As SenseTime's founder passes away, the company's shares reach a record low
Shares of the Chinese artificial intelligence firm SenseTime tumbled by as much as 18.25% on Monday, reaching an unprecedented low following the announcement of its founder's demise. On the Hong Kong stock exchange, SenseTime's shares hit a record low of 1.03 Hong Kong dollars ($0.13) on Monday, marking the lowest point in the company's history, as reported by LSEG data.
Year-to-date, the AI company's shares have experienced a decline of approximately 50%. SenseTime founder and accomplished AI scientist Tang Xiao'ou passed away on Friday at the age of 55 due to an undisclosed illness, as disclosed by the company in a statement issued on Saturday. The exact cause of his death was not disclosed by SenseTime.
In an announcement on its official WeChat account, SenseTime conveyed the somber news, stating, "It is with a very heavy heart that we announce the sad news that our beloved founder, Tang Xiao'ou ... succumbed to an illness and left us forever at 11:45 pm on December 15, 2023."
The company expressed its deepest condolences to Professor Tang's family during this somber period. On social media, the company paid tribute to Professor Tang, acknowledging his profound wisdom, unwavering enthusiasm, and relentless pursuit of scientific exploration. His legacy, the company affirmed, will continue to inspire them to remain true to their original aspirations and press forward.
Specializing in the development of AI software platforms and technologies, SenseTime encompasses AI-enabled content generation and facial recognition among its innovations. The company entered the global competition to advance generative AI following the widespread popularity of OpenAI's ChatGPT after its launch in November 2022.
Despite its strides in the AI landscape, SenseTime encountered challenges when it was included on a U.S. trade blacklist in 2019. This designation imposed restrictions on American firms engaging in business with SenseTime. The U.S. government alleged that SenseTime had connections to human rights violations in China's Xinjiang region. Founded by Tang in 2014, SenseTime went public on the Hong Kong Stock Exchange in 2021. Tang also held significant roles, serving as the director of Pujiang Laboratory, director of Shanghai AI Lab, and a professor at the Chinese University of Hong Kong, as stated by the company.
In the statement released on Saturday, SenseTime praised Tang as an exceptional figure in the field of AI in China, describing him as knowledgeable, pragmatic, and innovative.
