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

Reuters2023-12-18

** Shares of artificial intelligence $(AI)$ software developer SenseTime Group 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

, Hang Seng Composite Index

** 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 falls 1.3%, Hang Seng Composite Index and Hang Seng Index both slip 1%

** Stock down 48.6% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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