China's SenseTime Postpones IPO After U.S. Blacklisting

SenseTime, whose products are used in smart cities, police surveillance and autonomous driving, had planned to raise as much as $767 million in an initial share sale on the Hong Kong stock exchange this month. On Friday, the U.S. Treasury Department named SenseTime among 25 individuals and entities that it said were connected to "human rights abuse and repression in several countries around the globe," and added it to a list of companies that it says are supporting China's military. U.S. authorities cited the use of SenseTime's facial-recognition technology in China's effort to suppress and assimilate mainly Muslim ethnic minorities in western China. The designation prevents Americans from investing in the company. On Saturday, SenseTime said the accusation was baseless and reflected "a fundamental misunderstanding of our company."