AI Giant SenseTime Wins Nod for Over $1 Billion Hong Kong IPO

(Bloomberg) -- China’s biggest artificial intelligence firm SenseTime Group Inc. received approval from the Hong Kong stock exchange for its initial public offering that could raise at least $1 billion, according to people familiar with the matter.

The SoftBank Group Corp.-backed company, which makes AI technology for interpreting images and facial recognition, plans to start gauging demand for its IPO as soon as next week, the people said, asking not to be identified as the information isn’t public.

Biel Crystal Manufactory Ltd., a supplier of mobile-phone glass screens to makers including Apple Inc., also got permission from the city’s bourse for its proposed listing, according to people with knowledge of the matter. The company is considering seeking at least $1 billion, though precise terms of the offering haven’t been finalized, one of the people said.

SenseTime declined to comment, while a representative for Biel Crystal couldn’t immediately be reached for comment outside regular business hours.

JPMorgan Chase & Co., HSBC Holdings Plc and China International Capital Corp., are joint sponsors for Biel Crystal’s IPO. CICC, Haitong and HSBC are joint sponsors for SenseTime’s IPO.

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