Asian Tech Press (Dec 10) -- The U.S. will put Chinese AI firm SenseTime on its investment blacklist this Friday, just in time for its Hong Kong IPO, according to the Financial Times.

The report said the blacklist that SenseTime is being added to is related to U.S. investments. Under an executive order signed by U.S. President Joe Biden in June this year, companies on the list are barred from receiving U.S. investments.

As previously reported, SenseTime's offerings will be priced on Friday and start trading on the Hong Kong Stock Exchange on Dec. 17. And the company plans to use most of the IPO funds for research and development of its key artificial intelligence technology.

The company had planned to raise as much as $2 billion in the Hong Kong IPO, but scaled back the deal ahead of the listing, Reuters previously reported.

Public information shows that SenseTime, founded in 2014, is an AI software company focused on computer vision and deep learning technologies. A Frost & Sullivan report cited in SenseTime's prospectus shows that it is the largest AI software provider in terms of revenue in Asia in 2020.