SenseTime is a step closer to its initial public offering. The company has received regulatory approval to list on the Hong Kong Stock Exchange, according to media reports.

In the past few years, China’s AI upstarts were sought after by investors all over the world. SenseTime racked up more than $2 billion in investment In 2018 alone. The company has raised $5.2 billion in funding through 12 rounds to date. Its biggest outside shareholders include SoftBank Vision Fund and Alibaba’s Taobao.

The “Smart Business” line is tailored to commercial space, residential property, and other enterprise needs. It makes up about 40% of its revenues in the first half of this year. The firm derived the rest of its revenues from the “Smart Life” unit, which supplies IoT devices, and “Smart Auto”. That applies perception intelligence to autonomous driving solutions.