The logo of artificial intelligence (AI) startup SenseTime is seen in its office in Hong Kong, China on August 18, 2021. Photo taken on August 18, 2021. REUTERS / Tyrone Siu / File Photo / File Photo / File Photo

Register now for FREE and unlimited access to Reuters.com

Register

HONG KONG, Dec.20 (Reuters) – Chinese artificial intelligence startup SenseTime Group (0020.HK) relaunched its $ 767 million Hong Kong IPO on Monday, a week after delisting from the following the company’s inclusion on a US investment blacklist.

SenseTime has kept its target of selling 1.5 billion shares for between HK $ 3.85 and HK $ 3.99 each, according to regulatory documents, with the final price to be set on Thursday.

However, it will now rely on key investors to buy around $ 511 million, or about 67% of shares, up from $ 450 million, or 58%, of shares previously.

Register now for FREE and unlimited access to Reuters.com

Register

SenseTime said its inclusion on the U.S. blacklist does not place any restrictions on its business operations, but added that the resulting lack of U.S. investors could hamper its ability to raise capital in the future and reduce the liquidity of trade.

On December 10, the US Treasury added SenseTime to a list of “companies in the Chinese military-industrial complex”, accusing it of developing a facial recognition program to determine a target’s ethnicity, putting emphasis on identifying Uyghurs.

UN experts and rights groups estimate more than a million people, mostly Uyghurs and members of other Muslim minorities, have been detained in recent years in a vast system of camps in the region. from Xinjiang, in the far west of China.

Some foreign lawmakers and parliaments have called the treatment of Uyghurs genocide, citing evidence of forced sterilizations and deaths inside the camps. China denies these claims and claims that the growth rates of the Uyghur population are above the national average.

“Our group’s products and services are intended for civilian and commercial use, not military application,” SenseTime said in the revised documents Monday.

The company had previously said it “strongly opposed” the blacklist designation and that the charges against it were unfounded.

SenseTime shares are expected to start trading on the Hong Kong Stock Exchange on December 30.

($ 1 = 7.8021 Hong Kong dollars)

Register now for FREE and unlimited access to Reuters.com

Register

Reporting by Scott Murdoch; edited by Jane Wardell

Our Standards: Thomson Reuters Trust Principles.