Shares of China’s SenseTime plummet to record low after founder’s death
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Shares of Chinese software developer SenseTime Group fell more than 18% in Hong Kong trading, hitting a historic low of HK$1.03 per share. This is how the market reacted to the death of Tang Xiaowu, the founder and majority shareholder of the company. He died on Friday, December 15, late in the evening, after the close of trading on the Hong Kong Stock Exchange. The company reported (.pdf) about this only on Sunday.
SenseTime released a statement today (.pdf) on the conversion of shares owned by Mr. Tan from Class A shares to Class B shares, eliminating the voting rights that they guaranteed to the founder of the company. From now on, the company will be managed by the CEO and Chairman of the Board, Dr. Xu Li.
SenseTime is a partially government-owned artificial intelligence company. The company develops technologies such as facial and image recognition, as well as software for unmanned vehicles.
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