Chinese AI Specialist SenseTime Jumps on Debut After Sanctions-Delayed IPO

(Bloomberg) — Chinese artificial intelligence giant SenseTime Group Inc. jumped on its first day of trading in Hong Kong after a rocky initial public offering that was delayed by concerns over fresh U.S. sanctions.

The stock gained as much as 23% in early trading, headed for the biggest first-day gain for any Hong Kong IPO since mid-July. The SoftBank Group Corp.-backed company raised HK$5.8 billion ($741 million) selling 1.5 billion shares at HK$3.85 apiece, the bottom of its marketed range.