China's leading artificial intelligence firm SenseTime's founder and influential computer scientist Tang Xiao'ou&nbsp;died at the age of 51, said the company, in a statement on Saturday (Dec 16). 
 
"It is with an extremely heavy heart that we announce to everyone the sorrowful news: Our beloved founder... Tang Xiao'ou, due to an illness that could not be treated, left us forever at 23:45 on December 15, 2023," said SenseTime, in an online post. 
 
Tang, who was an alumnus of the Massachusetts Institute of Technology and was appointed as a former professor at the Chinese University of Hong Kong, established SenseTime in 2014.

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The specific reason behind the death of a renowned computer scientist has not been revealed. 
 
Hailing Tang in its statement on Saturday (Dec 16), SenseTime said that he was "an outstanding representative in (China's) AI field", and called him "knowledgeable, rigorous in scholarship, truth-seeking and pragmatic". 
 
"The company mission he formulated, to 'insist on originality and let AI lead human progress' will inspire all SenseTime people," the firm stated. As a “pioneer in China’s AI industry”, Tang will continue to remain as an inspiration for others, said the company.

<h2>Revenue fabrication row, US trade blacklist</h2>

On November 28, SenseTime Group – after getting involved in revenue fabrication row – said that Grizzly Research LLC's short-seller report is 'without merit' and that they will review the allegations against the company. 
 
The report alleged that the AI firm was inflating its revenue artificially through revenue fabrication schemes.

Watch:&nbsp;China hopes parties in Myanmar will implement agreements, brokers peace talks

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Meanwhile, in 2019, SenseTime was placed on a US trade blacklist and faced accusations of being an arm of China's "military-industrial complex" and using its technology to carry out mass surveillance in the western region of Xinjiang. 
 
In December 2021, the initial public offering of the firm in Hong Kong was delayed after it faced new restrictions by the United States over the related accusations. However, it was able to successfully list on the exchange before the end of the year. 
 
Tang's experience is extensive in American academia and he earned a PhD from MIT in 1996 after he completed an MSc from the University of Rochester in 1991.&nbsp;

(With inputs from agencies)

China's leading artificial intelligence firm SenseTime's founder and influential computer scientist Tang Xiao'ou died at the age of 51, said the company, in a statement on Saturday (Dec 16).

China's leading artificial intelligence firm SenseTime's founder and influential computer scientist Tang Xiao'ou died at the age of 51, said the company, in a statement on Saturday (Dec 16). "It is with an extremely heavy heart that we announce to everyone the sorrowful news: Our beloved founder... Tang Xiao'ou, due to an illness that could not be treated, left us forever at 23:45 on December 15, 2023," said SenseTime, in an online post. Tang, who was an alumnus of the Massachusetts Institute of Technology and was appointed as a former professor at the Chinese University of Hong Kong, established SenseTime in 2014. Also read: China's ban on Apple's iPhone accelerates The specific reason behind the death of a renowned computer scientist has not been revealed. Hailing Tang in its statement on Saturday (Dec 16), SenseTime said that he was "an outstanding representative in (China's) AI field", and called him "knowledgeable, rigorous in scholarship, truth-seeking and pragmatic". "The company mission he formulated, to 'insist on originality and let AI lead human progress' will inspire all SenseTime people," the firm stated. As a “pioneer in China’s AI industry”, Tang will continue to remain as an inspiration for others, said the company. Revenue fabrication row, US trade blacklist On November 28, SenseTime Group – after getting involved in revenue fabrication row – said that Grizzly Research LLC's short-seller report is 'without merit' and that they will review the allegations against the company. The report alleged that the AI firm was inflating its revenue artificially through revenue fabrication schemes. Watch: China hopes parties in Myanmar will implement agreements, brokers peace talks Meanwhile, in 2019, SenseTime was placed on a US trade blacklist and faced accusations of being an arm of China's "military-industrial complex" and using its technology to carry out mass surveillance in the western region of Xinjiang. In December 2021, the initial public offering of the firm in Hong Kong was delayed after it faced new restrictions by the United States over the related accusations. However, it was able to successfully list on the exchange before the end of the year. Tang's experience is extensive in American academia and he earned a PhD from MIT in 1996 after he completed an MSc from the University of Rochester in 1991. (With inputs from agencies)

China: AI giant SenseTime founder Tang Xiao'ou dies days after revenue fabrication row

The wealth of Asia's 20 richest families has increased $33 billion richer in the last two years as per the Bloomberg Billionaires Index.

In a new report, Bloomberg has highlighted how the wealthiest clans of the region are shifting their focus towards e-commerce, technology and cryptocurrency.

Their combined wealth now exceeds $495 billion, more than the gross domestic product of Hong Kong or Singapore. These dynasties include the Ambanis, Hartonos, and Mistrys among others.

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Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses.

The conglomerate, which is owned by Asia's richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year.

The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy.

<a href="https://www.wionews.com/world/covid-spawned-20-new-pandemic-billionaires-in-asia-says-oxfam-report-444734">Also read |&nbsp;Covid spawned 20 new ‘pandemic billionaires’ in Asia, says Oxfam report</a>

A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang.

It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg.

The sale boosted the wealth of &nbsp;Tang Xiao'ou, with the Massachusetts Institute of Technology alum's wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index.

<a href="https://www.wionews.com/business-economy/wealth-rise-of-651-us-billionaires-alone-could-pay-more-than-latest-stimulus-report-348913">Also read |&nbsp;Wealth rise of 651 US billionaires alone could pay more than latest stimulus: Report</a>

Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has suffered massive loss and dropped several positions on the list after his firm New World Development Co., one of Hong Kong’s largest property builders, have tanked more than 40 per cent since a high less than three years ago.

Authorities have been clamping down in Hong Kong under a national security law imposed by Beijing in 2020 that some foreign governments, including the United States, say is being used to suppress civil society, jail democracy campaigners and silence dissent.

“Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong.&nbsp;

“They know that if they don’t react quickly enough, they could be taken over.”

(With inputs from agencies)&nbsp;

The wealth of Asia's 20 richest families has increased $33 billion richer in the last two years as per the Bloomberg Billionaires Index. In a new report, Bloomberg has highlighted how the wealthiest clans of the region are shifting their focus towards e-commerce, technology and cryptocurrency.

The wealth of Asia's 20 richest families has increased $33 billion richer in the last two years as per the Bloomberg Billionaires Index. In a new report, Bloomberg has highlighted how the wealthiest clans of the region are shifting their focus towards e-commerce, technology and cryptocurrency. Their combined wealth now exceeds $495 billion, more than the gross domestic product of Hong Kong or Singapore. These dynasties include the Ambanis, Hartonos, and Mistrys among others. Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses. The conglomerate, which is owned by Asia's richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year. The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy. Also read | Covid spawned 20 new ‘pandemic billionaires’ in Asia, says Oxfam report A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang. It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg. The sale boosted the wealth of Tang Xiao'ou, with the Massachusetts Institute of Technology alum's wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index. Also read | Wealth rise of 651 US billionaires alone could pay more than latest stimulus: Report Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has suffered massive loss and dropped several positions on the list after his firm New World Development Co., one of Hong Kong’s largest property builders, have tanked more than 40 per cent since a high less than three years ago. Authorities have been clamping down in Hong Kong under a national security law imposed by Beijing in 2020 that some foreign governments, including the United States, say is being used to suppress civil society, jail democracy campaigners and silence dissent. “Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong. “They know that if they don’t react quickly enough, they could be taken over.” (With inputs from agencies)

Wealth of Asia's 20 richest families has increased by $33 billion since 2020

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China: AI giant SenseTime founder Tang Xiao'ou dies days after revenue fabrication row

Wealth of Asia's 20 richest families has increased by $33 billion since 2020