Gate News message, April 17 — SenseTime Group, a Chinese AI software and hardware company, announced a share placement in Hong Kong to raise HK$3.25 billion (US$415 million). The company will issue 1.7 billion shares at HK$1.90 (US$0.24) each, representing an 8.6% discount to the April 16 closing price, and will account for approximately 4.04% of its enlarged share capital.
Forty percent of the proceeds will fund SenseCore, the company’s AI cloud infrastructure platform and cloud stack, while the remainder will support generative AI research, commercial applications, and working capital. The placement does not require shareholder approval as it falls within a mandate approved at last June’s annual meeting, which allows up to 7.4 billion new shares; 3.42 billion have already been issued.
SenseTime shares declined 4.8% to HK$1.99 (US$0.25) on April 16, bringing the year-to-date decline to 9.6%.
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