SenseTime Group Limited

Surveillance companies became global leaders in facial and voice recognition.

At one point in twenty eighteen, SenseTime, a Beijing-based company that has helped the government police China's Uyghur minority, was the world's most valuable AI startup.

But Chinese researchers were generally not focused on large language models as American researchers were.

When ChatGPT appeared in twenty twenty-two, China reeled.

Surveillance companies became global leaders in facial and voice recognition.

At one point in 2018, SenseTime, a Beijing-based company that has helped the government police China's Uyghur minority, was the world's most valuable AI startup.

But Chinese researchers were generally not focused on large language models as American researchers were.

When ChatGPT appeared in 2022, China reeled.

Key outperformers include Zhongji Innolight and Eoptolink Technology, both deriving over ninety percent of revenues overseas and up approximately fifty percent year to date.

In contrast, domestically focused names have underperformed significantly, with MoreThreads down twenty-five percent, SenseTime down over forty percent, and Kuaishou down fifty-one percent.

European equities are advancing for a third consecutive session, supported by easing crude prices following Saudi Arabia's restart of its East-West pipeline, which alleviated near-term supply concerns.

Brent put options saw record volumes Tuesday.

They won't be pleased to hear that.

Sorry about that, SenseTime.

Kenny, what do you make of this particular plan, then? There isn't anything particularly new or surprising in it, is it, really? There's a couple of things we already know about and have just talked about, the northern metropolis.

The main thing, really, from it seems to be trying to – reinforce Hong Kong's status as a leading financial hub and focusing on things to try and help with that.

6.

SenseTime, Minimax and others form a third-party reseller ecosystem.

As in, all the cool kids are doing it.

That's how they are the Chinese cool kids.

Four, Zhipu GLM did the extraction thing and the fake account thing, and also recently went after the cyber capabilities of leading American models ahead of the release of GLM 5.3. Five, Xiaomi did the distillation thing using saved user requests.

Six, SenseTime, MiniMax, and others form a third-party reseller ecosystem, as in all the cool kids are doing it.

That's how they are the Chinese cool kids.

How do the Chinese have the best open models?

Some outlets, including Quartz, report five rather than seven.

Named Alibaba, Moonshot, DeepSeek, Zhipu, MiniMax, Xiaomi, and SenseTime.

Combined activity approaching two hundred million exchanges.

And Alibaba is the new one.

Largest campaign Anthropic has ever documented.

Over a hundred and fifty-one million Claude interactions between May and July, peaking near three million a day from more than three and a half thousand fraudulent accounts, specifically targeting chain of thought reasoning.

SenseTime just bought user transcripts from third-party data vendors.

Countermeasures include encrypting reasoning chains and models that summarize rather than expose their internal thinking.

Anthropic attributes more than 151 million exchanges to Alibaba.

They also name Moonshot AI, DeepSeek, Zhipu, Xiaomi, SenseTime, and MiniMax, all of Costin's favorite companies, by the way.

Uh [chuckles]

Thank you.