State-backed entities make up the majority of the cornerstone investors expected to buy about two-thirds of the Chinese artificial intelligence company’s offering. The Chinese artificial intelligence company revealed in its regulatory filings to the Hong Kong Stock Exchange that it is retaining its target of selling 1.5 billion shares at between HK$3.85 and HK$3.99 each. (Reuters, Financial Times)

Talking point: SenseTime refiled its IPO papers after the U.S. government banned American citizens and entities from investing in the controversial company. Washington said the company is responsible for human rights abuses against Muslim Uyghurs in China’s Xinjiang region, adding it to a list of “Chinese military-industrial complex companies.” Beijing appears to have covered any shortfall that might have resulted from the decree. Meanwhile, China’s venture investors are seeing a 65 per cent drop in tech-startup fundraising, according to data provider Preqin.