Strong showing: The SenseTime head office in Shanghai. The company’s strong debut is a rare feat in Hong Kong, where new listings have been among the worst performers this year. — Reutersaws账号（www.2km.me）提供aws账号、aws全区号、aws32v账号、亚马逊云账号出售，提供api ，质量稳定，数量持续。另有售azure oracle linode等账号.
HONG KONG: Chinese artificial intelligence (AI) giant SenseTime Group Inc jumps on its first day of trading in Hong Kong after a rocky initial public offering (IPO) that was delayed by concerns over fresh United States sanctions.
The stock gained as much as 23% in early trading yesterday, headed for the biggest first-day gain for any Hong Kong IPO since mid-July.
The SoftBank Group Corp-backed company raised HK$5.78bil (US$741mil or RM3.09bil) selling 1.5 billion shares at HK$3.85 (RM2.06) apiece, the bottom of its marketed range.
SenseTime’s strong debut is a rare feat in Hong Kong, where new listings have been among the worst performers this year.
It also comes in defiance of new sanctions levied this month by the US Treasury Department over the company’s alleged involvement in human rights abuses in Xinjiang.
SenseTime, which has also been blacklisted by the Commerce Department under the Trump administration, has vigorously denied the charges.
The company pushed ahead with the listing, securing US$512mil (RM2.14bil) from nine cornerstone investors including the state-backed Mixed-Ownership Reform Fund and Shanghai Xuhui Capital Investment Co.
“Due to the dynamic and evolving nature of the relevant US regulations, we have required to exclude US investors” from the global offering including the issuance in Hong Kong, it said in a revised filing with the city’s stock exchange earlier this month.
Founded in 2014 by computer scientists, SenseTime specialises in AI-powered software that analyses faces and images on an enormous scale and works with policing bodies, retailers and healthcare researchers around the world.
The firm competes with Alibaba Group Holding Ltd-backed Megvii Technology, which is seeking a share sale in Shanghai.
Chinese companies that debuted in Hong Kong since July, when Beijing extended the clampdown over several industries, have seen their shares rise an average 1% on the first day of trading, according to data compiled by Bloomberg.
Nine firms that have listed this month prior to SenseTime have seen an average drop 2.8% in their stocks.
About 60% of the capital raised from SenseTime’s IPO will be used on research and development, chief executive officer Xu Li said in a Bloomberg Television interview taped before the new sanctions were announced.
The firm has invested heavily in building super computers that can train client-facing AI models, an effort that’s set to pay off as the loss-making company scales up.
Revenue in the six months ended June 30 nearly doubled to 1.65 billion yuan (US$259mil or RM1.08bil), while net losses narrowed to 3.7 billion yuan (RM2.42bil) from 5.3 billion yuan (RM3.47bil) in the first half of 2020.