Founder of Chinese AI firm DeepGlint, an early mover, steps back amid rising losses
Losses at the image recognition firm have surpassed those of 2023, as it grapples with challenges from new technology and client concentration
Zhao Yong is stepping back from day-to-day operations but retains his role as chairman, according to a corporate filing from the Shanghai-listed company. The 45-year-old entrepreneur holds a 17.55 per cent stake in the company. Before founding DeepGlint in 2013, he worked for Google after receiving a doctorate from Brown University in the US.
Wu Yizhou, who joined the company earlier this year as an assistant general manager, has taken over as general manager, according to the filing.
The reshuffling at DeepGlint, known as the first AI stock on the Shanghai Stock Exchange STAR Market, came after the company reported that losses for the year through September reached 136 million yuan (US$18.8 million), exceeding the 90 million yuan in losses for all of 2023.
