Core Viewpoint - SenseTime Technology announced a new fundraising initiative through the issuance of approximately 1.67 billion B-class shares at HKD 1.50 per share, aiming to raise around HKD 2.5 billion, with a net amount of approximately HKD 2.498 billion after expenses [1] Group 1: Fundraising Details - The fundraising will be fully subscribed by Wujie Capital, an international long-term fund focused on emerging technologies and other sectors [1] - This marks the third fundraising effort since SenseTime's IPO, with previous rounds raising approximately HKD 2 billion in June 2024 and HKD 2.8 billion in December 2024 [2] Group 2: Use of Proceeds - The funds will primarily support the development of core business areas, including AI cloud services, generative AI research, and the development of multimodal large model derivative products [1] - The company aims to explore technology integration in innovative verticals, including embodied intelligence robots and digital finance applications [1] Group 3: Business Strategy and Financial Performance - SenseTime is restructuring its organization to promote independent financing for various sectors, including smart vehicles and healthcare [3] - Although the company has not yet achieved profitability, its losses have been narrowing, with revenue projections of approximately HKD 3.809 billion, HKD 3.406 billion, and HKD 3.772 billion from 2022 to 2024, and net losses decreasing from HKD -6.045 billion to HKD -4.278 billion during the same period [3]

Core Viewpoint - SenseTime successfully completed the placement of 1.667 billion new Class B shares, raising approximately HKD 2.5 billion, with funds primarily allocated for AI core business development and strategic layout in cutting-edge fields like embodied intelligence and real-world assets [1][2]. Group 1: Fundraising Details - The placement of 1.667 billion shares represents 4.58% of the company's issued Class B shares and 4.50% of the total issued shares, with a subscription price of HKD 1.50 per share, reflecting a discount of approximately 6.25% from the closing price on July 23 [2]. - The entire placement was fully subscribed by Infini Capital, which focuses on global capital allocation needs for Middle Eastern sovereign wealth funds and family offices [2]. Group 2: Allocation of Funds - 30% of the net proceeds will be used for the development of AI core business, including the expansion of the "SenseTime Big Device" infrastructure platform [3]. - Another 30% will support the research and development of generative AI and multimodal large models, aiming to commercialize applications in vertical fields such as smart hardware and digital finance [3]. - 20% will be invested in the integration of embodied intelligence and emerging technologies, while the remaining 20% will be allocated for general operating expenses [3]. Group 3: Strategic Developments - SenseTime plans to establish an independent company focused on embodied intelligence, with a core team including its chief scientist and former JD Research Institute director [4]. - The company has restructured its organizational framework into a "1+X" model, where "1" represents the core business and "X" represents the ecosystem of independent enterprises, including sectors like smart vehicles and home robots [4]. Group 4: Industry Context - The AI industry in China is experiencing significant growth in financing, with leading companies like SenseTime accelerating their technological layouts through capital operations [5]. - The competition in AI technology is evolving from algorithmic levels to hardware and application scenarios, with a shift towards "technology leadership" rather than just "high cost-performance alternatives" [5]. - SenseTime has engaged in deep collaborations with various embodied intelligence companies, developing projects like the "embodied intelligence brain" and emotional support robots [5][6].

内地人工智能(AI)龙头商汤(00020.HK)于2025年7月24日早间公告，拟配发及发行约16.67亿股B类认购股 份，无极资本旗下基金Infini Global Master Fund(认购人)拟以每股认购价1.50港元认购，募资25亿港元。 每股认购价较最后交易日收市价每股1.64港元折让约6.25%。国泰君安国际、中信证券为其配售代理。 来源：瑞恩资本RyanbenCapital 商汤，于2021年12月30日在港交所上市，当时以每股3.85港元发行17.25亿股H股(含绿鞋2.25亿股)。截 至2025年7月24日午间收市，每股报1.60港元，总市值约592.12亿港元. | | | 佔已發行股份 | | 佔已發行股份 | | --- | --- | --- | --- | --- | | | 總數的概約 | | | 總數的概約 | | | 股份數目 | 百分比(%) | 股份數目 | 百分比(%) | | A類股份 | 614,034,470 | 1.66 | 614,034,470 | 1.59 | | B類股份 | | | | | | 認購人(1) | | | 1.666.667.000 | ...

Core Insights - SenseTime's "Jueying" smart car business is advancing a financing round of several hundred million yuan [1] - SenseTime has restructured its operations through a "1+X" framework, allowing its smart car "Jueying," home robot "Yuanluobo," smart healthcare, and smart retail sectors to operate as independent entities for financing [1] - Several ecosystem companies in AI chips and AI retail have disclosed financing progress this year [1]

Core Insights - SenseTime's "1+X" structural adjustment has led to significant progress in its "X" business, with six ecosystem companies nearing completion of approximately 1.8 billion yuan in financing, and the total equity value of these companies reaching around 10 billion yuan [2][4] Financing Progress - Six ecosystem companies have secured or are close to securing a total of 1.8 billion yuan in financing, with SenseTime's equity value in these companies approaching 10 billion yuan [2] - Three specific ecosystem companies have publicly disclosed their financing: 1. Sunrise, an AI + cloud chip company, completed financing with investors including SANY Group and Fourth Paradigm [2][3] 2. SenseTime Medical (AI + healthcare) completed its first round of financing led by Yingfeng Holdings and is pursuing a larger round [2][3] 3. SenseTime Retail (AI + retail) completed its A round financing led by GSR Ventures [2][3] Strategic Focus - Following the "1+X" adjustment, SenseTime is focusing more on generative AI, allowing ecosystem companies to concentrate on their specific AI applications while sharing the group's infrastructure and model results [4] - The company is also making strides in the embodied intelligence sector, with investments in companies like Galaxy General and Zhongqing Robotics, which have recently secured significant financing [4] Market Position and Valuation - As of July 23, SenseTime's market capitalization was 59.21 billion HKD, which, while lower than its peak valuation, has been on an upward trend over the past year [5] - The restructuring has created a "R&D-incubation-capitalization" closed loop, with several ecosystem companies having the potential for independent listings, which could enhance SenseTime's value as an AI ecosystem platform [5] Future Outlook - The upcoming WAIC World Artificial Intelligence Conference will see SenseTime launch its "embodied intelligence platform," indicating ongoing innovation and market engagement [4] - The recent release of NVIDIA's H20 GPU is expected to benefit AI companies like SenseTime by providing more accessible computing power, potentially leading to increased AI application innovations [5]

Group 1 - The core announcement is that SenseTime Group (stock code: 0020) plans to raise approximately HKD 2.5 billion through the placement of new Class B shares, issuing 1,666,667,000 shares at a price of HKD 1.50 per share, which represents a discount of about 6.3% to the closing price on July 23, 2025 [1] - The placement shares will account for approximately 4.5% of the existing issued share capital and about 4.3% of the enlarged share capital after completion [1] - The funds raised will be used to support the company's core business development, research in generative artificial intelligence, and exploration of technology integration in innovative verticals, as well as for general working capital [1] Group 2 - The placement is managed by Guotai Junan Securities and CITIC Securities, and is expected to be completed within three business days after the fulfillment of certain conditions [1]

金十数据7月24日讯，商汤(00020.HK)发布公告，2025年7月23日，公司订立与认购人之间的认购协议， 据此，认购人已有条件同意认购，且公司有条件同意配发及发行合共约16.66亿股认购股份，每股认购 股份的认购价为1.50港元，总代价约为25亿港元。认购价较最新收盘价折价约6.25%。 商汤拟折价6.25%配售新股筹资25亿港元 ...

Core Viewpoint - SenseTime-W (00020.HK) has entered into a subscription agreement to issue approximately 1.667 billion subscription shares at a price of HKD 1.50 per share, totaling around HKD 2.5 billion, which represents about 4.58% of the existing B shares and 4.50% of the total issued shares as of the announcement date [1] Group 1 - The subscription agreement involves a conditional agreement between the company and the subscriber, which is managed by Infinity Capital Global, owned by Tony Chin [1] - The subscription proceeds are expected to be approximately HKD 2.5 billion, with a net amount of about HKD 2.498 billion [2] Group 2 - The net proceeds from the subscription will be allocated as follows: 30% for core business development, including AI cloud and infrastructure expansion; 30% for research and development of generative AI and related products; 20% for exploring AI integration in innovative verticals such as robotics and digital assets; and 20% for general working capital [2]

Core Viewpoint - The company has entered into a subscription agreement to issue 1,666,667,000 new Class B shares at a subscription price of HKD 1.50 per share, representing a discount of approximately 6.25% from the closing price of HKD 1.60 on July 23, 2025, with total proceeds of approximately HKD 2.5 billion [1][2] Group 1 - The net proceeds from the subscription are approximately HKD 2.498 billion, with 30% allocated to support core business development, including the creation of an industry-leading AI cloud and expansion of AI infrastructure [1] - Another 30% of the proceeds will support the research and development of generative AI and the commercialization of products derived from the company's multimodal large models, particularly in smart hardware verticals [1] - 20% of the funds will be used to explore the integration of AI in innovative verticals, including but not limited to embodied intelligent robots, blockchain, real-world assets, digital assets, and stablecoins [1] - The remaining 20% will be allocated for general working capital [1] Group 2 - The board believes that the subscription will provide a good opportunity for additional fundraising, enhancing the company's position in the generative AI field and improving financial stability [2] - The subscriber is based in Hong Kong and Abu Dhabi, and is licensed by the Securities and Futures Commission and the Abu Dhabi Global Market Financial Services Regulatory Authority [2] - The subscriber is wholly owned by Infini Capital Global, a Cayman Islands holding company, with the ultimate beneficial owner being Tony Chin, the founder and investment director of the subscriber [2]

Core Insights - The financial large model is defined as the vertical development and application of AI large models in the financial sector, supported by data, algorithms, and computing power, which are considered the "three pillars" of artificial intelligence [1][2][3] - The Chinese financial large model industry is experiencing rapid growth, with a projected market size of 2.866 billion yuan in 2024, representing a year-on-year increase of 79.9% [1][13] - The demand for cost reduction and efficiency improvement in financial institutions is driving the rapid deployment of large models in areas such as intelligent investment research, risk control, and customer service [1][13] - Standardized products dominate the market, accounting for 71% of the financial large model market share in 2024, while non-standardized products hold 29% [1][15] - Major players in the market include Alibaba Cloud, Baidu Intelligent Cloud, and SenseTime, with market shares of 33.2%, 19.3%, and 10.9% respectively [1][19] Industry Overview - The financial large model industry is supported by favorable policies that encourage digital transformation and the use of technologies such as cloud computing, big data, and artificial intelligence [5][8] - The digital transformation of the financial industry is progressing steadily, with increasing investments in financial technology by institutions [8][9] - The AI large model has become a crucial component of new productive forces, with significant investments in R&D and application within the financial sector [11] Market Dynamics - The financial large model market is characterized by a rapid increase in demand for intelligent applications, driven by the need for compliance and efficiency in a highly regulated industry [9][19] - The market for financial technology is projected to reach 394.96 billion yuan in 2024, with banking technology, securities technology, and insurance technology accounting for 288.83 billion yuan, 47.46 billion yuan, and 58.67 billion yuan respectively [9] Development Trends - The foundational technical capabilities of large models are expected to significantly enhance, allowing for a deeper understanding of financial business [23] - The introduction of new technologies is anticipated to further reduce the deployment costs of large models, transforming them from "luxuries" to "industrial-grade infrastructure" [24] - The development of intelligent agent technology is accelerating, promoting the integration of large models with financial business processes [25]