Human rights allegations
The US aims to ban investments by SenseTime Group Inc., according to a reliable source, accusing the artificial intelligence firm of human rights breaches.
SenseTime will be added to a list of Chinese military-industrial complex enterprises in which Americans are not allowed to invest. The Department of Commerce has already placed the business on a blacklist, barring it from accessing crucial US suppliers and technology.
Adding a company to the “black list” timed to coincide with Human Rights Day
The inclusion of SenseTime to the list is scheduled to coincide with Human Rights Day, and this measure is part of a package of penalties against numerous nations in honor of the anniversary, as well as the last day of President Joe Biden’s democracy conference.
The business, which is financed by SoftBank Group Corp., announced in August that just one of its subsidiaries, Beijing SenseTime, would be subject to US sanctions as part of the list of legal entities and that the limitations would not extend to other SenseTime divisions.
The impact of the blacklist on the forthcoming SenseTime IPO is unknown. According to Bloomberg, the artificial intelligence firm is looking to raise $786 million through a December 17 IPO.
Eight corner investors have already agreed to subscribe to SenseTime shares for $ 450 million, or around 59 percent of the offer, under the terms of the agreement.