SenseTime reopens IPO, but excludes US investors

Chinese artificial intelligence giant SenseTime has revived its $767 million initial public offering, just days after it had delayed its public debut after being hit by another US blacklist. SenseTime relaunched the offering Monday, with its first day of trading set for Dec. 30, according to its revised filings to the Hong Kong Stock Exchange. The fundraising target remains unchanged. SenseTime still plans to sell 1.5 billion shares at a price range of HK$3.85 to HK$3.99, seeking to raise as much as $767 million. The final offer price will be set on Thursday.
The Hong Kong-based company has already secured $512 million from cornerstone investors, including state-owned Shanghai Xuhui Capital Investment, according to Monday's filing. A cornerstone investor is usually a large institutional or sovereign investor that commits in advance to purchasing a stake in an IPO. Earlier this month, SenseTime had delayed its IPO plans after the US Treasury Department placed the firm on a list of "Chinese military-industrial complex companies," in which US President Joe Biden has banned Americans from investing.
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