SenseTime aims to resume taking orders from retail investors for its US$767 million Hong Kong IPO next week, sources say

SenseTime has submitted a revised listing prospectus that includes risk disclosures following the company’s addition last week to the US sanctions list

The resumption date of its IPO is not definite, but SenseTime’s IPO sponsors are working hard to meet the date, sources say

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Published: 5:27pm, 16 Dec 2021Updated: 5:29pm, 16 Dec 2021

SenseTime Group may resume taking subscription orders from retail investors for its initial public offering (IPO) in Hong Kong as early as Monday, less than a week after postponing the US$767 million sale because of US sanctions, according to sources familiar with the matter.

The artificial intelligence (AI) company, founded by a group of professors at the Chinese University of Hong Kong (CUHK), has submitted a revised listing prospectus that includes risk disclosures following the company’s December 11 addition to the US Treasury Department’s sanctions list, the sources said.

The date is not definite, but investment bankers and sponsors of the sale are working hard to make the target, they said. Spokespeople at SenseTime declined to comment. Joint sponsors of the deal including CICC, Haitong International and HSBC were not immediately available for comment.

The resumption marks a quick turnaround - within the six-month window of its listing approval - in the fundraising plan by China’s largest AI firm. When SenseTime halt its IPO this week with a refund, it said it would publish a supplemental prospectus with amendments and an updated schedule.

The company does not need to go through the entire listing application process as its listing approval remains valid, according to two sources familiar with the procedure.

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