Connect with us

International

Chinese AI firm SenseTime delays IPO as US imposes investment ban

 


Chinese artificial intelligence firm SenseTime Group Inc. is trying to keep its initial public offering alive, according to a person familiar with the matter, as the Biden administration adds the company to a blacklist that will ban U.S. investors from buying its actions.

Pricing for the SenseTimes share offering in Hong Kong did not go as planned on Friday, thwarting plans for the company to go public within a week on December 17. Companies that go public in the city typically price their IPOs a week before stock. start trading, and the investors who placed orders don’t transfer the money until the price is fixed.

Later on Friday, the US Treasury Department officially placed SenseTime on a list of companies supporting the Chinese military, citing the role of its facial recognition technology in helping China suppress predominantly Muslim Uyghurs. The blacklist prohibits Americans from investing in the company.

Hong Kong and Shanghai-based SenseTime launched its IPO on Tuesday and was set to raise up to $ 767 million in what was already a tight supply from the previous target of $ 2 billion. company dollars, the Wall Street Journal reported. SenseTime had also obtained so-called core investors who agreed to buy 60% of the shares offered. These investors included large Chinese state-owned companies and investment funds.

The latest setback to the deal came after reports emerged last week that the Treasury Department planned to blacklist SenseTime for investments. The Hong Kong Stock Exchange sent a formal investigation to SenseTime on Thursday, according to people familiar with the matter, who added that the company was working to answer questions from the exchanges.

We believe that this decision and the corresponding accusation are without merit and reflect a fundamental misunderstanding of our business, SenseTime said, adding that geopolitical factors should not influence technological development. The statement, posted on the company’s official WeChat account on Saturday morning Hong Kong time, did not mention the planned listing.

Seven-year-old SenseTime is one of the world’s largest and most valuable facial recognition and computer vision startups. He earns money by selling software used by governments and businesses for applications such as smart cities, surveillance and autonomous driving.

In October 2019, a SenseTime subsidiary in Beijing was among 28 Chinese entities that were added to a U.S. export blacklist for their involvement in the Xinjiang region in northwest China, where Chinese authorities detained Muslim minorities. The U.S. move, which SenseTime flagged as a major risk in its listing prospectus, could restrict the company’s ability to purchase certain technologies, software and goods, he said. The designation of the units on the Commerce Department’s entity list also made SenseTimes’ IPO a tough sell to international investors, who were wary of reputational and geopolitical risks, the Journal previously reported.

Write to Jing Yang at [email protected]

Corrections & Amplifications SenseTime launched its IPO on Tuesday. An earlier version of this article incorrectly stated it was Monday. (Corrected December 10)

Copyright 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the print edition of December 11, 2021 under the title “AI Firms IPO Is in Jeopardy”.

Sources

1/ https://Google.com/

2/ https://www.wsj.com/articles/chinese-ai-giant-sensetime-delays-ipo-as-u-s-prepares-investment-ban-11639150211

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]