Chinese AI leader SenseTime launches discounted IPO amid tech stock routes

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Chinese artificial intelligence company, SenseTime Group Inc., announced Monday it plans to raise up to $ 767 million in an initial public offering in Hong Kong this month and its listing plans despite a loss of Chinese technology stocks and the inclusion of a subsidiary in a US export pushes blacklist.

The seven-year-old company had previously intended to raise up to $ 2 billion on its IPO, according to people familiar with the matter. The reduced offer is backed by nine so-called Cornerstone investors, including large Chinese state-owned companies and mutual funds, who will acquire 60% of the shares sold.

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