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Newest information updates: China’s SenseTime postpones $767m Hong Kong IPO over US blacklisting

Chinese language synthetic intelligence firm SenseTime on Monday mentioned it could withdraw its $767m Hong Kong preliminary public providing after the tech firm was added to a US funding blacklist.

The corporate introduced the withdrawal to the Hong Kong inventory trade in a submitting that mentioned a revised prospectus can be issued. SenseTime mentioned it could “quickly” full the providing and itemizing.

“There shall be a postponement of the worldwide providing and the itemizing and the corporate expects to publish the supplemental prospectus . . . along with the up to date itemizing timetable,” mentioned SenseTime.

The US on Friday added SenseTime to its blacklist of Chinese language military-industrial advanced firms. The Treasury division imposed funding restrictions on SenseTime, accusing it of enabling human rights abuses towards Muslim Uyghurs in Xinjiang.

Washington’s motion got here on the identical day SenseTime was anticipated to cost its shares in Hong Kong forward of its IPO, with the corporate looking for a valuation of as much as $17bn.

SenseTime mentioned the US transfer prompted the corporate to withdraw the IPO “to safeguard the pursuits of the potential buyers of the corporate by serving to them think about the potential affect of such newest growth on their funding resolution”.

In October 2019, the US commerce division positioned SenseTime and different main Chinese language AI champions, together with Megvii, iFlytek and Yitu, on its entity record, accusing them of aiding the “repression, mass arbitrary detention and high-technology surveillance” of ethnic Uyghurs within the western Chinese language area of Xinjiang.

Washington accused the corporate of getting developed facial recognition programmes that may decide a goal’s ethnicity, with a specific give attention to figuring out Uyghurs.

SenseTime denies the allegations.