SenseTime, one of China's most valuable artificial intelligence solution providers, is putting its public listing on hold.
The Hong Kong Stock Exchange gave the go-ahead to SenseTime's IPO three weeks ago. On December 10, the U.S. Department of Treasury added the firm to a list of Chinese military-industrial complex Companies, saying it has developed facial recognition programs that can determine a target's ethnicity with a particular focus on identifying ethnic Uyghurs.
SenseTime securities are not allowed to be purchased or sold by U.S. investors on the military blacklist.
SenseTime is postponing its IPO and will publish a supplementary prospectus with a new listing timetable to protect the interests of its potential investors.
SenseTime strongly opposed the designation and accusations made in connection with it. The accusations reflect a fundamental misperception of our company. We were caught in the middle of a conflict.
Go to our earlier post for an overview of SenseTime's business.
SenseTime readies Hong Kong IPO.
