Latest news with #SenseTimeGroup
Zawya
01-08-2025
- Business
- Zawya
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
HONG KONG/SHANGHAI - Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group . The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. PRIVATE MARKET The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars)
Yahoo
01-08-2025
- Business
- Yahoo
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
By Summer Zhen and Samuel Shen HONG KONG/SHANGHAI (Reuters) -Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group. The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. PRIVATE MARKET The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
01-08-2025
- Business
- Reuters
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
HONG KONG/SHANGHAI, Aug 1 (Reuters) - Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group ( opens new tab, China's biggest retail cloud solution provider Dmall Inc ( opens new tab and artificial intelligence giant SenseTime Group ( opens new tab. The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie ( opens new tab to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index (.HIS), opens new tab, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings ( opens new tab raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online ( opens new tab, Crypto Flow Technology ( opens new tab and Easou Tech ( opens new tab. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars)
Business Insider
30-07-2025
- Business
- Business Insider
DBS Keeps Their Buy Rating on SenseTime Group, Inc. Class B (0020)
DBS analyst Sachin Mittal maintained a Buy rating on SenseTime Group, Inc. Class B today and set a price target of HK$2.10. The company's shares closed yesterday at HK$1.60. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Mittal covers the Technology sector, focusing on stocks such as Accenture, Grab, and SenseTime Group, Inc. Class B. According to TipRanks, Mittal has an average return of 24.1% and a 78.32% success rate on recommended stocks. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for SenseTime Group, Inc. Class B with a HK$1.80 average price target.
South China Morning Post
27-03-2025
- Business
- South China Morning Post
SenseTime's 2024 net loss narrows even if it misses analysts' target amid AI competition
SenseTime Group reported a wider-than-estimated net loss for the full year as the artificial intelligence (AI) tools developer continues to grapple with rising competition in a crowded market. Advertisement The company reported net loss of 4.3 billion yuan (US$592 million) in 2024, compared with estimate of 4 billion yuan loss. Still, the losses have narrowed from a year earlier as SenseTime slashed staff, marketing and traveling expenses. Revenue grew by about 11 per cent to 3.8 billion yuan — led by sales expansion in generative artificial intelligence segment — but still missed the 4.5 billion yuan analyst estimate. The generative AI segment reported triple-digit growth for the second consecutive year and is among the fastest growing businesses, the company said. 'We aim to drive reductions in large model training and inference expenses by multiple folds annually, preparing for the explosive growth of large model applications,' the Chinese AI pioneer said in an exchange filing. In January, the firm was added to a list of companies blacklisted by the US for alleged links to the Chinese military. SenseTime objected to the move but said being added to the list has no actual impact on its business. Meanwhile, it scaled back expansion plans in Singapore as competition heats up with the rise of ChatGPT. Advertisement The company is also collaborating with DeepSeek, another Chinese startup that created a buzz after it was unveiled globally in January.
