Tech

SenseTime launches Hong Kong IPO, raising up to $ 767 million in termsheets

File Photo: The artificial intelligence (AI) startup SenseTime logo will be seen in an office in Hong Kong, China, on August 18, 2021. REUTERS / Tyrone Siu

December 6, 2021

Kane Wu and Scott Murdoch

Hong Kong (Reuters) – China’s artificial intelligence startup SenseTime Group aims to raise up to $ 767 million in an initial public offering in Hong Kong, according to a termsheet that Reuters saw.

Launched on Monday, the company sold 1.5 billion primary shares in the HK $ 3.85 to HK $ 3.99 per share, according to TermSheet.

Eight underlying investors signed up for the IPO and subscribed to $ 450 million, or 58.6% of the transaction, prior to its launch.

SenseTime did not immediately respond to requests for comment from Reuters.

SenseTime shares are scheduled to be priced on Friday and will begin trading on the Hong Kong Stock Exchange on December 17.

The company plans to spend most of its IPO funding on research and development of key AI technologies, the termsheet said.

SenseTime provides technology-based applications such as facial recognition, video analysis, and autonomous driving.

Reuters had previously planned to raise up to $ 2 billion in a Hong Kong IPO, but reported that it had scaled down the deal before it began.

SenseTime was one of eight Chinese technology companies blacklisted in the United States in 2019 in the trade conflict between Beijing and Washington.

The proceedings prohibit companies from purchasing parts from US companies without the approval of the US government.

The United States claims that blacklisted companies were involved in human rights abuses against Chinese Muslim minority groups.

SenseTime said it would strongly oppose US trade restrictions and work with relevant authorities to resolve the situation when the ban was imposed.

(Report by Kane Wu and Scott Murdoch in Hong Kong, edited by Stephen Coates)



SenseTime launches Hong Kong IPO, raising up to $ 767 million in termsheets

Source link SenseTime launches Hong Kong IPO, raising up to $ 767 million in termsheets

Back to top button