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SenseTime Co-founder, Executive Director, and Board Secretary Xu Bing (Image Source: SenseTime Official Website)
AsianFin -- Xu Bing, a co-founder, executive director, and board secretary of AI company SenseTime Group, has resigned from his executive position.
This move means Xu will no longer hold any executive role in SenseTime's management team. SenseTime has declined to comment on the matter as of press time.
Xu, a key figure in SenseTime's rise, has been instrumental in the company's corporate development strategy, financing, and strategic investments. A protege of late founder Tang Xiao'ou, Xu led SenseTime to raise over $1 billion between 2017 and 2018, cementing its status as a global AI unicorn. He also played a pivotal role in SenseTime's 2021 Hong Kong IPO, which raised HKD 5.8 billion and made it the first Chinese AI software company listed on the Hong Kong Stock Exchange.
As of June 30, 2023, Xu held 104 million Class A shares and 252 million Class B shares, representing approximately 1.28% of the company's voting rights. Collectively, Tang and his core team, including Xu, controlled about 36.35% of SenseTime's voting rights.
Xu's most recent public appearance was at Hong Kong FinTech Week in October 2024, where he emphasized the company's efforts to build one of China's largest AI cloud services, preparing the industry for artificial general intelligence (AGI) while reducing computational costs to make AI more accessible.
SenseTime's financial performance has shown resilience, with H1 2024 revenue reaching 1.74 billion yuan (about $240 million), a 21% year-on-year increase. Notably, its generative AI business surged 256% to 1.051 billion yuan, accounting for 60% of total revenue. This growth was driven by strong demand for large models and intelligent computing services in China, as well as advancements in SenseTime's "SenseNova" large model.
As SenseTime enters its tenth year, the company is undergoing significant transformations, including workforce optimization and business restructuring. In December 2024, Chairman and CEO Xu Li announced a new "1+X" framework, focusing on core AI cloud services while spinning off ecosystem companies like smart automotive brand "Jueying" and smart healthcare. These subsidiaries will operate independently with their own CEOs, enabling them to seize market opportunities more effectively.
SenseTime's stock price has risen over 19% in the year to date, with its market capitalization reaching approximately HKD 62.2 billion. As the company prepares to release its 2024 annual report, investors will be watching closely for updates on its generative AI business and strategic initiatives.
(Note: 1 USD equals 7.25 yuan)
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