HONG KONG (Reuters) – Shares of artificial intelligence company SenseTime rose 20% after the opening bell on Tuesday to as much as HK$9.7 apiece, up 152% since the company priced its IPO at HK$3.85 in late December.
The gains come despite U.S. investors being unable to buy the stock after the U.S. Treasury added SenseTime to a list of “Chinese military-industrial complex companies” accusing it of having developed a facial recognition programme to determine ethnicity, with a focus on identifying ethnic Uyghurs.
SenseTime raised $740 million in its initial public offering (IPO), the fifth largest in Hong Kong in 2021 according to Dealogic data.
(Reporting by Alun John and Donny Kwok; Editing by Himani Sarkar)
