China's SenseTime set for best week on record after launch of SenseNova 5.0

SenseTime

26/04/2024 08:00

** Shares in Chinese artificial intelligence (AI) software
developer SenseTime Group Inc  0020.HK  jump 38.6% to HK$1.15,
on course for the biggest one-day pct rise since January 2022
    ** Stock on track to end the week up 91.4% if gains hold,
the best week since debut in December 2021 
    ** Shares hit the highest since Jan 3 and on track for fifth
straight session of gain; top gainer on Hang Seng Tech Index
 .HSTECH  and Hang Seng Composite Index  .HSCI 
    ** Earlier this week, the U.S.-blacklisted firm announced
launch of SenseNova 5.0, Integrated Large Model (Enterprise)
edge device and Edge-side Large Model SDK version for mobile
devices 
    ** SenseTime is one of many racing to develop generative AI
(GAI)
    ** Haitong International, with an "Outperform" rating on the
stock, says SenseTime's SenseNova can be deployed in the
Terminal side with much lighter burden on hardware, making GAI
deployment and commercialization more feasible and
cost-effective
    ** Haitong says it believes SenseTime is much undervalued
given the ambiguous commercialization route for GAI at the
moment 
    ** Hang Seng Tech Index  .HSTECH  jumps 4.8%, while Hang
Seng Composite Index  .HSCI  and Hang Seng Index  .HSI  both
rise 2.5%
    ** Shares down 3.4% YTD
    
    

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