Chinese AI Champion SenseTime’s Stock Tanks as Investor Lockup Ends
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SenseTime Group Inc. shares fell by nearly half, erasing nearly $12 billion in market value, as some investors in the Chinese artificial-intelligence company rushed for the door after a six-month lockup period ended.
The AI specialist had pushed ahead with a Hong Kong listing in December, despite being added to a U.S. investment blacklist. To do that, it had leaned on a few major investors who had promised not to sell for six months—a commitment that ended Wednesday, along with lockups for some other early investors.
By and
SenseTime Group Inc. shares fell by nearly half, erasing nearly $12 billion in market value, as some investors in the Chinese artificial-intelligence company rushed for the door after a six-month lockup period ended.
The AI specialist had pushed ahead with a Hong Kong listing in December, despite being added to a U.S. investment blacklist. To do that, it had leaned on a few major investors who had promised not to sell for six months—a commitment that ended Wednesday, along with lockups for some other early investors.
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