The fundraising target remains unchanged. SenseTime still plans to sell 1.5 billion shares at a price range of HK$3.85 to HK$3.99, and is looking to raise up to $767 million. The last The offer price will be decided on Thursday.
A cornerstone investor is usually a large institutional or sovereign investor who commits upfront to purchase a stake in an IPO.
Earlier this month, SenseTime delayed its IPO plans after the US Treasury Department listed the firm as “Chinese military-industrial complex companies”, with US President Joe Biden banning investments from Americans. Is.
In a statement on December 10, the US Treasury said that SenseTime was approved because of its technology’s role in enabling human rights abuses against Uighurs and other Muslim minorities in Xinjiang – charges that SenseTime strongly denied. . have done it.
Before the moratorium, the company was scheduled to commence business in Hong Kong on 17 December.
The AI company said in a statement on Monday that “due to the dynamic and evolving nature of relevant US regulations, we need to exclude US investors from buying shares in the IPO”.
This move by the US government could also negatively impact the interest of general investors in its IPO, which in turn could adversely affect the liquidity and market value of its shares.
SenseTime, which was founded in Hong Kong in 2014, is best known for its facial recognition software.
The move by the US Treasury Department earlier this month is not the first time that SenseTime has run into trouble with Washington. In 2019, the company’s Beijing subsidiary was placed on a US entity list, which barred it from buying US products or importing US technology without a special license.
—Michelle Toh contributed to the report.
Michelle Toh contributed to the report.