Chinese artificial intelligence startup SenseTime Group will raise over $767 million in its Hong Kong initial public offering (IPO). The deal is launched for the firm to sell 1.5 billion primary shares with a price range of HK$3.85 to HK$3.99 each. Almost eight investors have signed up for the IPO and subscribed for $450 million or 58.6 per cent of the deal ahead of IPO launch.

The company is thinking of utilising the funds for the research and development of its AI technologies. SenseTime provides technology-based applications like facial recognition, video analysing and autonomous driving. SenseTime was among eight Chinese tech companies which were on a US blacklist in 2019 amid trade tensions between Beijing and Washington. The United States had alleged the company for human rights abuses against Muslim minority groups in China. SenseTime told at the time the ban that it strongly opposed the US trade restrictions and will work with the authorities to resolve the situation.