Alibaba-Backed RoboSense Picks JPMorgan for Hong Kong IPO
$Alibaba(BABA.US$ $JPMorgan(JPM.US$ RoboSense, a Chinese developer of sensor technologies used in self-driving cars, plans to work with JPMorgan Chase & Co. on its proposed Hong Kong initial public offering, people with knowledge of the matter said.
China International Capital Corp. and China $CR HOLDINGS(01911.HK$ are also helping the startup, formally known as Suteng Innovation Technology Co., whose potential listing next year could raise as much as $1 billion, they said, asking not to be identified as the information is private.
The Shenzhen-based company, which produces hardware with artificial intelligence to arm robots and cars with perception capabilities, was initially looking at a U.S. IPO but decided to list in Hong Kong instead, two of the people said.
Many China-based companies such as Lalamove and Xiaohongshu have shifted their share-sale plans to Hong Kong after the Chinese government cracked down on overseas listings with stringent data security and privacy requirements. U.S. regulators have also been pushing for better risk disclosures from Chinese businesses.
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