SenseTime postpones $767 mln Hong Kong IPO
Chinese artificial intelligence start-up SenseTime Group has delayed its planned $767 million dollar listing in Hong Kong on Monday.
That’s after it was placed under an investment ban in the U.S.
However, the company said it remained committed to completing the offering.
And added that it would publish a supplemental prospectus as well as an updated listing timetable.
Applicants who subscribed to its shares in the offering process have been assured that their money will be returned without interest.
The U.S. treasury accuses the company of having developed facial recognition programs that can determine a target's ethnicity, with a particular focus on identifying China’s ethnic Uyghur Muslims.
It’s estimated that more than a million people, mainly Uyghurs and members of other Muslim minorities, have been detained in a vast system of camps in China’s far-west region of Xinjiang, in recent years.
Beijing denies abuses in the region.
In a statement on Saturday, Sensetime said it quote “strongly opposed the designation and accusations”, calling them “unfounded”.
