Advertisement
Beijing AI firm to establish global headquarters in Hong Kong, hold IPO in city
Hong Kong finance minister Paul Chan confirms Post report that AICT aims to list in city
Reading Time:3 minutes
Why you can trust SCMP
1
A Beijing-based artificial intelligence (AI) solutions provider is preparing to list in Hong Kong and set up its international headquarters in the city, a minister has said, while vowing to attract more creative enterprises that have adopted innovation and technology-based strategies.
Advertisement
The announcement by Financial Secretary Paul Chan Mo-po on Sunday confirmed an earlier Post report that AICT aimed to hold an initial public offering in Hong Kong. Sources at the time said the company was seeking to raise about US$200 million.
“Apart from setting up an international business headquarters and a global research and development centre in Hong Kong, [the company] told me it was also preparing for listing in Hong Kong to further expand its business to other markets around the world,” Chan wrote on his weekly blog.
AICT focuses on researching and developing high-precision AI intelligence products in areas such as smart traffic management, self-driving vehicles, perception robots and the low-altitude economy.
Its products have been used in more than 50 mainland Chinese cities, including Beijing and Shanghai, according to the company’s website.
Advertisement
On Sunday, Chan said the Hong Kong stock exchange was processing more than 100 listing applications, including ones from a leading international enterprise in the new energy field and a mainland start-up known as one of the “Six Little Dragons” in Hangzhou.
Advertisement