SenseTime-W: Tang Xiaoyou indirectly converted 6.906 billion Class A shares into Class B shares.
SENSETIME-W announced that after the passing of Professor Tang Xiaou, his holdings of 6.906 billion Class A shares will be converted into Class B shares. After the conversion, there will be 614.03 million Class A shares, accounting for approximately 15.75% of the company's voting rights, and 32.855 billion Class B shares, accounting for approximately 84.25% of the company's voting rights. Professor Tang and related entities have committed not to sell the Class A and Class B shares within two years. The total number of converted Class A and Class B shares is 8.034 billion and 614.03 million, accounting for approximately 36.35% of the company's voting rights.
Zhitong App News, SENSETIME-W(00020) has announced that, in accordance with Rule 8A.17 of the Listing Rules, the different voting rights of the 6.906 billion Class A shares held by Professor Tang Xiaou through AmindInc. (Amind, a company wholly owned by Professor Tang) have ceased upon Professor Tang's passing on December 15, 2023. These 6.906 billion Class A shares are expected to be converted into Class B shares on a one-to-one basis.
After the conversion of the Class A shares indirectly held by Professor Tang into Class B shares, the number of issued Class A shares will be 614.03 million (accounting for approximately 15.75% of the voting rights of the company's shareholders' meeting resolutions, excluding resolutions related to certain matters reserved by the company under Rule 8A.24 of the Listing Rules), and the number of issued Class B shares will be 32.855 billion (accounting for approximately 84.25% of the voting rights of the company's shareholders' meeting resolutions, excluding resolutions related to certain matters reserved by the company under Rule 8A.24 of the Listing Rules).
As disclosed in the announcement dated November 30, 2022, Professor Tang, Xu Li, Wang Xiaogang, Xu Bing, and entities controlled by them have voluntarily undertaken not to sell any Class A shares and/or Class B shares of the company held or beneficially owned by them or entities controlled by them as of November 30, 2022, for a period of two years commencing from December 30, 2022. After the conversion of the Class A shares held by Amind into Class B shares, the expected total will be 8.034 billion Class B shares (accounting for approximately 20.60% of the voting rights of the company's shareholders' meeting resolutions, excluding resolutions related to certain matters reserved by the company under Rule 8A.24 of the Listing Rules) and 614.03 million Class A shares (accounting for approximately 15.75% of the voting rights of the company's shareholders' meeting resolutions, excluding resolutions related to certain matters reserved by the company under Rule 8A.24 of the Listing Rules) (including shares directly or indirectly held by Amind, Dr. Xu Li, Dr. Wang Xiaogang, and Mr. Xu Bing), totaling approximately 36.35% of the voting rights of the company's shareholders' meeting resolutions, will continue to be subject to the aforementioned voluntary lock-up commitment.
The company's business operations will continue to be led by Dr. Xu Li (Executive Chairman and CEO), Dr. Wang Xiaogang (Executive Director and Chief Scientist), Mr. Xu Bing (Executive Director), and the company's other directors and management team. The passing of Professor Tang Xiaou is not expected to have a significant adverse impact on the company's day-to-day management and general business operations. The company will continue to focus on maintaining the stability and development of its business, management, and operations.