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SenseTime Group Inc. shares fell by nearly half, erasing nearly $12 billion in market value, as some investors in the Chinese artificial-intelligence company rushed for the door after a six-month lockup period ended.
The AI specialist had pushed ahead with a Hong Kong listing in December, despite being added to a U.S. investment blacklist. To do that, it had leaned on a few major investors who had promised not to sell for six months—a commitment that ended Wednesday, along with lockups for some other early investors.
