Press Releases in Hong Kong

SenseTime delays HK IPO, but will resume ‘soon’

In this April 4, 2018 photo, the object detection and tracking technology developed by SenseTime Group Ltd is displayed on a screen at the Artificial Intelligence Exhibition & Conference in Tokyo, Japan. (KIYOSHI OTA / BLOOMBERG)

HONG KONG – Leading Chinese mainland artificial intelligence software company SenseTime said on Monday it is postponing its HK$5.65 billion stock sale on the Hong Kong bourse, and that subscriptions will be refunded to retail investors.

The company did not indicate when it would resume the sale of 1.5 billion shares, at a price range of HK$3.85 to HK$3.99 per share, in its scaled-down offering.

READ MORE: SenseTime weighing HK IPO delay as investor deadline looms

A supplementary prospectus would be filed, it announced in a filing to the Hong Kong Stock Exchange.

All application monies will be refunded in full without interest to all applicants. 

Dr Xu Li, Executive Chairman, SenseTime

The final pricing of the initial public offering shares was to be announced on Thursday before trading on Friday.

The listing timetable would be updated, the company said, while affirming its commitment “to completing the global offering and the listing soon”.

In the statement, Dr Xu Li, executive chairman and chief executive officer, said “all application monies will be refunded in full without interest to all applicants”.

ALSO READ: AI firm SenseTime said 'to tap HSBC for $2b HK IPO'

On Friday, SenseTime, was sanctioned by the United States Treasury, which added it to a list of “Chinese military-industrial complex companies.” The company responded to the “unfounded” charges the next day, saying in a statement that it “strongly opposed the designation and accusations that have been made in connection with it.”