Chinese AI Unicorn Chongqing Terminus Smart Technology Files for Hong Kong IPO amidst Rising Trend

Chongqing Terminus Smart Technology, an AI corporation from China, has submitted documents for an initial public offering in Hong Kong. The firm is the latest addition to an increasing number of businesses aiming to debut their IPOs in Hong Kong.

The artificial intelligence firm, supported by China Everbright and Jingdong Technology, filed its IPO application on Thursday without revealing the intended fundraising goal.

Established in 2015, the company is known for designing and marketing AI and Internet of Things technologies specifically for government and corporate projects. These projects primarily deal with city administration, energy control, and infrastructure processes. Other financial backers of the company comprise of SenseTime Group, Yuyao Yangming Equity Investment Fund, Shenzhen Futian Capital Operation Group, and Chongqing Science City Investment Holding.

The firm made it to the roster of China's unicorns – startups with a valuation exceeding US$1 billion. The previous year saw a 36.3 per cent increase in its earnings, hitting 1.01 billion yuan (US$143.9 million), and a 66 per cent reduction in its net loss, which fell to 803 million yuan.