SenseTime shares soar more than 30% after announcing its latest generative AI model

Shares of SenseTime Group surged more than 30% on Wednesday, after the Chinese AI giant announced its latest generative artificial intelligence model, called SenseNova 5.0.

The company's shares traded as high as 82 Hong Kong cents a share, or 34.42% higher than its previous close of 61 cents.

SenseTime said in a release that the major advancement in SenseNova 5.0 focuses on knowledge, mathematics, reasoning, and coding capabilities.

"Given the same knowledge input, it provides better comprehension, summarization, and question and answers, providing strong support for vertical applications such as education and the content industries," the company said in a release.

Chairman Xu Li also reportedly claimed SenseNova was better than OpenAI's GPT 4 in most general usage scenarios — particularly in Chinese-language usage scenarios.

SenseTime is among a number of Chinese companies that are developing a rival to compete with OpenAI's ChatGPT, a viral chatbot that has taken the world by storm for its ability to answer questions in a human-like manner.

Other tech giants like Alibaba and Baidu are both developing their own generative AI platforms, known as Tongyi Qianwen and Ernie Bot, respectively.