SenseTime seeks to raise $767 Million in its Hong Kong IPO

Reuters reports that Chinese artificial intelligence startup SenseTime Group is looking to raise up to $767 million in its Hong Kong initial public offering.

The company will sell 1.5 billion primary shares within a price range of HK$3.85 to HK$3.99 each, the report added.

According to the report, eight cornerstone investors have signed up for the IPO and subscribed for $450 million, or 58.6% of the deal, ahead of its launch.

SenseTime’s shares are due to price on Friday and start trading on the Hong Kong Stock Exchange on Dec. 17.

According to the report, the company plans to use the majority of the IPO funds for research and development of its main AI technologies.

SenseTime provides technology-based applications, including facial recognition, video analysing and autonomous driving. It was among eight Chinese tech companies placed on a U.S. blacklist in 2019 amid trade tensions between Beijing and Washington.

The IPO is going ahead despite the blacklist which has prohibited U.S investment banks working on the deal.

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