SenseTime Shares Rise in Hong Kong Debut

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By Yongchang Chin
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Shares of Sensetime Group Inc rose on their Hong Kong trading debut after a Chinese artificial-intelligence company raised 5.55 billion Hong Kong dollars ($711.8 million) in an initial public offering despite being blacklisted by the US.

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SenseTime shares opened 1.6% higher, but rose 23% compared to its IPO price of HK$3.85. It has since cut gains and was up 15% at HK$4.42.

The US added the Chinese company to an investment blacklist earlier this month, alleging that its facial recognition technology was used in persecution of predominantly Muslim ethnic minorities in China’s Xinjiang region.

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Due to the approval, Sensetime delayed the IPO from its original December 16th.

Chinese state-owned investors are among the top cornerstone investors in the SenseTime IPO. Bocom International also subscribed to its shares. SenseTime said it would use the proceeds to expand its AI business.

Write to Yongchang Chin at [email protected]

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