SenseTime Says Not Facing Cybersecurity Probe as Hong Kong IPO Nears
SenseTime Says Not Facing Cybersecurity Probe as Hong Kong IPO Nears
(Bloomberg) -- China’s biggest artificial intelligence firm SenseTime Group Inc., which is seeking a stock listing in Hong Kong, said it hasn’t been involved in any regulatory probe or received any inquiries related to cybersecurity.
“We had not been involved in any investigations on cybersecurity review by the relevant regulatory authorities or had received any inquiry, notice, warning or sanctions in such respect,” the company said in the prospectus for its initial public offering that could raise at least $1 billion.
The SoftBank Group Corp.-backed firm, which makes AI technology for interpreting images and facial recognition, said there have been no incidents -- such as those concerning personal information leakage and infringement of data protection and privacy laws -- that will affect its business.
SenseTime’s upcoming share float is attracting investor attention after Beijing said it will require tech companies seeking a listing in Hong Kong to undergo a cybersecurity review as part of sweeping new rules aimed at tightening control of information amassed by private sector firms.
IPOs by Chinese companies have dried up since Chinese authorities widened a clampdown on several industries since the start of July, including tech giants that manage data of hundreds of millions of people.
The company, which has thrived during the Covid-19 pandemic as the need to enforce lockdown measures increased demand for its facial-recognition software, is gauging investors demand until Nov. 30.
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