Artificial-intelligence software firm Transwarp Technology is raising up to $109 million via an offering in Hong Kong, joining its Chinese peers in tapping the city's markets.

The company, which is already listed in Shanghai, aims to raise up to 854.7 million Hong Kong dollars, equivalent to US$109 million. It is offering around 14.0 million shares at HK$49.00 to HK$61.00 each.

Founded in 2013, the Shanghai-based company sells AI and big-data infrastructure software products, and related services. Frost & Sullivan market research ranks it as China's fifth largest-AI infrastructure software provider.

Transwarp said Friday it aims to use the net proceeds from the offering to enhance its research-and-development capabilities, upgrade product offerings and boost overseas operations in markets such as Singapore and Malaysia.

The company expects to finalize its offering price by Sept. 17, with trading scheduled to start on Sept. 21.

China-based companies have been rushing to Hong Kong to raise funds, setting the city's stock exchange up for one of its busiest years despite wider geopolitical uncertainty from the Middle East conflict. Many mainland Chinese companies favor using Hong Kong as a base to reach international investors.

Funds raised through initial public offerings in the first eight months of the year totaled HK$342.4 billion, more than double the amount raised in the same period a year earlier, data from Hong Kong Exchanges & Clearing showed.