After getting caught up in tensions between the US and China once again, SenseTime has decided to postpone its big stock market launch.
On Monday, the Chinese artificial intelligence firm said that it will postpone its highly anticipated IPO in Hong Kong, where it had intended to raise up to $767 million. It was expected to begin trading this week.
The corporation was added to a list of “Chinese military-industrial complex companies” on Friday, which US President Joe Biden has barred Americans from investing in.
SenseTime was sanctioned by the US Treasury for its role in aiding human rights abuses against Uyghurs and other Muslim minorities in Xinjiang, according to the US Treasury – claims that SenseTime has vigorously refuted.
The company stated in a stock exchange filing Monday that it would delay the listing “to protect the interests of the company’s potential investors” and give them time to “evaluate the potential impact” of the US decision on any investments.
Investors in Hong Kong who had already applied to participate in the IPO will be refunded, according to the statement.
SenseTime stated that it is “dedicated to completing the worldwide offering and listing as quickly as possible.” It announced on Monday that it would issue an updated prospectus to investors, along with a revised timeline.
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