ShengShu Technology, a Chinese artificial intelligence video platform, is exploring a Hong Kong initial public offering that could raise more than $500 million, with plans to list next year.
The company, which operates the Vidu video generator for sectors including advertising, animation and film production, has engaged China International Capital Corp. and Citic Securities Co. to manage the share sale. Discussions remain preliminary, and details such as the final offering size and timing may change.
ShengShu raised 2 billion yuan ($297 million) in a funding round led by Alibaba Group Holding Ltd. in April. Baidu Ventures and Luminous Ventures also participated in the round, which follows earlier investments from Qiming Venture Partners, Baidu Inc. and a Beijing government fund.
Founded in March 2023 by Tsinghua University professor Zhu Jun, ShengShu competes in China’s AI video market against major players including ByteDance Ltd., Alibaba and Kuaishou Technology. The sector has expanded following OpenAI’s decision to discontinue its Sora video-generation platform to focus on core GPT models.
