Asian Tech Press (May 5) -- Chinese video surveillance company Hikvision (002415.SZ) said rumors that it is being targeted by U.S. sanctions are yet to be verified.

Washington is reportedly preparing to impose tough sanctions on Hikvision after accusing it of "facilitating" measures related to the Uighurs in Xinjiang by supplying surveillance cameras to the Chinese government.

This is not the first time the U.S. has cracked down on Hikvision. The U.S. Department of Commerce added Hikvision to its "entity list" in 2020, and in 2021 added its holding company Hangzhou Hikmicro Sensing Technology Co. to the list for supporting China's military modernization.

Affected by the news, Hikvision shares have fallen 10% in Shenzhen after hitting limit down at the opening bell on Tuesday, with a market cap of only 400.82 billion yuan ($60.70 billion).

Hikvision responded that it has paid attention to the media reports, and the possible sanctions imposed by the U.S. government mentioned in the reports are yet to be verified.

The surveillance-technology giant said that the sanctions should be based on reliable evidence and due process, and the company hopes to be treated fairly and justly.

According to official information, Hikvision serves more than 150 countries and regions worldwide, including the United States.

Hikvision said it operates in strict compliance with the laws of the countries where it does business after joining the global market, follows internationally accepted business ethics and operating guidelines, and is committed to technology for good, as are all leading technology companies worldwide.

(US$1 = 6.6029 yuan)