HONG KONG: Chinese artificial intelligence startup SenseTime Group has received approval for an initial public offering in Hong Kong, according to two sources with direct knowledge of the matter. Reuters reported in August the company was planning to raise up to $2 billion in the deal, based on information from sources.

The sources declined to be identified as the information has not yet been made public. A SenseTime spokesperson declined to comment. Hong Kong-based SenseTime is backed by major investors such as SoftBank Vision Fund and Alibaba Group Holdings

The company provides technology-based applications, including facial recognition, video analysing and autonomous driving. SenseTime was among eight Chinese tech companies placed on a US blacklist in 2019 amid trade tensions between Beijing and Washington.

The United States alleges the companies played a role in human rights abuses against Muslim minority groups in China. SenseTime said at the time it strongly opposed the US trade restrictions and would work with relevant authorities to resolve the situation.