【New Stock IPO】Hong Kong-made AI Unicorn SenseTime applies for Hong Kong IPO, lost 270 million yuan last year; first investment by Hong Kong investment company

SocialAnxietyStaker · 2026-03-16T15:36:04+00:00

Simdeer Technology has applied for a listing in Hong Kong, with Morgan Stanley, CICC, and Deutsche Bank serving as sponsors. In 2025, it is expected to report an adjusted net loss of 270 million yuan, while revenue will increase to 1.09 billion yuan. The company specializes in industrial intelligent manufacturing, with clients including Tesla, and has tested over 17 billion products. The funds raised from the listing will be used for technological research and development as well as business expansion.

SocialAnxietyStaker

2026-03-16 15:36:04

Abstract generation in progress

Earlier, AI unicorn SmartMore, invested by Hong Kong Investment Company, applied for a listing in Hong Kong, with Morgan Stanley, CICC, and Deutsche Bank serving as joint sponsors. SmartMore’s adjusted net loss for 2025 is approximately RMB 270 million, a 28% decrease year-on-year; revenue increased nearly 44% to RMB 1.09 billion.

Founded in 2019, SmartMore is one of the top ten Hong Kong tech unicorns, providing intelligent manufacturing and hardware-software industrial platform services. It was also the first investment by Hong Kong Investment Company. SmartMore’s clients are mainly enterprises; by the end of last year, it had served over 730 customers, including Tesla (US: TSLA), Carl Zeiss, Luxshare Precision (SZ: 002241), Goertek (SZ: 002475), and others.

Testing over 17 billion products or components

As of the end of last year, about 40% of SmartMore’s revenue came from robots used in testing and operational scenarios, which have collectively tested over 17 billion products or components. These robots are widely used in consumer electronics, new energy batteries, and precision manufacturing.

IDG holds 11%; Sequoia China and ZhenFund also participated

SmartMore completed a $150 million Series B funding round in 2021, with a Series C funding round raising $128 million, and a post-money valuation of $1.23 billion. Pre-IPO investors include IDG and Lenovo (00992), holding 11% and 4.27%, respectively. Other shareholders include Sequoia China, ZhenFund, and several other institutions.

SmartMore estimates that proceeds from the listing will accelerate technology and product development; drive commercialization expansion; foster strategic partnerships and investments; and support operational funds and general corporate purposes for the next three years.

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