DOMESTIC artificial intelligence (AI) startup SenseTime Group Inc. yesterday relaunched its US$767 million initial public offering (IPO) after filing updated listing documents with the Hong Kong stock exchange.

This came a week after SenseTime pulled the listing in the wake of the company’s inclusion on a U.S. investment blacklist.

The AI giant reopened orders for its Hong Kong offering yesterday for its first-time share sale, according to a statement to the Hong Kong stock exchange. Trading is expected to begin Dec. 30.

SenseTime is still seeking to raise US$767 million from the listing, offering 1.5 billion shares at HK$3.85 (US$0.49) to HK$3.99 each, according to regulatory filings, with the final price to be set Thursday.

However, it will now rely on cornerstone investors to buy about US$511 million, or around 67 percent, of shares, up from US$450 million, or 58 percent, of shares previously.

Bloomberg reported Sunday that SenseTime secured about US$512 million from nine cornerstone investors as it resumed its IPO. State-backed Mixed-Ownership Reform Fund and Shanghai Xuhui Capital Investment Co. are among those that have committed to buying the shares.

“Due to the dynamic and evolving nature of the relevant U.S. regulations, we have required to exclude U.S. investors” from the global offering including the issuance in Hong Kong, the company said in its revised filing to the Hong Kong exchange.

The sanctions still don’t prevent a U.S. investor from buying or trading its class B shares, SenseTime said.

SenseTime said in a statement last week that it would issue refunds to retail investors, after it failed to price its IPO on Dec. 10 as previously expected. It had aimed to start trading Dec. 17.

The U.S. Treasury added SenseTime to a list of “Chinese military-industrial complex companies” Dec. 10 and the addition would prohibit U.S.-based investors from buying the firm’s shares.

SenseTime said its inclusion on the U.S. blacklist did not impose any restrictions on its business operations, but added the resulting lack of U.S. investors could impede its ability to raise capital in the future and reduce trading liquidity.

(SD-Agencies)