Investing.com — Hong Kong stocks sense time (Hong Kong:) Shares soared on Wednesday after the Chinese unicorn released an updated model for its generative AI model SenseNova.
Sense Time Group Co., Ltd. (HK:) Shares rose as much as 36% and were up 28% to trade at HK$0.73 by 22:25 ET (2:25pm Japan time). This increase dwarfed the index's more than 1% rise.
Sensetime announced the latest version of its generative artificial intelligence model, SenseNova 5.0, at its Tech Day event in Shanghai. The company says the updated model has improved language, creativity and reasoning abilities, as well as improved text-to-image generation.
Senstime said it is also working on text-to-video generation.
The company is partly owned by the Chinese government and is one of the pioneers in China's AI development efforts.e-commerce giant alibaba Group (NYSE:) also has an investment in the company.
Sensetime was one of the first AI companies in the world to achieve unicorn status, or a valuation of over $1 billion, and was listed on the Hong Kong Stock Exchange in 2021.
But SenseTime has faced a slew of U.S. sanctions over the past five years following reports that its software was being used by the Chinese government to develop facial recognition software targeting certain minorities in the country. It's here.
A U.S. ban on investing in the company has significantly reduced the size of the IPO, while sanctions have also ended most of its partnerships with American companies.
Still, SenseTime has maintained and grown its cooperative relationships with Chinese companies. The company has partnered with Kaitong Securities to develop AI products for the financial sector.
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Sensetime's AI model is also used in Xiaomi Corp's (Hong Kong:) SU7 electric car.
