Monday, August 15, 2022

China AI Firm ReLaunches SenseTime $767M Revenue after US investment Ban

The SenseTime Group has announced the reopening of its $767 million Hong Kong share offering. The announcement comes a week after the company’s stock was taken off the market because Americans were barred from participating in the company. Washington has accused SenseTime of creating face recognition software that may be used to assess people’s ethnic backgrounds. It is expected that the company’s shares will begin trading on the Hong Kong Stock Exchange on December 30th.

It was determined that SenseTime was one of the “Chinese military-industrial complex businesses” by the US Treasury Department. SenseTime has repeated its rejection of the charges made by the United States government. The final pricing will be published on Thursday, according to the schedule. Last week, the intended listing was postponed as the United States authorities included Sense time on the banned list.

China-US Tensions

The listing comes against the background of rising tensions between the United States and China. Earlier this year, the United States Congress enacted legislation requiring corporations to demonstrate that items imported from China’s Xinjiang province were not manufactured using forced labour. According to the United States, China is committing genocide against the primarily Muslim Uyghur minority in its territory.

China has categorically refuted any and all charges of human rights violations in Xinjiang. In order to combat separatist and Islamist militancy in the region, the government claims that its system of “re-education” camps is in place. According to China, Uyghur population growth rates are higher than the national average, which contradicts the assertions made.

Experts from the United Nations and human rights organisations estimate that more than a million individuals, primarily Uyghurs and members of various Muslim minorities, have been imprisoned in a massive plan that has resulted in the establishment of camps in China’s far-western region of Xinjiang.

Some MPs and members of parliament from other countries have labelled the Uyghurs’ addiction to arsenic genocide, given the forced sterilisations and deaths that have occurred in the camps. China rejects these assertions and asserts that Uyghur colonisation maturation rates are higher than the nationalist mean.

Read more: Alibaba Wants Lazada to Hit $100 Billion in Southeast Asia

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