SenseTime, the Chinese artificial intelligence company specialising in facial recognition software, is seeking a valuation of up to $17bn in an initial public offering, in what would be Hong Kong’s largest listing in months.
The company plans to raise between $750m and $767m, according to a term sheet seen by the Financial Times. With 1.5bn shares on offer representing about 4.5 per cent of its stock, that target range would give it a valuation of between $16.5 and $17bn.
SenseTime had previously hoped to raise up to $2bn from its Hong Kong listing. The downsized IPO comes as China’s technology sector is facing greater regulatory scrutiny from Beijing, leading to a rout in the shares of companies focusing on ecommerce, gaming and food delivery