SenseTime continues to focus on Hong Kong IPO

SenseTime continues to focus on Hong Kong IPO

4. September 2021 0 By Horst Buchwald

SenseTime continues to focus on Hong Kong IPO

Shanghai, Sept. 4, 2021

Chinese AI giant SenseTime will continue its Hong Kong IPO despite Beijing’s crackdown on the tech sector.

SenseTime, which claims to be the world’s most valuable AI company, counts SoftBank, Alibaba, Tiger Global and Silver Lake among its investors.

The listing did not indicate how much fresh capital the company plans to raise. SenseTime was valued at $8 billion to $12 billion, depending on the source. The documents show that 2020 revenue grew 14% to $525 million (RMB 3.4 billion).

 

The Trump administration had blacklisted SenseTime in the U.S., with the result that Chinese are not allowed to buy products from U.S. manufacturers or do business in the country.The reason cited was its alleged involvement in repression, arbitrary mass detentions and high-tech surveillance.

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