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IPO

Chinese AI group SenseTime launches downsized Hong Kong IPO

Company known for facial recognition seeks up to $767m, down from $2bn target

Nine cornerstone investors, mostly state-owned enterprises, have committed to buy as much as 60% of SenseTime's IPO shares.   © Reuters

HONG KONG -- Chinese artificial intelligence developer SenseTime Group aims to raise as much as $767 million as it opens its initial public offering in Hong Kong on Tuesday.

The company, which has faced sanctions from the U.S. over its alleged role in human rights abuses in the minority region of Xinjiang, previously hoped to raise as much as $2 billion in its IPO.

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