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The US will put SenseTime, a Chinese intelligence company that specializes in face recognition, on a black currency list on Friday, the same day it buys its first price in Hong Kong.
The action against SenseTime, which Washington claims to support the violation of the human rights of Uyghurs Muslims in Xinjiang, will be part of a series of sanctions against several countries for the observance of Human Rights Day, according to three people familiar with the ruling.
The US Treasury government puts SenseTime on the list of “Chinese industrial enterprises”. In June, President Joe Biden signed a major law which barred Americans from investing in listed companies, in pursuit of Trump’s policies to address national security threats.
The idea of black SenseTime will coincide with the last day of Conference on Democracy that Biden met with more than 100 countries.
The US president did a a real meeting last month with Xi Jinping, a Chinese counterpart, discussing ways to ensure that conflicts between nations do not change. But Biden has said he will not stop criticizing China for violating human rights.
The White House declined to comment on SenseTime or sanctions. Treasury did not respond to a request for comment. SenseTime did not immediately respond to a request for comment.
Black stocks can be a challenge for those with US shares in SenseTime. Silver Lake, a US-based third-party trading company, has agreed to close some stocks for six months after the IPO. Fidelity and Qualcomm have small divisions.
HSBC is the only western bank affected by the IPO, according to US banking regulators.
Some avoided the list after SenseTime was added to the US business listing, known as list of items, in 2019.
SenseTime sanctions reflect recent attempts to punish China for its crackdown more than 1m Uyghurs and other small ethnic groups who were imprisoned and forced to work in camps northwest of Xinjiang. China denies the allegations and says the site is a training camp.
The White House this week announced a diplomatic boycott at the Winter Olympics in Beijing. The UK, Australia and Canada did the same.
The U.S. House of Representatives on Wednesday issued a 428-1 law prohibiting companies from importing goods from Xinjiang unless they confirmed that no compulsory labor had been used in the production.
Wendy Sherman, the deputy secretary general, told the Financial Times in an interview that Biden would continue to look into the possibility of receiving sanctions against Xinjiang. Asked if the US would try to prosecute Chinese officials involved in the process, he said: “We must consider any option that is reasonable.”
Chinese government-sponsored advertisers are well-known in the SenseTime IPO, which is expected to be big list in Hong Kong in months.
Of the $ 450m planned, $ 200m will come from the Mixed-Ownership Reform Fund, set up in late 2020 by China Chengtong Holdings Group and other investors under Beijing’s Government Assets Supervision and Administration. Commission.
SenseTime relies on China for the bulk of its business, with sales face recognition, forecasting police and other AI tools in cities that support 40 percent of last year. The importance of state-owned enterprises in its future increased as Chinese technical teams pursued their internal AI strategies.
Follow Demetrius Sevastopulo, Hudson Lockett and Ryan McMorrow on Twitter: @Dimi, @KangHexin and @rwmcmorrow
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