Kul Bhushan · · 1 min readChinese AI firm refiles for Hong Kong listing after US ban
SenseTime, a China-based AI software firm, has relaunched its US$767 million IPO on the Hong Kong Stock Exchange, Reuters reported.
Last week, the company postponed its IPO plans after getting blacklisted in the US. The AI firm is accused of developing a facial recognition program that targets users’ ethnicity, particularly Uyghurs.
While SenseTime has retained its original target of selling 1.5 billion shares, the company will now rely on cornerstone investors to purchase shares worth US$511 million, which is up from the previous plans of US$450 million. SenseTime’s shares are scheduled for trading on December 30.
The AI firm acknowledged that the absence of US investors could hurt its prospects of raising more funds in the future and cause trading liquidity to decline.
See also: The leading Asian tech players eyeing an IPO in 2021 and beyond (Updated)
Editing by Collin Furtado and Lorenzo Kyle Subido
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