'US Sanctions Lifted' SenseTime IPO Resumes, Scheduled for Hong Kong Stock Exchange Listing on the 30th

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] SenseTime, a Chinese facial recognition technology developer that had postponed its Hong Kong stock market listing plan due to U.S. sanctions, will resume its initial public offering (IPO) aiming to list on the Hong Kong Stock Exchange on the 30th.

Bloomberg reported on the 20th (local time) that SenseTime has revised its IPO prospectus and submitted it to the Hong Kong Stock Exchange.

SenseTime was originally scheduled to list on the Hong Kong Stock Exchange on the 17th. However, on the 10th, one week before the listing, the U.S. Department of the Treasury placed SenseTime on the investment restriction blacklist of "Chinese military-industrial complex companies," causing SenseTime to postpone its Hong Kong listing plan.

U.S. investors are prohibited from acquiring shares of companies listed as part of the Chinese military-industrial complex. U.S. private equity firm Silver Lake holds a 3% stake in SenseTime, and Fidelity and Qualcomm are also known to hold shares in SenseTime.

SenseTime is reported to have revised its prospectus following the U.S. sanctions. The company plans to sell 1.5 billion shares at HKD 3.85 to 3.99 per share.

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