BEIJING, December 20 (TMTPOST)— China’s largest artificial intelligence company SenseTime relaunched offering in Hong Kong as rumored and managed to maintain the same fundraising target as more domestic investors’backing offset affect of the recent U.S. investment blacklist.
Source:TMTPost
SenseTime announced on Monday that it offered a total of 1.5 billion Hong Kong shares and the sales would close at 12:00 p.m. December 23, Hong Kong time. The shares are set to be traded on December 30. With HK$3.85 to HK$3.99 per share, the same offer price range as earlier this month, the unicorn suggested to raise up to HK$6 billion (US$767 million).
The Chinese AI giant had required to exclude all the American investors in the latest offering owing to the consistent changing and dynamic nature of relevant regulations of the United states, citing being added to a list of "Chinese military-industrial complex companies" by the Treasury Department on December 10, which aims to ban the U.S. investment in the company’s securities.
The startup showed it had secured nearly US$512 million from cornerstone investors, but the list of nine investors has changed. Guangfa Fund Management, U.S.-based Focustar Capital, and Hong Kong hedge fund managers including Pleiad Investment Advisors, WT Asset Management and Hel Ved Capital were replaced with Shanghai Xuhui Capital Investment Co., Ltd., a state-owned asset manager of Xuhui, the core urban district of Shanghai, Taizhou Culture & Tourism Development, a company controlled by the municipal government of Taizhou, a city in eastern China’s Jiangsu province, an investment arm of Guotai Junan Securities, China’s major investment bank, HKSTP Ventures, the corporate venture fund of the Hong Kong Science and Technology Parks, and C-MER Eye Care, Hong Kong’s leading ophthalmic service provider.
Right after SenseTime announced to delay its listing due to the blacklist last week, it was reported that the Treasury was set to blacklist eight more Chinese companies including Shenzhen-based DJI Technology Co., Ltd., the largest consumer drone maker in the world, Senstime"s Megvii Technology Ltd, another member of China’s “Four AI dragons”. According to the statement on Monday, SenseTime stressed again that it didn’t intend to use the products and services for any military purposes and warned it could be placed on other U.S. sanction lists in the future.
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