However, SenseTime has been facing challenges in recent years, with investor enthusiasm waning amid slower growth prospects. The company was added to a U.S. trade blacklist in 2019, limiting its access to American supplies and technology. In the first half of 2023, revenues grew by just 1.3% year-on-year to 1.4 billion yuan ($202 million), while losses stood at $443.8 million. The company's stock has plunged more than 40% so far this year, and almost 80% since its IPO.
Key takeaways:
- Tang Xiao’ou, the billionaire founder of Hong Kong-listed Chinese artificial intelligence giant SenseTime, has passed away at the age of 55 due to an unspecified illness.
- At the time of his death, Tang had a net worth of $1.1 billion, according to Forbes’ real-time wealth tracker, based on his stake in SenseTime.
- SenseTime has been struggling in recent years, with investor enthusiasm fading amid slower growth prospects and being added to a U.S. trade blacklist in 2019.
- The company's stock has plunged more than 40% so far this year, and almost 80% since its IPO.