China’s AI ‘little giant’ Yunxi Technology files for Hong Kong IPO: sources
The confidential filing could see the hi-tech provider listed in Hong Kong by year-end
Yunxi Technology, officially one of China’s “little giants”, has submitted a confidential initial public offering application to Hong Kong’s stock exchange, according to people familiar with the matter.
The Guangzhou-based start-up was valued at 10 billion yuan (US$1.27 billion) in its latest private funding round and was working with Bocom International on the deal, aiming to raise “several hundred million [US] dollars”, said the people, who asked not to be named because of the sensitivity of the issue.
While the listing is targeted to take place by the end of this year, the timing and size remain subject to change, the people said. High-profile backers include Chinese billionaire Jack Ma’s Yunfeng Capital and investment firm HSG Capital.
Yunxi did not immediately respond to South China Morning Post’s request for comment.
Founded in 2016, Yunxi provides end-to-end digital growth products and tools to help major clients across the consumer goods, retail, real estate and automotive sectors integrate artificial intelligence into their operations.