GMT Research Flags Over 40% Impairment in Chinese AI Firm’s IPO-Year Revenues
HONG KONG — Research firm GMT Research has raised fresh questions about Chinese artificial intelligence company SenseTime (stock code: 20.HK), claiming that more than 40% of its FY21 revenues—the year of its IPO—were later impaired. The criticism, posted on X (formerly Twitter), highlighted what GMT described as a lack of accountability by the company’s auditor PwC and regulatory bodies.
“But does anyone really care? Seemingly not its auditor @PwC (yes, them again), nor the regulator…” GMT stated in the post, referencing previous concerns over auditing standards. The post was accompanied by a Bloomberg chart showing SenseTime’s share price falling from its 2022 IPO high of over HK$8 to around HK$1.40 as of April 17, 2025.
The data reflects a sharp and sustained decline in investor confidence. While SenseTime has remained quiet on the specific impairment allegations, the issue adds to broader concerns over the financial transparency and governance of emerging tech firms listed in Hong Kong.
