The logo of artificial intelligence (AI) startup SenseTime is seen at its office in Hong Kong, China August 18, 2021. Picture taken August 18, 2021. REUTERS/Tyrone Siu/File Photo/File Photo/File Photo
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HONG KONG, Dec 20 (Reuters) – Chinese artificial intelligence start-up SenseTime Group (0020.HK) relaunched its $767 million Hong Kong IPO on Monday, a week after pulling the listing in the wake of the company’s inclusion on a U.S. investment blacklist.
SenseTime retained its target of selling 1.5 billion shares for between HK$3.85 and $HK3.99 each, according to regulatory filings, with the final price to be set on Thursday.
However, it will now rely on cornerstone investors to buy about $511 million, or around 67%, of shares, up from $450 million, or 58%, of shares previously.
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SenseTime said its inclusion on the U.S. blacklist did not impose any restrictions on its business operations, but added the resulting lack of U.S. investors could impede its ability to raise capital in the future and reduce trading liquidity.
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