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Highlights
- SenseTime is involved in the development of AI-based technology for interpreting images.
- In 2019, the US authorities had put SenseTime on an export blacklist.
- As SenseTime IPO gains investors’ attention, people are looking about how to invest in the SenseTime stock.
Beijing-based SenseTime Group, which is said to be China’s top artificial intelligence (AI) startup, is looking to go public in the Hong Kong equities market.
As the AI company has filed for the initial public offering (IPO), the move will likely pave the way for other competitors whose public debut plans were hindered amid China’s increased scrutiny on tech companies.
SenseTime, which is involved in the development of AI-based technology for interpreting images, is reportedly seeks to raise approximately US$ 2 billion in gross proceeds. If the company succeeds in raising that amount, it would be the richest offering by a Chinese tech startup since Beijing began scrutinising the sector.
According to reports, the Beijing-based company is backed by SoftBank and Alibaba Group. SenseTime recently launched the AI innovation hub in Singapore to enhance AI talents in the country.
What is SenseTime and how do you invest in it?
Apart from developing technologies for interpreting images, SenseTime's products also include autonomous driving technology and facial recognition. The company was in the middle of controversy amid growing US and China tensions.
In 2019, the US authorities had put SenseTime on an export blacklist to restrict the company from getting access to certain technologies which are being developed in the United States.
It was alleged that the artificial intelligence company was involved in human rights violations as China allegedly started a massive campaign of high-technology surveillance and arbitrary detention of minority Muslim groups in China’s Xinjiang region.
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If you are a Canadian investor interested in the SenseTime stock, you can set up a trading account with a brokerage company that allows users to invest in international stocks. Once the company starts trading in the Hong Kong stock market, investors should be able to explore the shares of the AI company.
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Alternatively, you could explore the pre-IPO shares through a stockbroker or a brokerage company’s trading platform.
Bottom line
Technology companies in China have been facing increased scrutiny for the past few months. China is cracking down on these companies over allegations that they have monopolistic business strategies and user data is not safe with them.
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SenseTime has reportedly claimed that the present regulatory environment might pose a challenge to business operations. According to reports, the Beijing-based company recorded revenues of 1.65 billion yuan in the first half of 2021, an increase of 91.8 per cent year-over-year (YoY).
