China’s Sensetime Postpones $767 Million Hong Kong IPO After U.S. Ban

Dec 13, 2021

https://liquidity-provider.com/app/uploads/2021/12/dizajn-bez-nazvaniya-71.png

Chinese AI company SenseTime Group, which had planned to list its IPO in Hong Kong for $767 million, has decided to postpone it after being added to a US list of banned-for-investment companies.

The firm stated that they were still dedicated to concluding the stock launch and that in the future they will submit a revised prospectus and announce a new listing time.

Reuters broke the story on Monday, stating that the startup has halted the stock launch and amended its strategy document to reflect the possible effect of the US investment block before resuming the IPO procedure.

In regulatory papers, SenseTime sought to offer 1.5 billion stocks for a range of HK$3.85 to HK$3.99. This could bring up to $767 million, which is lower than the $2 billion goal earlier this year.

Despite plans to list on Friday, it had to urgently negotiate with the Hong Kong Stock Exchange and its attorneys over the deal's prospects amid concerns of a potential blacklisting.

On Monday, the company's document with the Hong Kong Stock Exchange did not provide additional information on a restructured IPO schedule.

"The company is dedicated to completing the IPO procedure and listing as soon as possible," the document stated.

According to some sources, the firm was attempting to act rapidly to evade the legal necessity to refile the IPO after January 9, when its balance sheets in the present prospectus would have to be amended. The firm had managed to retain approximately $450 million from core investors, and the majority of them could remain in the deal.

The firm will probably face a decline in investor mood, meaning its stock prices and its performance will be affected post-IPO even if it will be able to provide a new strategy document that includes more risk considerations and achieve a public listing, according to Shifara Samsudin, an analyst at LightStream Research.

Full refund

The firm stated that it would return all application money without interest to anyone who signed up for its stocks throughout the offering phase.

The US Treasury put SenseTime on an investment blacklist of "Chinese military-industrial complex corporations," blaming it for creating face-recognizing technology capable of determining a people's ethnicity, with the main priority on recognizing ethnic Uyghurs.

According to UN and rights organizations, over a million people, primarily Uyghurs and representatives of other Muslim ethnicities, have been imprisoned in past years in a massive network of camps in China's far-western province of Xinjiang.

Uyghurs have been subject to harsh treatment by the Chinese government, which has been called genocide by some foreign authorities and the US Secretaries of State during the presidency of both Biden and Trump, pointing to evidence of tortures and deaths within the camps. The Chinese government contradicts these allegations and maintains that the Uyghur population is growing at a pace substantially more significant than the national average.

In a message issued on Saturday, SenseTime stated that it "categorically rejects the labeling and charges," considering the claims "unfounded."

Samsudeen pointed out that there are still many unanswered concerns, including the consequences of blacklisting and interruptions to activities, as well as the effect on SenseTime's goals of expanding its worldwide presence.

In Hong Kong, SenseTime was expected to be among the largest deals for the third quarter. This delay contributes to the IPO market's continued instability.

Refinitiv data shows that the amount received in IPOs and secondary listings in 2021 is $41.1 billion, down from $50.26 billion the previous year.

China Tourism Group's attempt to obtain around $5 billion through a secondary listing has been postponed, claiming market uncertainties.

This year's SenseTime's IPO, conducted in partnership with CICC and Haitong International, was one of the most high-profile offerings for HSBC.

Subscribe Our Newsletter

Top Bank Stocks to Buy as Bank Stocks Are Beaten Up.

Milena

Top Bank Stocks to Buy as Bank Stocks Are Beaten Up. 

Top bank stocks have suffered such severe losses this year that they are now beginning to appear appealing.

Banks and Finance
3 Assets That Have The Most To Fear From The Fed
3 Assets That Have The Most To Fear From The Fed

The market convulsed last week at the prospect of the Fed shifting away from crisis-era stimulus toward tightening for fighting inflation, with equities dropped at the prospect of higher interest rates.

Banks and Finance
Oliver

What is the Ethereum Merge, And How Will it Change Ethereum?
The "Merge" of Ethereum, which supporters claim will improve the asset's value in the long term and substantially change the future of cryptocurrency, was a largely anticipated and historic moment in the crypto world.

discover
5 Top-Tier Breakthrough Trading, Crypto and Fintech Industries Software Solutions in 2022

Constantine

5 Top-Tier Breakthrough Trading, Crypto and Fintech Industries Software Solutions in 2022

At the intersection of finance and technology, FinTech is an expansive industry that continues to grow at a rapid pace. This market features innovative approaches to goods and services offered by the conventional financial sector combined with technological advances from tech companies or new entrants.

Crypto Exchange Business

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries b2broker

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Alexander

    Is IUL a Good Investment Strategy? — A Guide for Beginner Investors

    Is IUL a Good Investment Strategy?

    Alexander

    Are Crypto Wallets Safe? — Tips to Ensure Maximum Protection of Your Digital Assets.

    Tips to Ensure Maximum Protection of Your Digital Assets

    Alexander

    Roth IRA Guide: What It Is and What You Need to Know.

    Roth IRA Guide: What It Is and What You Need to Know

    Alexander

    From Gold to Index Funds and Crypto: Where to Invest in 2023 for Long Term?

    From Gold to Index Funds and Crypto: Where to Invest in 2023

    Alexander

    Understanding Algorithmic Trading: A Guide for Beginners

    Understanding Algorithmic Trading: A Guide

    Alexander

    Stop Vs. Stop-Limit Order: How Do They Differ?

    Stop Vs. Stop-Limit Order: How Do They Differ

    Alexander

    Invest in the Intelligent Future: The Best AI Stock Market Leaders of 2023

    Invest in the Intelligent Future: The Best AI Stock Market Leaders of 2023

    Deborah Middleton

    How MEC Rules Can Impact Your Life Insurance Policy

    How MEC Rules Can Impact Your Life Insurance Policy.

    Deborah Middleton

    Navigating the Ethical Landscape of AI: Challenges and Solutions

    Navigating the Ethical Landscape of AI: Challenges and Solutions

    Deborah Middleton

    Managing Your Financials The Right Way – A Startup Guide 

    Managing Your Financials The Right Way - A Startup Guide

    Anna

    A Beginner Guide To The Crypto Analysis Tools.

    A Beginner Guide To The Crypto Analysis Tools.

    Anna

    A Brief Introduction to Scalping

    A Brief Introduction to Scalping.

    Anna

    How to Invest in Stocks: A Beginner’s Guide

    How to Invest in Stocks: A Beginner’s Guide

    Anna

    Tips On Finding Crypto Liquidity Providers In 2023

    Tips On Finding Crypto Liquidity Providers In 2023.

    Anna

    Forex Liquidity in 6 Questions and Tips on How to Become Successful in Trading

    Forex Liquidity in 6 Questions and Tips on How to Become Successful in Trading

    Anna

    A Brief and Comprehensive Guide to Spot Trading.

    A Brief and Comprehensive Guide to Spot Trading.

    Anna

    What is The Difference Between Liquidity Provider and Liquidity Aggregator?

    What is The Difference Between Liquidity Provider and Liquidity Aggregator?

    Tamta

    What Is SWIFT Banking System?

    What Is SWIFT Banking System?

    Tamta

    How Liquidity Providers Drive The Foreign Exchange Market

    How Liquidity Providers Drive The Foreign Exchange Market

    Tamta

    How to Start Investing In Crypto

    How to Start Investing In Crypto

    Tamta

    5 Best Crypto CFD Liquidity Providers 2023

    5 Best Crypto CFD Liquidity Providers 2023.

    Tamta

    The Power Of Liquidity For Crypto Exchanges

    The Power Of Liquidity For Crypto Exchanges

    Tamta

    Institutional Forex Liquidity Explained: Why Do We Need It?

    Institutional Forex Liquidity Explained: Why Do We Need It?

    Tamta

    What Is Return On Investment (ROI), And How Can You Calculate It?

    What Is Return On Investment (ROI), And How Can You Calculate It?
    Latest News - Liquidity Provider: Business & FinTech Media
    • News
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
    [email protected]

    © 2023 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site.