eTime

Special Report-SenseTime Postpones Hong Kong IPO Amid U.S. Blacklist

Chinese artificial intelligence (AI) company SenseTime postponed its $767 million Hong Kong IPO after the U.S. Government placed it on an investment blacklist. SenseTime said it was committed to the offering with a supplemental prospectus to be published as well as an updated listing timetable.

The AI company had been planning to sell 1.5 billion shares in a range of HK$3.85 to HK$3.99 per share. It would raise a total of $767 million if successful, a figure dropped from the previous target of $2 billion.

Instead of setting its listing price, the company had to hold talks with the Hong Kong Stock Exchange about the future of its listing over the looming blacklist.

The company announced it would return application money to all applicants in full, without interest.

The U.S. Treasury added SenseTime to its list of  “Chinese military-industrial complex companies,” accusing the company of developing facial recognition applications that could identify a target’s ethnicity, particularly focusing on the country’s Uyghur minority.

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