Hanwang, says big shareholders sold stakes

Hanwang Technology Co Ltd, widely seen as a bellwether of Chinese interest in ChatGPT-concept stocks, on Friday said several major shareholders reduced stakes over the past few days as it flagged risks following a share price surge.

Henan Yellow River Computer System Co Ltd, a top 10 shareholder, sold 2.6 million Hanwang Technology shares between Jan. 30 and Feb. 7, the artificial intelligence (AI) developer said in an exchange filing.

Tongfang Investment sold 3.4 million shares during the period, while Juneng Capital Management offloaded 1.2 million shares, Hanwang Technology said.

Hanwang Technology’s shares have surged more than 70% this month amid fever surrounding ChatGPT-related technology.

ChatGPT, a chatbot developed by U.S. firm OpenAI and backed by Microsoft Corp, gives strikingly human-like responses to user queries. US News