It has been a roller coaster ride for many investors of the China stock market. Government crackdowns have caused many of China’s stock prices to drop, even with no fundamental change to the companies.
Regardless of all the unfortunate news, SenseTime decided to proceed with filing for an IPO on the Hong Kong Stock Exchange and they will be starting the IPO tomorrow (7th December). They plan to issue 1.5 billion shares, 10% of which are for local offerings, according to the sales document.
The entry fee approximates $4,030.2 per board lot size of 1,000 shares. The listing is expected to be on next Friday (17th December).
What is SenseTime?
SenseTime is one of China’s four Artificial Intelligence dragons, along with Megvii, Yitu, and CloudWalk. In 2020, they were Asia’s largest AI software company in terms of revenue. According to the company’s prospectus, their software platforms have been used by more than 2,400 customers, half of which are Fortune 500 and publicly-listed companies....