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AI Firm SenseTime Said to Tap HSBC For $2 Billion Hong Kong IPO

  • Chinese AI firm is also working with CICC on the share sale
  • SenseTime plans to file for Hong Kong IPO in coming weeks

SenseTime Group Ltd., China’s largest artificial intelligence company, is working with HSBC Holdings Plc to arrange its planned Hong Kong initial public offering that could raise at least $2 billion, according to people familiar with the matter.

China International Capital Corp. is also arranging the share sale for the SoftBank Group Corp.-backed company, said the people, who asked not to be identified as the information is private. The company isn’t tapping any U.S. banks for the offering because it is on the U.S. Bureau of Industry and Security’s entity list, strictly limiting its ability to do business with American firms, the people said.