ShengShu Technology, an artificial intelligence video-platform developer supported by Alibaba Group Holding Ltd., is exploring a Hong Kong initial public offering that could raise in excess of $500 million. The company operates the Vidu video generator and has engaged China International Capital Corp. and Citic Securities Co. to work on a potential share sale.
People familiar with the situation say the IPO may occur next year, although discussions are ongoing and specific elements of the deal - including the ultimate offering size and the timetable - could be revised as plans evolve. At present, no definitive commitments have been reported and the precise structure of any transaction remains under negotiation.
Vidu targets multiple commercial use cases such as advertising, animation and film production. Within China’s AI video segment, ShengShu competes with established technology firms including ByteDance Ltd., Alibaba and Kuaishou Technology, alongside emerging entrants such as PixVerse. The competitive landscape has been reshaped in part by industry shifts, including OpenAI’s decision to wind down its Sora video-generation product to concentrate resources on core GPT models.
ShengShu announced in April that it completed a 2 billion yuan funding round, equivalent to roughly $297 million, led by Alibaba. The round also included participation from Baidu Ventures and Luminous Ventures. Earlier backers of the company include Qiming Venture Partners, Baidu Inc. and a Beijing government fund. The company was founded in March 2023 by Tsinghua University professor Zhu Jun.
The engagement of major Chinese securities firms to advise on a Hong Kong listing signals that ShengShu and its investors are preparing for a potentially significant capital markets event. That said, market participants and potential investors should note that the transaction is not finalized and that both size and timing could change as discussions continue.
Sectors impacted:
- Technology - AI and video-generation platforms
- Media and advertising - creative production workflows
- Capital markets - Hong Kong equity listings and tech IPO activity