Chinese AI company SenseTime is delaying its $800 mln Hong Kong IPO after being put on a U.S. investment blacklist. Foreign backers can be mostly replaced by mainland money. But the boycott ends the sector’s global ambitions, says JennHughes13
Chinese artificial intelligence startup SenseTime Group on Dec. 13 postponed a Hong Kong initial public offering after being placed on a U.S. investment blacklist on Dec. 10.
The company, which had planned to raise up to $767 million, said it was committed to going ahead with the float and would publish a supplemental prospectus and an updated listing timetable. On Dec. 10, the U.S. Treasury added SenseTime to a list of"Chinese military-industrial complex companies" and accused it of developing facial recognition technology that could determine a subject’s ethnicity. U.S. firms are barred from backing firms on the list.
SenseTime has said the characterisation of its operations reflected a fundamental misunderstanding of its business. In 2019, SenseTime was added to a separate blacklist blocking U.S. companies from supplying it with components.The logo of SenseTime is seen near surveillance cameras at SenseTime office, in Shanghai, China December 13, 2021. REUTERS/Aly Song - RC2LDR9H7FQE
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