BEIJING, December 16 (TMTPOST)— Chinese artificial intelligence unicorn SenseTime is reportedly planning to relaunch its Hong Kong IPO next Monday after being halted by U.S. blacklisting.
SenseTime has declined to comment on the report.
The company had delayed its Hong Kong IPO which was scheduled to launch on December 17th after the U.S. added the company to an investment blacklist. The U.S. Treasury has put SenseTime on a list of “Chinese military-industrial complex companies”, which details a number of Chinese companies that are accused by the U.S. administration of enabling human rights abuses.
The U.S. will reportedly add more Chinese firms to the blacklist, including drone maker DJI Technology.
The blacklist prevents American investors from investing in SenseTime’s IPO.
See also: SenseTime to Delay Hong Kong IPO Over U.S. Blacklisting
See also: US Reported to Add More Chinese Firms including DJI and Megvii to Blacklist
SenseTime has submitted a revised listing prospectus that updates risk disclosures following the U.S. blacklisting, Reuters reported, citing sources familiar with the matter.
The company could launch the IPO on Monday and raise the same amount of funds as the initial Hong Kong IPO, sources said. SenseTime is still waiting for approval from the Hong Kong Exchange of the amended risk disclosures.
SenseTime originally aimed to raise US$767 million through its Hong Kong IPO. The company was planning to sell 1.5 billion shares within a price range of HK$3.85 to HK$3.99 per share in the IPO. China International Capital Corp., Haitong International Securities Group Ltd. and HSBC Holdings Plc were the joint sponsors for the first-time share sale.
The company is not required to go through the entire listing application process as its listing approval remains valid, South China Morning Post reported, quoting two sources familiar with the procedure.
SenseTime is currently the world’s most valuable artificial intelligence unicorn startup, valued at over US$7.7 billion. The company specializes in AI technologies such as facial recognition, image recognition and object recognition.
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