Chinese AI firm Chongqing Terminus Smart Technology files papers for Hong Kong IPO
Chongqing Terminus Smart Technology, a Chinese AI company, joined a growing list of companies seeking to launch their IPOs in Hong Kong
The AI company, backed by China Everbright and Jingdong Technology, submitted its IPO application on Thursday without disclosing a target amount for the fundraising.
Founded in 2015, it specialises in developing and commercialising AI and the Internet of Things for governments and enterprises in projects focused on urban management, energy management and infrastructure operations. Its other investors include SenseTime Group, Yuyao Yangming Equity Investment Fund, Shenzhen Futian Capital Operation Group and Chongqing Science City Investment Holding.
The company was included on a list of China’s unicorns – start-ups valued at more than US$1 billion. Last year, its revenue rose 36.3 per cent to 1.01 billion yuan (US$143.9 million), while its net loss shrank 66 per cent to 803 million yuan.
The firm plans to use the proceeds from the IPO to enhance its research and development capabilities and grow, according to a stock exchange filing. It also plans to expand to the Middle East, Southeast Asia and Australia. The IPO funds are also expected to be used for potential strategic investments and acquisition opportunities, as well as working capital and general corporate purposes.
