Beijing, China — China’s tech giants are gearing up for the debut of a new IPO offering the countrys first foray into the highly volatile stock market.
Senmiao Technologies, the China’s first publicly traded technology company, plans to issue a $250 million IPO offering that could value the company at around $100 billion by the end of 2018.
The $250-million offering, which could raise more than $200 billion in total, comes amid an economic slowdown that has left the country with an annual unemployment rate of 10.4% and has left more than 7 million people out of work, according to a recent government report.
The IPO is expected to raise $150 billion to $250 billion in capital from investors, the company said in a statement Thursday.
Senmiai, the technology company’s first public listing, is set to open in Beijing next month.
The company has raised a total of $300 million in equity and debt, according a news release, which did not specify how much of that is from the IPO offering.
Senmaiao has been building out its technology, including a cloud-based data analytics platform that allows data to be analyzed and then used to make predictions about events like a person’s mood, the Chinese government’s Xinhua news agency said.
The platform can then be used to predict whether someone is depressed, which can be useful in predicting how to help them.
It has also developed an app that can predict the mood of an individual based on their physical location, using data from smartphones and smart-home sensors.
The startup is also developing a robotic arm, called a Senmaia, which is capable of moving objects and has already been used in factories to produce components for robots, Xinhua said.
Senmar, which will be listed on the Shanghai stock exchange next week, is expected for sale for around $8 billion.
It is one of the largest tech companies in China, with more than 100,000 employees.
Its technology includes a mobile application that helps people locate, schedule and shop.