Benzinga | Dec 23, 2021 02:15PM EST

Alibaba-Backed RoboSense Selects JPMorgan For Hong Kong IPO

Alibaba Group Holding Ltd (NYSE:BABA)-backed RoboSense, a Chinese developer of sensor technologies used in self-driving cars, looks to work with JPMorgan Chase & Co on its proposed Hong Kong initial public offering, Bloomberg reports.

* China International Capital Corp and China Renaissance Holdings Ltd are also helping RoboSense, whose potential listing could raise $1 billion next year.

* RoboSense 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.

* RoboSense seeks to complete a funding round before the IPO.

* Founded in 2014 by CEO Qiu Chunxin, RoboSense held over 600 patents as of 2020.

* In 2018, RoboSense received over 300 million yuan ($47 million) in strategic financing from investors, including Alibaba's Cainiao Network.

* Many China-based companies shifted their share-sale plans to Hong Kong after the Chinese government cracked down on overseas listings. U.S. regulators have also been pushing for better risk disclosures from Chinese businesses.

* Price Action: BABA shares traded higher by 1.39% at $119.45 in the market session on the last check Thursday.