China's biggest AI firm vies for $12B IPO

SHENZHEN: Chinese artificial intelligence (AI) company SenseTime has submitted an application to the Hong Kong Exchanges and Clearing (HKEX) for a proposed IPO that may become the world's largest in the field of AI with a valuation of $12 billion.

AI companies have been developing rapidly in China, including Megvii, SenseTime, CloudWalk and YITU, which are known as the "Four AI Tigers" of China. All four have started IPO procedures with SenseTime drawing the most financing and has the highest value.