Yang receives US$1b stake from late husband

Yang Qiumei, the managing director and adviser to the chief executive of Hong Kong Stock Exchange and Clearing, has inherited a stake worth more than US$1 billion (HK$7.8 billion) in SenseTime from her late husband, making her the largest shareholder in the artificial intelligence giant.

Yang received a 20 percent shareholding, according to a regulatory filing. The stake is now worth US$1.5 billion. Tang Xiaoou, her late husband and one of the company's co-founders died in December, Bloomberg reported.

More than 6.9 billion unlisted Class A shares were transferred to Yang on August 19.

Eight days later, the same number of shares was converted into Hong Kong-listed Class B shares.

Yang, 59, left the Hong Kong exchange in 2013 after a two-year stint and then rejoined the bourse in her current role in 2022.