Investing.com– Hong Kong Stocks of SenseTime (HK:) rose sharply on Wednesday after the Chinese unicorn released an updated model of its proprietary generative AI model SenseNova.
SenseTime Group Inc (HK:) shares rose as much as 36%, trading up 28% at HK$0.73 at 10:25 PM ET (02:25 GMT). The gain dwarfed an increase of more than 1% in the index.
Sensetime launched the latest version of its generative artificial intelligence model, SenseNova 5.0, at its Tech Day event in Shanghai. The company said the updated model offers improved linguistic, creative and reasoning capabilities, along with improved text-to-image generation.
Sensetime also said it was working on text-to-video generation.
The company, which is partly owned by the Chinese government, is among the forerunners in China’s AI development efforts. E-commerce giant Alibaba.com Group (NYSE:) also has a stake in the company.
Sensetime was one of the first AI companies in the world to achieve unicorn status, i.e. a valuation of more than $1 billion, and was listed on the Hong Kong Stock Exchange in 2021.
But Sensetime has faced a slew of US sanctions over the past five years, after reports alleged the company’s software was used by the Chinese government to develop facial recognition software targeting certain minorities in the country.
A US ban on investments in the company also severely curtailed its IPO, while sanctions ended most partnerships with US companies.
Nevertheless, Sensetime has maintained and expanded cooperation with Chinese companies. The company has a partnership with Haitong Securities to develop AI products for the financial sector.
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Sensetime’s AI models are also used in Xiaomi Corp’s (HK:) SU7 electric vehicle.
