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    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(388)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-12-09 am EST
345.80 HKD   +3.04%
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Hong Kong Exchanges and Clearing : China's SenseTime prepares for Hong Kong IPO despite tech regulations and U.S blacklist

08/27/2021 | 10:15pm EST

HONG KONG, Aug 28 (Reuters) - China's artificial intelligence start up SenseTime Group has identified the mainland's tightening technology regulatory regime as a key risk for investors in its proposed Hong Kong initial public offering (IPO), according to its filings.

SenseTime, which is also blacklisted in the U.S, lodged its preliminary filings Friday with the Hong Kong Exchange and Clearing Ltd, operator of the city's stock exchange.

It did not identify a raising size but Reuters reported on Aug 19 the firm is aiming to raise up to $2 billion.

SenseTime declined to comment on the size of the deal.

The company provides technology-based applications including, facial recognition and video analysing and autonomous driving.

In the filings, SenseTime said China's changing regulations, especially towards sensitive data handling, could impact its business but it was unable to quantify the effects of the new rules.

"We cannot predict the impact of the draft measures, if any, at this stage, and we will closely monitor and assess any development in the rule-making process ... it remains uncertain whether the proposed measures will be applicable to our business," it said.

China announced on Aug 20 new rules https://www.reuters.com/world/china/china-passes-new-personal-data-privacy-law-take-effect-nov-1-2021-08-20 governing the better storage of users data which has instructed companies not to mismanage or misuse the data.

SenseTime was among eight Chinese tech companies https://www.reuters.com/article/us-usa-trade-china-exclusive-idUSKBN1WM25M placed on the U.S. Entity List in 2019 amid trade tensions between Beijing and Washington. The U.S. alleges the companies played a role in human rights abuses against Muslim minority groups in China.

SenseTime said at the time that it strongly opposed the U.S. ban and would work with relevant authorities to resolve the situation.

In the filings it said: "If our subsidiary remains on the Entity List on a prolonged basis, we may not be able to compete effectively in certain business lines, and our business, results of operations and financial condition could be materially and adversely affected."

SenseTime had considered listing on the tech-focused STAR Market in Shanghai, but shifted to Hong Kong as its application for STAR was progressing slowly, Reuters has previously reported https://www.reuters.com/technology/chinese-ai-startup-sensetime-file-hong-kong-ipo-by-end-august-sources-2021-08-19.

SenseTime has not identified when it will list but applications to the Hong Kong Stock Exchange typically take three to four months from its first filings.

(Reporting by Scott Murdoch in Hong Kong; Editing by Michael Perry)


ę Reuters 2021
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Financials
Sales 2022 17 908 M 2 300 M 2 300 M
Net income 2022 9 702 M 1 246 M 1 246 M
Net cash 2022 106 B 13 646 M 13 646 M
P/E ratio 2022 45,2x
Yield 2022 1,98%
Capitalization 438 B 56 210 M 56 210 M
EV / Sales 2022 18,5x
EV / Sales 2023 15,6x
Nbr of Employees 2 146
Free-Float 94,1%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 345,80 HKD
Average target price 366,31 HKD
Spread / Average Target 5,93%
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Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Chung Kwong Leung Group Chief Technology Officer
Trevor William Spanner Group Chief Information Officer
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