In China, an artificial intelligence start-up SenseTime Group’s Hong Kong share offering, which raised $767 million (£580 million), has been launched.
The announcement comes a week after the company’s stock was delisted due to a prohibition on American investors.
SenseTime has been accused by the US government of creating face recognition software to ascertain people’s ethnicity, with a particular focus on identifying ethnic Uyghurs.
On December 30, the company’s stock will begin trading on the Hong Kong Stock Exchange.
According to regulatory documents, SenseTime has maintained its goal of selling 1.5 billion shares in its first public offering (IPO) for between HK$3.85 (£0.37; $0.49) and $HK3.99 apiece. On Thursday, the final price will be disclosed.
Last week, the planned offering was postponed when the US Treasury Department placed SenseTime on a list of “Chinese military-industrial complex enterprises,” which prohibits Americans from investing in specific companies.
“Our group’s goods and services are meant for civilian and commercial usage and not for any military use,” SenseTime said on Monday, reiterating its denial of the US government’s claims.
Although Washington’s investment prohibition has no impact on the firm’s operations, the absence of American investors might limit its capacity to acquire capital, according to the company.
