China’s AI Startup, SenseTime Relaunches its $767 Million Share Sale

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China’s AI Startup, SenseTime Relaunches its $767 Million Share Sale
21 Dec 2021
6 min read

News Synopsis

Chinese artificial intelligence startup Sense Time group has planned to relaunch its $767 million share sale. The announcement came after Washington accused the firm of developing software to determine the ethnicity of an individual, aiming at identifying Uyghurs. 

After which the firm was accused and got listed on “Chinese military-industrial complex companies”. The Americans are banned from investing in the companies under this list. The company denied the accusations and said that the products manufactured by them are only for commercial and civilian uses and not for military uses. It also said that the ban did not create any sort of issues for the business but the lack of American investors could affect the ability to raise the funds.

The trading for the shares of the company will start from December 30 on the Hong Kong Stock Exchange. The company is targeting the sale of 1.5 billion shares in its initial public offering costing HK$3.85 and HK$3.99 each. The final prices of the shares will be announced on Thursday.

TWN Special