Caixin
Jan 19, 2022 09:34 PM
BUSINESS

SoftBank’s China Bets Gear Up for Hong Kong IPOs

Softbank Group Corp. Chairman and Chief Executive Officer Masayoshi. Photo: VCG
Softbank Group Corp. Chairman and Chief Executive Officer Masayoshi. Photo: VCG

(Nikkei Asia) — A string of Chinese technology companies backed by SoftBank Group are gearing up for initial public offerings in Hong Kong, testing the Japanese technology group’s path to recovery after racking up losses last year.

Artificial intelligence company Qingdao AInnovation Technology Group kicked off its IPO on Monday, looking to raise up to HK$1.2 billion ($154 million) through shares that are set to start trading on Jan. 27. A company jointly held by SoftBank’s Vision Fund 2 and SoftBank Chairman and CEO Masayoshi Son has a 7.12% stake in Qingdao AInnovation after investing $115 million in May 2021, according to the IPO prospectus.

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