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SenseTime shares up 150% since late December IPO

SenseTime shares up 150% since late December IPO
SenseTime shares up 150% since late December IPO   -   Copyright  Thomson Reuters 2022
By Reuters

HONGKONG – 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.