Slaughter and May, Hong Kong, advised on the global offering and listing of SenseTime Group Inc. on the Main Board of the Hong Kong Stock Exchange, raising approximately HK$5.78 billion (approximately US$740 million) for the issue of 4.5% of SenseTime’s enlarged issued share capital, before any exercise of the over-allotment option.
Slaughter and May advised the joint sponsors China International Capital Corporation Hong Kong Securities Limited, Haitong International Capital Limited and HSBC Corporate Finance (Hong Kong) Limited, as well as the joint global coordinators, the joint bookrunners and the underwriters as to Hong Kong and U.S. laws on the global offering and the HK listing.
SenseTime’s listing is one of the few primary listings in Hong Kong with a weighted voting rights structure, and SenseTime is the first listed AI company in Asia. SenseTime is the largest AI software company in Asia in terms of revenue in 2020, and the largest computer vision software provider in China, according to Frost & Sullivan. In 2014, Professor Tang Xiao’ou and other core members of the CUHK Multimedia Lab in Hong Kong jointly started the Company. With its groundbreaking artificial intelligence technologies, SenseTime has become the very first "unicorn" in Hong Kong Science Park.
The Hong Kong retail tranche of the global offering was over-subscribed by over 5 times, and the international tranche of the global offering was moderately over-subscribed. Dealings in the class B shares of SenseTime commenced on the Hong Kong Stock Exchange on 30 December 2021.
Xiaolu Yin / Legal Assistant, Ada Zhang / Trainee, Cyrus Fung / Trainee