Chinese AI Champion SenseTime’s Stock Tanks as Investor Lockup Ends

By Rebecca Feng and Jing Yang

June 30, 2022 6:32 am ET

SenseTime Group Inc. shares fell by practically half, erasing practically $12 billion in market worth, as some traders within the Chinese artificial-intelligence firm rushed for the door after a six-month lockup interval ended.

The AI specialist had pushed ahead with a Hong Kong listing in December, regardless of being added to a U.S. investment blacklist. To try this, it had leaned on just a few main traders who had promised to not promote for six months—a dedication that ended Wednesday, together with lockups for another early traders.