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Chinese AI giant SenseTime suspends trading as shares surge more than 30% after launch of updated large language model
- Trading in Hong Kong was halted on Wednesday pending ‘the release of an announcement which may constitute inside information of the company’
- SenseTime’s shares gained as much as 36 per cent after the company launched the latest iteration of its SenseNova large language model
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Che Panin Beijing
Chinese artificial intelligence (AI) giant SenseTime Group halted trading of its stock in Hong Kong after its share price surged more than 30 per cent on Wednesday morning, following the launch of its updated SenseNova large language model (LLM) that the firm claims to be on par with OpenAI’s GPT-4 Turbo model.
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SenseTime, which has its global headquarters at the Hong Kong Science Park, suspended trading at 11:15am on Wednesday – pending “the release of an announcement which may constitute inside information of the company” – after its shares gained as much as 36 per cent before closing up 31.2 per cent to HK$0.8.
That hefty gain came after SenseTime co-founder, chairman and chief executive Xu Li on Tuesday introduced the latest advances of the company’s updated LLM – the technology used to train generative AI services like ChatGPT – at the firm’s Tech Day event in Shanghai.
“In our pursuit to push the boundaries of SenseNova’s capabilities, SenseTime remains guided by the Scaling Law as we build upon our large [language] model based on this three-tier architecture: knowledge, reasoning and execution,” said Li, referring to expanding the LLM’s size by increasing its parameter count to boost its learning and generalisation capacity.
Major advances in the 5.0 version of SenseNova, which made its debut in April 2023, focus on knowledge, mathematics, reasoning and coding capabilities, according to Xu.
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