US sanction forces China's AI firm SenseTime to delay IPO

Chinese artificial intelligence start-up SenseTime Group has postponed its $767m Hong Kong initial public offering (IPO) after being placed on a US investment blacklist. SenseTime said it remained committed to completing the offering and would publish a supplemental prospectus and an updated listing timetable. Reuters first reported earlier on Monday the company's plan to withdraw the offering and update its prospectus to include the potential impact of the US investment ban, with the aim of relaunching the IPO process. SenseTime had planned to sell 1.5 billion shares in a price range of HK$3.85 ($0.49) to HK$3.99 ($0.51), according to its regulatory filings. That would raise up to $767m, a figure that had already been trimmed earlier this year from a $2bn target.