China artificial intelligence firm relaunches SenseTime $767-million listing

Chinese artificial intelligence start-up SenseTime Group has relaunched its $767 Hong Kong share sale.

The announcement comes a week after the listing was pulled as Americans were banned from investing in the firm.

Washington has accused SenseTime of developing facial recognition software to determine people’s ethnicity, with a focus on identifying ethnic Uyghurs. The company’s shares are due to start trading on the Hong Kong Stock Exchange on December 30.

SenseTime has kept its target of selling 1.5 billion shares in the Initial Public Offering (IPO) for between HK$3.85 and HK$3.99 each, according to regulatory filings. The final price is due to be announced on Thursday.

“Our group’s products and services are intended for civilian and commercial uses and not for any military application,” SenseTime said on Monday reiterating its denial of the US government’s allegations.

The company also said that although Washington’s investment ban did not cause any issues for its business operations the resulting lack of American investors could affect its ability to raise funds.

The listing comes against the backdrop of growing tension between Washington and Beijing.

Be the first to comment

Leave a Reply

Your email address will not be published.