SenseTime (HKG:0020) will sell 1,865,000,000 shares to not less than six investors under a placing scheme to raise gross proceeds of approximately HK$2.80, according to a Wednesday filing with the Hong Kong Exchange.

The shares will be sold at about HK$1.50 apiece, the filing said.

Proceeds will be used to support the company's artificial intelligence cloud infrastructure and generative AI models, and for general working capital.

Upon completion of the placement, the placees will hold a 5.04% stake in SenseTime.

Shares slipped 1% during Wednesday's trading.