Chinese artificial intelligence company SenseTime is experiencing a continuous reduction in shareholding by its major shareholders.
The company—hit by U.S. sanctions over Uyghur concerns—has accumulated losses of 43.83 billion yuan (about $6.14 billion) in the past five years.
The company joins Megvii Technology, Yitu Technology, and Cloudwalk Technology as part of China’s four “AI dragons.”
According to industry insiders, the other three “AI dragons” also performed below expectations due to U.S. sanctions.
Equity information provided by the Hong Kong Stock Exchange (HKEX) on June 19 showed that Alibaba Group Holding Ltd. (09988.HK) sold 50 million shares of SenseTime on June 15 at an average of HK$2.2670 (about US$0.295) per share. Alibaba reduced its holdings worth 113.35 million Hong Kong dollars (about US$14.74 million) in cash this time, and its stake fell to 5.91 percent. On June 20, the closing price of SenseTime (00020.HK) dropped to HK$2.25 (about US$0.293)….