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SenseTime reopened Hong Kong IPO - PingWest

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SenseTime reopened Hong Kong IPO

SenseTime

SenseTime reopened Hong Kong IPO

Zijing Fu

posted on December 20, 2021 7:32 pm

With state affiliated cornerstone investors, SenseTime's IPO is coming back strong.

SenseTime, China’s most valuable artificial intelligence company, has relaunched its $767 million IPO on Monday, with the first day of trading set for December 30, two weeks later than its initial schedule.

Previously, SenseTime had announced that it would open its initial public offering on December 17, seeking to raise $767million by selling 1.5 billion shares. Shares would be sold at a price range of HK$3.85 to HK$3.99.

SenseTime suspended its IPO after the U.S. Treasury Department put SenseTime on a list of “Chinese military-industrial complex companies” on December 10, alleging SenseTime had misused its facial recognition technology in a controversial region in China. According to the Biden Administration, American individuals or companies are barred from investing in companies on the list.

“Our group’s products and services are intended for civilian and commercial uses and not for any military application,” SenseTime said in the revised filings on Monday.

According to SenseTime, being put on U.S.’s blacklist does not hinder its normal business operation, but could affect its future capital-raising ability and trading liquidity.

In a filing submitted to Hong Kong Stock Exchange, SenseTime said it would postpone the listing "to safeguard the interests of the potential investors of the company" and allow them to "consider the potential impact of" the U.S. move on any investments.

"The relaunch of SenseTime's IPO is expected to be better than the last time as the company has disclosed all its risk factors," said Tom Chan Paklam, chairman of the Hong Kong Institute of Securities Dealers. "It is also likely to get the support of mainland-backed funds."

SenseTime has already secured $512 million from cornerstone investors, including state-owned Shanghai Xuhui Capital Investment, Guotai Junan Securities, and others, according to Monday's filing.

Previously, the Beijing SenseTime subsidiary was already blacklisted by U.S. regulators in 2019, restricting SenseTime from purchasing particular U.S. technology, software, services, and goods.

According to WSJ, quoting several investors, U.S.'s blacklist causes potential reputational and geopolitical risks of investing in such a company.


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