The corporate-backed AI technology developer has put its IPO plans on hold after the US government listed it as a Chinese military-industrial complex company, following the news of another Chinese tech company, Didi, saying earlier this month it would delist from the US.
SenseTime, a China-based artificial intelligence (AI) system producer backed by corporates Alibaba, Qualcomm, SoftBank, Suning and Dalian Wanda, has paused its plans to go public in Hong Kong after being blacklisted in the United States on Friday, Bloomberg has reported.
The Hong Kong Stock Exchange (HKSE) had approved SenseTime’s initial public offering earlier this month, which would involve the company raising up to $767m, representing a lower figure than a reported $2bn initially.
Founded in 2014, Hong Kong-headquartered SenseTime…
