Chinese AI firm AICT to submit Hong Kong IPO application by month's end
A Beijing-based artificial intelligence (AI) company is moving forward with its plan to list in Hong Kong, despite the benchmark Hang Seng Index's biggest one-day decline in nearly three decades amid an escalating global trade war.
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AICT, which specialises in high-precision AI technologies applied in traffic control and parking across more than 50 cities in mainland China, said it would submit its listing application to the Hong Kong stock exchange by the end of this month and subsequently apply to China's securities regulator for overseas listing approval.
AICT hopes to raise at least US$200 million from the initial public offering (IPO), according to Yan Jun, the founder and chairman.
'I'm optimistic about the Hong Kong stock market,' said Yan. He added that while the company was still watching the situation, AICT aimed to first 'get on the runway' – referring to its IPO application.
04:47
US tariff storm disrupts global business expansions, but some see opportunities
US tariff storm disrupts global business expansions, but some see opportunities
'Once we're on the runway, if the environment improves or stabilises, we'll be ready to proceed. But if we're not even on it, the market condition – good or bad – won't matter to us.'
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The financial market turmoil triggered by US President Donald Trump's sweeping tariffs dragged the Hang Seng Index to its worst single-day loss since October 1997, while Japan's Nikkei 225 index officially entered a bear market.
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