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

Reuters04-26

** Shares in Chinese artificial intelligence $(AI)$ software developer SenseTime Group Inc 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

and Hang Seng Composite Index

** 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 jumps 4.8%, while Hang Seng Composite Index and Hang Seng Index both rise 2.5%

** Shares down 3.4% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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