SenseTime went public in Hong Kong

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Artificial Intelligence Update

Chinese artificial intelligence start-ups SenseTime It is listed in Hong Kong, although its mainland counterparts cancelled their stock listing plans due to Beijing’s increasing pressure on the technology industry.

The company’s backers include SoftBank, Alibaba, Tiger Global and Silver Lake, and filed its initial public offering documents on the Hong Kong Stock Exchange late Friday. SenseTime did not specify how much funds it intends to raise, but it is one of the most valuable artificial intelligence start-ups in the world.

Two people familiar with the matter said that SenseTime’s last financing valuation was more than 8 billion U.S. dollars, but one of the people familiar with the matter said that its current valuation is close to 12 billion U.S. dollars.

Despite being blacklisted by the Donald Trump administration in 2019, SenseTime’s business has achieved significant growth in the past few years.Is one of China’s booming key enterprises arrive Industry, this is a key aspect of the “Made in China 2025” blueprint proposed by President Xi Jinping.

inside RecordThe company said its 2020 revenue increased by 14% to 3.4 billion yuan (US$525 million), while its revenue in the first half of 2021 increased 92% year-on-year to 1.6 billion yuan. Operating losses in 2020 increased by 13% to 1.8 billion yuan, and the total loss in the first six months of this year was 2.1 billion yuan.

SenseTime’s move coincides with a crackdown on the technology industry by Chinese regulators this year. The target of this attack is consumer technology, including e-commerce, food delivery, lending and gaming companies.

Cloud Village, China’s second largest music streaming service this month Cancelled a $1 billion IPO In Hong Kong, there is concern about increased supervision.

However, artificial intelligence and the biotechnology and semiconductor industries have received strong support from Beijing. Chinese leaders believe that companies in this industry are critical to reducing their dependence on American technology and consolidating China’s reputation as a technology center.

Shangtang is known for its computer vision technology, which allows machines to analyze vision data. Its facial recognition software has been used in millions of smartphones around the world, and the pandemic has driven demand for its products, such as temperature sensors and the ability to recognize people wearing masks.

A key product is SenseCore, which is a platform that helps companies create artificial intelligence models and algorithms to meet their needs at low cost, such as autonomous driving.

Even so, its filing still highlights regulatory risks. SenseTime said it is subject to “complex and evolving” laws on data protection, including draft new regulations for China’s cybersecurity review. The company said: “At this stage we cannot predict the impact (if any) of the draft measures.”

The growth of this seven-year-old company has also made SenseTime become the focus of US regulatory agencies. In October 2019, the U.S. Department of Commerce included SenseTime and Megvii, HKUST Xunfei, Yitu and other leading Chinese artificial intelligence companies on the “Entity List”, accusing them of assisting in the “repression, large-scale arbitrary” in western China. Detention and high-tech surveillance” of Xinjiang.

The companies on the list cannot purchase products from American companies.

SenseTime said: “There is no guarantee that we will maintain access to all items required for our business.”

The company has Sell ​​its majority stake After receiving international condemnation in early 2019, he worked in a police surveillance company in Xinjiang. Since then, SenseTime has formulated the “Ethics Code for the Sustainable Development of Artificial Intelligence” white paper and has cooperated with the United Nations to improve the ethics of artificial intelligence.

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