China's Sensetime postpones $767 million Hong Kong IPO after U.S. ban
Information about China's Sensetime postpones $767 million Hong Kong IPO after U.S. ban
Kevin David Scam or Legit
By Kane Wu and Scott Murdoch
(Reuters) -Chinese artificial intelligence start-up SenseTime Group postponed its $767 million Hong Kong initial public offering (IPO) on Monday after being placed on a U.S. investment blacklist.
Sensetime said it remained committed to completing the offering and would publish a supplemental prospectus and an updated listing timetable.
Reuters first reported earlier on Monday the company’s plan to withdraw the offering and update its prospectus to include the potential impact of the U.S. investment ban, with the aim of relaunching the IPO process.
SenseTime had planned to sell 1.5 billion shares in a price range of HK$3.85 to HK$3.99, according to its regulatory filings. That would raise up to $767 million, a figure that had already been trimmed earlier this year from a $2 billion target.