China's SenseTime hits 7-week low on discounted share sale

SenseTime

21/06/2024 03:06

** Shares of Chinese artificial intelligence (AI) software
developer SenseTime Group Inc  0020.HK  fall 6.8% to HK$1.23,
their lowest since May 2
    ** Stock is the second-biggest loser in both Hang Seng China
Enterprises Index  .HSCE  and Hang Seng Tech Index  .HSTECH 
    ** Sensetime plans sale of 1.67 bln new shares, representing
4.76% of the enlarged share capital, raising HK$2 bln ($256.3
mln) for enhancing scale of its AI infrastructure SenseCore, for
development of generative AI and for working capital  
    ** Says the new shares will be issued at HK$1.20 apiece, or
9.1% discount to Thursday's close of HK$1.32 each
    ** Hang Seng Tech Index  .HSTECH  falls 1.4%, Hang Seng
China Enterprises Index  .HSCE  eases 1.1% and Hang Seng Index
 .HSI  slips 1%
    ** Stock up 10.3% YTD  


($1 = 7.8036 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))