supervision and Administration Commission.
A source familiar with the deal said it had already received over-the-counter orders issued after calculating customer purchases, especially from long-term investors.
Top SenseTime sponsors include SoftBank, Alibaba, Tiger Global and Silver Lake.
SenseTime share sales will follow the decline of Cloud Village, NetEase’s professional music marketing business, whose IPO lowered $ 422m last week saw shares drop by 2.5%.
SenseTime IPO will also showcase the largest donations in Hong Kong since Dongguan Rural Commercial Bank raised $ 1.2bn in September.
The SenseTime list could go up to $ 882m if banks develop a “green shoe” approach, which would allow them to increase the size of the offerings in response to high demand.
But even so, the much-anticipated list may not be the biggest annual professional opportunity in Hong Kong, the theme handled by. Images by JD Logistics, Alibaba Rival JD.com advertising business, which raised $ 3.6bn in May.
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