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Chinese artificial intelligence giant SenseTime tumbles more than 6% in Hong Kong on speculated share sales by Softbank.
The company had registered about 24.515 billion shares in the Central Clearing and Settlement System (CCASS) of the Hong Kong Stock Exchange as of last Friday, July 22, representing about 73.15% of its total issued shares. That’s compared with 19.784 billion shares, or 59.03% of the issued shares, registered in the previous day, meaning about 4.73 billion shares or 14.12% stake were transferred into CCASS.
The transferred shares were said to be the stake held by SoftBank. According to SenseTime’s prospectus disclosed in last December, SoftBank’s SPV held about 14.21% of SenseTime.
The sell-off in SenseTime’s Hong Kong stocks started at the end of June when a lock-up of its shares expired following its December initial public offering. A lock-up on a portion of the stock owned by cornerstone investors and shareholders — amounting to 23.4 billion of shares — expired on June 29.
