SenseTime to raise $360m through stock placement

SenseTime, an AI company in China, plans to raise HK$2.8 billion (around US$360 million) through a stock placement.

The planned fundraising aims to support SenseTime’s shift to genAI.

According to a filing with the Hong Kong stock exchange, SenseTime will offer 1.865 billion new shares at HK$1.5 (US$0.19) each.

These shares will represent 5% of the company’s total stock after issuance.

Recent SenseTime developments

Timeline
04-Dec-2024 🚀 SenseTime pivots to genAI amid financial challenges SenseTime restructures to focus on genAI. New divisions for automotive, robotics, and healthcare.
24-Apr-2024 🚀 SenseTime pauses trading as stock surges 30% with new AI model’s launch SenseTime shares surge 36% after AI model launch SenseNova 5.0 competes with OpenAI’s latest models
01-Dec-2023 🚗 SenseTime eyes individual fundraising for AI units SenseTime plans separate fundraises for units. Aiming for expansion amid economic slowdown.
28-Nov-2023 📉 SenseTime shares fall after Grizzly Research criticism SenseTime shares fell 9.7% after report Grizzly Research alleges revenue inflation tactics
03-Jun-2020 🚴 SenseTime’s AI makes sure you park your shared bike properly SenseTime launches patrol tech for bike parking System expands to detect litter and crowd gathering

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