VMS Invested Company SenseTime Successfully Listed on HKEX
We are pleased to announce that SenseTime Group Inc. (“SenseTime” or the “Company”, 0020.HK), a VMS invested company, has successfully completed its listing on the Hong Kong Stock Exchange on 30 December 2021. Its share price opened at HK$3.91, up 1.6% from its IPO price of HK$3.85 per share. CICC, Haitong International and HSBC act as the Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers. The proceeds from the IPO will be used for enhancing its AI technologies R&D capabilities, facilitating potential strategic investments and acquisitions, and supporting other general corporate activities.
SenseTime is a leading AI software company with a focus on computer vision technologies, serving a broad range of industries. SenseTime is the largest AI software company in Asia in terms of revenue in 2020, as well as the largest computer vision software provider in China with a market share of 11%, according to data from Frost & Sullivan. SenseTime has built market leadership by helping customers drive productivity, creativity and efficiency with its AI software platforms. As of 30 June 2021, its software platforms had been used by over 2,400 customers, including over 250 Fortune 500 and other publicly-listed companies, 119 cities and over 30 automobile companies, while empowering over 450 million mobile phones and over 200 mobile apps.
SenseTime’s business is underpinned by its original and cutting-edge research, recognized by over 70 first-prize awards in global academic competitions. It has published more than 600 top-tier academic paper and holds over 8,000 AI patents and patent applications. It has built a first-of-its-kind universal AI infrastructure to achieve mass production of a diverse and growing portfolio of AI models with rich functionality and superior accuracy. Its scalable AI software platforms can facilitate the rapid deployment of AI models and applications in numerous scenarios. Fueled by technological excellence and scale effects, it has achieved leading market positions in Smart Business, Smart City, Smart Life and Smart Auto, serving a wide spectrum of industries across commercial space management, residential property management, urban management, manufacturing, infrastructure, transportation, mobile devices and applications, healthcare and automobiles.
Vanessa Lee, Managing Director & Head of TMT and Consumer of VMS Group’s Private Equity Division commented as follows while congratulating SenseTime on its successful listing: “SenseTime is a world-leading AI company that specializes in computer vision and deep learning. We are in the golden age of hardware, the overwhelming market response reflects the fundamental attractiveness of the business, and investors’ confidence in its future prospect and growth potential. With its cutting-edge technologies and strong management team, we believe SenseTime is well-positioned to lead the rapid development in China’s AI innovation and will continue to be in the foremost position of the AI field globally”.
SenseTime’s culture is deep-rooted in academic excellence. In 2014, Professor Tang Xiao’ou, who founded the CUHK Multimedia Lab in Hong Kong in 2001, and other core members of the lab jointly started the Company. As of 30 June 2021, there are 40 professors leading its research efforts, and approximately two-thirds of its over 5,000 employees were scientists and engineers. This vast intellectual capital lays the foundation for a comprehensive and integrated innovation system from AI research to production. It also allows the Company to offer and continuously improve its industry-leading, full-stack AI capabilities, cementing its commercialization success.
SenseTime has strong backing from renowned investors including IDG Capital, CDH Investments, Tiger Global and Sailing Capital. VMS participated in SenseTime’s Series D and Series D+ round of financing in August 2020 and November 2020 respectively. VMS focuses on generating strong returns for investors by investing in market-leading, high-growth companies.
If you would like to hear the latest updates on the Firm and the Fund, please feel free to contact our Investor Relations team at IR@VMSIG.COM.