In the News: SenseTime Blacklisted; Insurance Asset Management Opening-Up; and App Store Removals

December 14, 2021 | BY

Vincent Chow

OFAC prohibits U.S. investments in AI company SenseTime, Hong Kong listing postponed; CBIRC to remove foreign ownership cap for insurance asset management firms; MIIT orders removal of 106 apps over data violations

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Photo: Diego M. Radzinschi/ALM

 

SenseTime added to U.S. investment blacklist, IPO postponed

The Biden administration has added leading Chinese artificial intelligence company SenseTime to its investment blacklist. On December 10, the Treasury Department's Office of Foreign Assets Control (OFAC) designated the company as a "Non-SDN Chinese Military-Industrial Complex Company" (NS-CMIC), accusing it of developing facial recognition programs targeting China's Uyghur population.

The designation came on the eve of the company's $767 million Hong Kong initial public offering originally scheduled for December 17. The