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The US put SenseTime on its list of currencies on Friday, which may have delayed China AI’s plan to register its shares in Hong Kong.
The Treasury Department has imposed financial sanctions on SenseTime, accusing it of violating human rights for Uyghurs Muslims in Xinjiang.
Washington’s action comes the same day SenseTime is expected to sell its shares in Hong Kong, ahead of the first public offering, the company wants to calculate up to $ 17bn. Prices did not happen, however.
SenseTime declined to comment on whether it would delay its IPO if the US included it in the blacklist, as expected following the Financial Times. reports Thursday.
Traders in Hong Kong on Friday said that, based on customer feedback, they expect the IPO to be delayed if Washington bans the company’s finances. Ads arranged help on December 17th.
A former Hong Kong-based retailer who did not participate in the session told FT that customers with shares in SenseTime had warned they could leave the list.
The first public offering is expected to raise $ 767m in the city’s list of the latest in a few months, testing the interest of Chinese companies.
SenseTime is expected to raise $ 2bn earlier this year but has delayed its street show due to a growing number of Chinese and Beijing technology.
The lower IPO was closely monitored following a report in the Financial Times that the US plans to put the company on the blacklist on the day the shares will go up in value.
“Customers said like that [the blacklisting] he was coming, he was out – he must have been, “said the salesman.” It seems unfortunate now [plan] it has caused the whole treaty to be delayed. “
He also said that the black plans, which could prevent the US from doing business on SenseTime, “put a lot of pressure on the long-term population” who sell IPOs.
The head of another mortgage company said that although its customers did not say they were leaving, expectations for the delay were widespread.
Washington has criticized SenseTime for supporting human rights abuses against Uyghur Muslims in the Chinese province of Xinjiang. The company has denied the allegations.
The Uyghur dispute was long enough to block US financial banks from colluding with HSBC, which became the only Western bookwriter on the Hong Kong list. The bank declined to comment.
The Treasury Department on Friday noted that the company’s expertise was designed to identify Uyghurs and that by applying for patents, SenseTime “demonstrated its ability to identify Uyghurs wearing beards, sunglasses and masks.”
Business concerns over possible delays come even with significant support from foreign investors, who have promised to buy $ 450m shares, plus $ 200 from a fund managed by China Chengtong Holdings Group, a business and government operator. That only has $ 300m left to be donated by the real estate agencies and retailers this week.
The idea of black SenseTime coincided with the last day of Conference on Democracy that President Joe Biden met with more than 100 countries.
Additional reports of Ryan McMorrow in Beijing
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