[{"_1":2,"_83":-5,"_84":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_72":73,"_80":75,"_81":63,"_82":64},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_65":66,"_67":68,"_69":70,"_71":32},"documentId","ort0ei0k0uwbdfj90qyuhcym","title","AI Company AInnovation Submits Second Application for Hong Kong IPO","slug","ai-company-ainnovation-submits-second-application-for-hong-kong-ipo","excerpt","According to a document disclosed by the Hong Kong Stock Exchange (HKEx) on January 3, AInnovation has submitted its IPO application, with UBS, CICC and China Renaissance as co-sponsors.","content","\n

According to a document disclosed by the Hong Kong Stock Exchange (HKEx) on January 3, AInnovation has submitted its IPO application, with UBS, CICC and China Renaissance as co-sponsors. Previously, AInnovation has submitted an application for listing to the HKEx at the end of June last year, which lost efficacy later.

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AInnovation is set to start relevant pre-marketing activity from Tuesday to understand the intentions of institutional investors, and it is expected to raise about $200 million.

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The prospectus disclosed that the funds will be used for optimizing the AI platform, strengthening R&D capabilities, improving its commercialization process, deepening customer contact, and pursuing more strategic investment.

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Founded in February 2018, AInnovation is a Chinese AI solutions provider. It is committed to delivering AI-related products and customized business solutions leveraging the cutting-edge AI technology, empowering enterprises and business partners to improve business efficiency and value, and realize their digital transformation. Kai-Fu Lee, a technology investor, serves as its chairman, and its pre-IPO valuation has exceeded $1 billion.

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AInnovation completed several rounds of financing before submitting the application to HKEx. Its investors include SoftBank, CICC and other world-renowned investment institutions.

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According to the prospectus, AInnovation achieved annual revenue of 37.208 million yuan, 229 million yuan, 462 million yuan and 553 million yuan from 2018 to the first nine months in 2021, respectively. The adjusted net losses were 45.378 million yuan, 160 million yuan, 144 million yuan and 80.999 million yuan, respectively, in the same period.

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According to Frost & Sullivan's data, AInnovation is the third largest AI solutions provider in China, mainly developing AI products and solutions for manufacturing, financial services and other industries.

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The company has developed three AI platforms: the ManuVision Intelligent Machine Vision Platform, the MatrixVision Intelligent Edge Video Platform, and the Orion Distributed Machine Learning Platform.

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Tag: #AInnovation

AI Company AInnovation Submits Second Application for Hong Kong IPO