SenseTime up 23 percent on debut

SenseTime Group saw its shares price up by as much as 23 percent from their HK$3.85 ($0.4937 or 3.14 yuan) IPO prices on debut day in Hong Kong. The artificial intelligence startup raised US$740 million in its IPO. The deal valued SenseTime at US$16.4 billion.

SenseTime was forced to delay its IPO earlier this month after the US Treasury Department put it on a list of “Chinese military-industrial complex companies” which banned American companies from investing in it.

Founded in 2014, SenseTime was the most profitable AI company in Asia last year, according to market research firm Frost & Sullivan.