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SenseTime Group takes its AI intelligence public in Hong KongINTL

SenseTime Group takes its AI intelligence public in Hong Kong

The story of the Chinese AI company SenseTime is a story of one against all odds. After being put on a US Entity List back in 2019, SenseTime was barred from accessing technology coming from the US. This restriction slowed the company’s growth significantly, but SenseTime was able to get back on its feet and reported a $255.4m revenue in the first half of 2021 — which is a 91.8% growth year on year. 

Now, SenseTime is finally ready to take the big step of going public, right during China’s crackdown on big tech companies. The company, backed by Alibaba and Softbank, will have to go against all adversities once more and pass China’s latest anti-monopoly and data security laws.

why it matters

In the past few months, China's regulations have wiped billions off tech stocks on the Hong Kong Stock Exchange (HKEK). And so, SenseTime is risking that its IPO valuation won't reflect its actual worth due to the circumstances.