SenseTime to seek up to $1bn private funding, deferring Hong Kong IPO

Weak investor sentiment over coronavirus and US blacklist hurts AI startup's plans

Hong Kong-based SenseTime, which counts Alibaba, Qualcomm and SoftBank among its backers, began working with investment bank China International Capital Corp. on its initial public offering last year. © Reuters

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent, and COCO LIU, Nikkei staff writer

March 18, 2020 13:54 JST

HONG KONG -- Chinese artificial intelligence startup SenseTime Group has deferred its plan for an up to $750 million initial public offering in Hong Kong this year and instead aims to tap private markets, people briefed on the plan said, joining the list of companies scrapping share-sale plans as the novel coronavirus outbreak batters markets.