Business

China’s Sensetime to withdraw $767 million Hong Kong IPO

© Reuters. SUBMIT PICTURE: The logo design of expert system (AI) start-up SenseTime is seen at its workplace in Hong Kong, China August 18, 2021. Picture taken August 18, 2021. REUTERS/Tyrone Siu/File Photo

By Kane Wu and Scott Murdoch

(Reuters) – Chinese expert system start-up SenseTime Group will withdraw its $767 million Hong Kong going public (IPO) on Monday and upgrade its prospectus after being put on a U.S. financial investment blacklist, 2 sources informed Reuters.

The sources, who have direct understanding of the circumstance however might not be called as the info was not yet public, stated a main statement would be made to the Hong Kong Stock Exchange soon.

SenseTime, which was put on a U.S. financial investment blacklist on Friday by the Biden Administration, did not right away react to an ask for remark.

Three sources validated SenseTime’s choice to pull the IPO in its existing type, while 2 of those individuals included the business would upgrade the danger consider its prospectus with the objective of relaunching the IPO procedure.

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Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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