Group 1 - The core announcement from SenseTime is the placement of 1.75 billion new Class B shares, expected to raise approximately HKD 3.15 billion, reflecting strong institutional confidence in the company's long-term value and growth prospects [1] - The proceeds from the share placement will be used to enhance SenseTime's leading position in the full-stack AI sector, including the development of an industry-leading AI cloud and expansion of its AI infrastructure [1] - The funds will also support research and development in generative AI and the commercialization of products derived from multi-modal large models, as well as exploring AI applications in various verticals such as finance and education [1] Group 2 - SenseTime has made significant breakthroughs in product ecosystem co-construction, launching multiple applications based on its multi-modal large model since the start of the "SenseTime Product Release Week" on December 15 [2] - New products include the industry's first integrated creative and multi-episode generation intelligent agent Seko 2.0, which is compatible with domestic AI chips from Cambrian [2] - Additional products such as the AI office assistant Xiaohuanxiong 3.0 and marketing intelligent agent Ruying, along with innovative robots and the Kapi family, showcase SenseTime's ongoing leadership in integrating AI technology with practical applications [2]

Group 1 - The core announcement is that SenseTime Group plans to raise approximately HKD 3.15 billion by issuing 1,750,000,000 new Class B shares at a price of HKD 1.80 per share, which represents a discount of about 8.6% from the previous trading day's closing price of HKD 1.97 [1] - The new shares will account for approximately 4.5% of the existing issued share capital and about 4.3% of the enlarged share capital upon completion of the issuance [1] - The funds raised will be allocated towards core business development, including AI cloud and infrastructure construction, generative AI research and development, exploration of innovative verticals, and general working capital [1] Group 2 - The placement is being managed by Guotai Junan International and China Merchants International as placement agents [1] - The issuance is expected to be completed on December 23, 2025, under the general authorization granted by the shareholders' meeting [1] - SenseTime Group is recognized as a leading artificial intelligence software company, primarily engaged in the sale of advanced AI software platforms and related services, AI hardware-software integration products, AIDC services, and AI technology research and development activities [1]

Core Viewpoint - SenseTime-W (00020) announced a placement agreement to issue 1.75 billion shares at a price of HKD 1.80 per share, representing an approximate 8.63% discount to the closing price of HKD 1.97 on December 17, 2025 [1] Group 1: Placement Details - The placement will involve at least six subscribers and will account for approximately 4.60% of the issued B shares and about 4.52% of the total issued shares as of the announcement date [1] - The expected total proceeds from the placement are approximately HKD 3.15 billion, with a net amount of about HKD 3.14 billion [1] Group 2: Use of Proceeds - 30% of the net proceeds will be used to support the company's core business development, including building an industry-leading AI cloud and expanding the scale of its AI infrastructure [1] - 30% will be allocated to research and development of generative AI and the development of derivative products based on the company's multimodal large models [1] - 20% will be used to explore the integration and application of AI in innovative verticals, including but not limited to finance and education [1] - 20% will be reserved for general working capital [1]

Core Viewpoint - SenseTime-W (00020) announced a placement agreement to issue 1.75 billion shares at a price of HKD 1.80 per share, representing an approximate 8.63% discount to the closing price of HKD 1.97 on December 17, 2025 [1] Group 1: Placement Details - The placement will involve at least six subscribers and will account for approximately 4.60% of the issued B shares and about 4.52% of the total issued shares as of the announcement date [1] - The expected total proceeds from the placement are approximately HKD 3.15 billion, with net proceeds estimated at HKD 3.14 billion [1] Group 2: Use of Proceeds - 30% of the net proceeds will be used to support the company's core business development, including building an industry-leading AI cloud and expanding the scale of its AI infrastructure [1] - 30% will be allocated for research and development of generative AI and the development of products derived from the company's multimodal large models [1] - 20% will be used to explore the integration and application of AI in innovative verticals, including but not limited to finance and education [1] - 20% will be reserved for general working capital [1]

Core Viewpoint - The company, SenseTime-W (00020.HK), has announced a placement agreement to issue 1.75 billion shares at a price of HKD 1.80 per share, aiming to raise approximately HKD 31.50 billion in total proceeds [1] Group 1: Placement Details - The placement shares represent about 4.60% of the issued B shares and approximately 4.52% of the total issued shares as of the announcement date [1] - The net proceeds from the placement are expected to be around HKD 31.46 billion [1] Group 2: Use of Proceeds - 30% of the net proceeds will be used to support the company's core business development, including building an industry-leading AI cloud and expanding the scale of its AI infrastructure [1] - 30% will be allocated for research and development of generative AI and the development of derivative products based on the company's multimodal large models [1] - 20% will be used to explore the integration and application of AI technologies in innovative verticals, including but not limited to finance and education [1] - 20% will be allocated for general working capital of the company [1]

Group 1 - The company, SenseTime, has disclosed information regarding the placement of new Class B shares on the Hong Kong Stock Exchange [1] - A placement agreement has been established with a placement agent, which conditionally and individually agrees to facilitate the subscription of 1,750,000,000 shares by no less than six subscribers [1] - The placement price per share is set at HKD 1.80, with the total expected proceeds from the placement amounting to HKD 3.15 billion [1]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：0020（港幣櫃台）及80020（人民幣櫃台）） 根據一般授權配售新B類股份 配售代理 於2025年12月18日（聯交所交易時段前），本公司與配售代理訂立配售協議，據 此，配售代理已有條件及個別同意（作為本公司的配售代理）盡力促使不少於六 名承配人認購1,750,000,000股配售股份，每股配售股份之配售價為1.80港元。 1 本公告不會直接或間接於或向美國派發。本公告並非在美國境內購買或認購證券的要約或招攬 或其組成部分。本公告所述的本公司股份並未且不會根據1933年美國證券法（經修訂）（「證券 法」）或於美國任何州或其他司法管轄區的任何證券監管機構登記，且不得直接或間接向或於美 國境內提呈發售、出售、轉售、質押、轉讓或交付，惟根據證券法登記者或獲 ...

Core Insights - The true value of investment begins to create after the capital is deployed, shifting focus from fundraising and investment to post-investment management [2][40] - The era of simply betting on the right sectors is over, leading to a new cycle of meticulous management where post-investment management is a core strategy rather than an optional step [2][40] - Successful exits are crucial for realizing financial returns, making exit path planning essential for maximizing returns [2][40] Group 1: Post-Investment Management - Post-investment management is no longer a simple monitoring task but a collaborative effort to create value alongside the invested companies [2][40] - The importance of establishing a preventive system for post-investment management has been highlighted, which can help identify potential issues early [49] - The management process requires significant effort, akin to a medical intervention, where proactive measures can prevent larger issues later on [48] Group 2: Case Studies and Challenges - A case study illustrated the challenges faced when a startup's founding team lacked operational readiness, leading to a near-crisis situation that required extensive restructuring and support [8][9] - Another example showed how a technology company successfully navigated a leadership vacuum, maintaining stability and growth during a critical period [50][51] - The challenges of changing the mindset of actual controllers in companies were emphasized, as it is crucial for effective collaboration and acceptance of external advice [56][57] Group 3: Value Creation and Exit Strategies - The discussion included how post-investment management can directly enhance enterprise value through strategic interventions and resource allocation [56] - The importance of clear capital paths for companies, such as preparing for IPOs or mergers, was noted as a key factor in planning exits [30][32] - Metrics for evaluating the effectiveness of post-investment management include financial performance, industry ranking, and clarity of capital paths [31][32][36]

Core Insights - The article discusses the breakthrough of the SenseNova-SI model, developed by SenseTime, which has surpassed the Cambrian-S model in spatial intelligence capabilities [2][5][50] - It highlights a shift in AI paradigms, moving away from merely scaling models to a focus on foundational research and understanding of multi-modal and spatial intelligence [9][20][22] Model Performance - SenseNova-SI achieved state-of-the-art (SOTA) results across various spatial intelligence benchmarks, outperforming both open-source and proprietary models [4][5] - Specific performance metrics show SenseNova-SI scoring higher than Cambrian-S in key areas such as spatial reasoning and hallucination suppression [50] Paradigm Shift in AI - The article emphasizes that the traditional AI model scaling approach is reaching its limits, necessitating a return to fundamental research [9][15][20] - SenseTime's approach involves a new architecture called NEO, which integrates visual and language processing at the core level, allowing for better understanding of spatial relationships [39][42] Technological Innovations - The NEO architecture allows simultaneous processing of visual and textual tokens, enhancing the model's ability to understand and interact with the physical world [42][46] - SenseNova-SI demonstrates a tenfold increase in data efficiency, requiring only 10% of the training data compared to similar models to achieve SOTA performance [49] Industrial Application - The article discusses the importance of making AI technologies economically viable, emphasizing that high costs and slow processing times are barriers to widespread adoption [55][58] - SenseTime's SekoTalk product exemplifies the successful application of AI in real-time video generation, significantly reducing processing time from hours to real-time [64][66] Future Directions - The article encourages young researchers and entrepreneurs to explore diverse fields beyond large language models, such as embodied intelligence and AI for science [68][70] - It concludes with a vision for China's potential in developing AI that deeply interacts with the physical world, positioning it as a leader in this emerging landscape [72][73]

Core Viewpoint - SenseTime has launched the "Yuying Marketing Intelligent Body," an AI solution aimed at automating e-commerce operations, including store management, live streaming, and traffic allocation [1] Group 1: Product Features - The intelligent system consists of five functional units: Store Operation Agent, Live Streaming Operation Agent, Traffic Allocation Agent, Live Streaming Control Agent, and Digital Human Agent [1] - These agents can automatically perform tasks such as data organization, review analysis, monitoring of ad placements, and live streaming assistance [1] Group 2: Efficiency Improvements - In certain scenarios, the efficiency of store operation tasks can increase by up to 20 times, and the time required for live streaming reviews can be reduced from 2 hours to 20 minutes [1] Group 3: Unique Selling Proposition - The Yuying Digital Human Agent can replicate real human live streaming without complex video capture, enabling "same-day replication for same-day broadcasting," addressing the challenges faced by small and medium-sized businesses regarding the limited availability of human hosts [1] Group 4: Technical Foundation - The system operates on SenseTime's "Riri New" large model and integrates with an intelligent agent framework capable of operational tasks [1] - The system has been applied in real commercial scenarios over the past year and has been adapted to work with major domestic hardware chips [1]