SenseTime files for IPO in Hong Kong

Beijng (Gasgoo)- The Chinese artificial intelligence company SenseTime filed for its IPO in Hong Kong Stock Exchange on August 27th, with CICC, Haitong International and HSBC as its co-sponsors.

Since its establishment, SenseTime has already raised a total of $5.2 billion through several rounds of funding. According to the prospectus, for the first two quarters of 2021, SenseTime’s revenue nearly doubled (up by 91.87%) to RMB1.652 billion compared to the same period of last year. From 2018 to 2020, SenseTime has reached an annual revenue of RMB1.85 billion, RMB3.03 billion and RMB3.45 billion respectively.

The respective investment in research and development from the year 2018 to 2020 were RMB850 million, RMB1.92 billion and RMB2.45 billion respectively. Adding the RMB1.77 billion R&D cost in the first two quarters of 2021, SenseTime has spent RMB6.99 billion in research and development.

Sources in last August indicated that SenseTime was looking for the possibility of IPO in both HK and mainland China. Reuters also reported last year that SenseTime was considering launching an IPO in Shanghai Stock Exchange.

SenseAuto System; photo credit: SenseTime

SenseTime, founded in 2014, is an advanced tech company focusing on artificial intelligence development. Based on the foundation of proprietary technologies and its SenseCore AI infrastructure, SenseTime has rapidly opened up AI application in multiple vertical scenarios and is empowering various industries. The company's SenseAuto smart car solution provides smart cabins with a safer and more convenient all-scenario intelligence service.