Unisound AI Technology has shifted its planned Shanghai IPO to Hong Kong, while Qiniu too has applied to go public in the financial hub.
Qiniu files for IPO in Hong Kong
Chinese audiovisual cloud service provider Qiniu filed for an initial public offering in Hong Kong on Thursday, without divulging the size and timeline of the offering in the heavily-redacted application.
Founded in 2011, the Shanghai-headquartered firm is the third-largest audiovisual platform-as-a-service (PaaS) provider by revenue in 2022, with a market share of 5.7%, according to iResearch.
Should the firm go public, it will leverage the proceeds in expanding the use case of its application platform as a service (aPaaS) business, expanding its overseas business in the next 36-60 months, and enhancing its R&D capabilities and tech infrastructure, among others.
Shenwan Hongyuan Securities (H.K.) Limited and BOCOM International Securities Limited have been appointed as the joint sponsors, per the filing.
Most recently, the firm secured as much as 1 billion yuan ($141 million) in its Series F round of financing from state-owned China Structural Reform Fund Corporation Limited, BOCOM International Holdings Company Limited, and Jumbo Sheen Group’s investment arm in June 2020.
Unisound shifts IPO from Shanghai to HK
Chinese artificial general intelligence technology firm Unisound AI Technology filed to go public in Hong Kong on Tuesday, without disclosing the planned IPO size and timeline.
The news comes around two years and four months after the firm voluntarily shelved its plan to list on Shanghai’s Science and Technology Innovation Board, popularly known as the STAR Market, in February 2021.
Founded in 2012, the firm is one of the first to apply deep learning algorithms to commercial speech recognition. It counts Qiming Venture Partners, CICC Capital, and Qualcomm Technologies among some of its backers.
China International Capital Corporation, Hong Kong Securities Limited, and Haitong International Securities Company Limited have been appointed as joint sponsors.
With a loss of around 375.4 million yuan ($51.8 million), the firm booked a revenue of 600.6 million yuan ($82.8 million) for the fiscal year ended December 31, 2022, per the filing.