Technology

China's Sensetime to withdraw $767 mln Hong Kong IPO

China's Sensetime to withdraw $767 mln Hong Kong IPO.

China's Sensetime to withdraw $767 mln Hong Kong IPO.

Chinese artificial intelligence start-up SenseTime Group will withdraw its $767 million Hong Kong initial public offering (IPO) on Monday and update its prospectus after being placed on a U.S. investment blacklist, two sources told Reuters.

(Sign up to our Technology newsletter, Today's Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)

The sources, who have direct knowledge of the situation but could not be named as the information was not yet public, said an official announcement would be made to the Hong Kong Stock Exchange shortly.

SenseTime, which was placed on a U.S. investment blacklist on Friday by the Biden Administration, did not immediately respond to a request for comment.

Three sources confirmed SenseTime's decision to pull the IPO in its current form, while two of those people added the company would update the risk factors in its prospectus with the aim of relaunching the IPO process.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Jun 22, 2022 1:17:32 am | https://www.thehindu.com/sci-tech/technology/chinas-sensetime-to-withdraw-767-mln-hong-kong-ipo/article37942661.ece