China's AI developer SenseTime hits all-time low after founder's death

SenseTime

18/12/2023 01:59

** Shares of artificial intelligence (AI) software developer
SenseTime Group  0020.HK  drop as much as 18.3% to HK$1.03,
their lowest since debut in December 2021
    ** Stock on track for the biggest one-day pct drop since
June 2022, if losses hold; biggest loser in Hang Seng Tech Index
 .HSTECH , Hang Seng Composite Index  .HSCI  
    ** Tang Xiaoou, the founder of SenseTime, one of China's
biggest artificial intelligence firms, died late on Friday, the
company said on Saturday
    ** SenseTime said its controlling shareholder Tang has
passed away on Dec 15 due to health issues and the company will
strive to maintain stable development of its business,
management and operational activities 
    ** "The passing of Prof. Tang is not expected to have a
material adverse impact on the daily management and the ordinary
business activities of the company" - Co 
    ** Hang Seng Tech Index  .HSTECH  falls 1.3%, Hang Seng
Composite Index  .HSCI  and Hang Seng Index  .HSI  both slip 1% 
    ** Stock down 48.6% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))