HONG KONG/BEIJING (Aug 13): SenseTime Group Ltd., China’s largest artificial intelligence company, is exploring a dual listing in Hong Kong and China as it closes in on $1.5 billion of pre-IPO financing, according to people familiar with the matter.

The SoftBank Group Corp.-backed company is seeking a pre-funding valuation of about $8.5 billion before kicking off an initial public offering, the people said, requesting not to be named because the matter is private. Sensetime is leaning toward a dual listing in Hong Kong and China though it hasn’t finalized a timeline, the people said. Its IPO plans are preliminary and subject to change, they added.