Chinese SenseTime postpones its initial public offering in Hong Kong following US sanctions.

A Chinese artificial intelligence company called SenseTime said on Monday it postponed its initial public offering of $ 770 million afte...


A Chinese artificial intelligence company called SenseTime said on Monday it postponed its initial public offering of $ 770 million after its work for Beijing put it on a U.S. government blacklist.

The company said in a folder with the Hong Kong Stock Exchange that he “remains committed” to completing a listing but has not come up with a new timeline. He said investors who asked to buy the shares could get refunds.

SenseTime is one of many Chinese companies that have been condemned by US officials and human rights groups for helping the Chinese government with its rapidly growing and expanding surveillance systems. .

The company in particular has drawn attention to the service it provides to China’s efforts to hunt down and suppress Uyghurs and other largely Muslim ethnic minorities who live in an area of ​​western China known as Xinjiang. The New York Times reported in 2019 that SenseTime’s AI technology was used as part of an effort to identify and track Uyghurs using facial recognition.

A few months later, the US Department of Commerce headed by President Donald J. Trump placed SenseTime and other Chinese tech companies blacklisted for their role in developing China’s security systems. This blacklist limited their ability to sell to US customers.

President Biden kept up this pressure. On Friday, the US Treasury Department added SenseTime to a list of Chinese companies that American investors cannot buy stocks.

SenseTime has said it complies with all laws and has denied any wrongdoing. “The accusations are unfounded and reflect a fundamental misperception of our business,” he said. in a report dated Saturday. “We regret being caught in the midst of geopolitical tensions.”

Two years ago, a spokesperson for the company told The Times she was unaware that its software was being used to track down Muslims.

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Newsrust - US Top News: Chinese SenseTime postpones its initial public offering in Hong Kong following US sanctions.
Chinese SenseTime postpones its initial public offering in Hong Kong following US sanctions.
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