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Chinese AI tycoon’s wife acknowledges $28.6 million in undisclosed trades

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04/12/2024
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Chinese AI tycoon’s wife acknowledges $28.6 million in undisclosed trades

by Daisy D.
04/12/2024
in Artificial Intelligence in Trade, Industry

BEIJING – Chinese regulators are focusing their attention on a prominent artificial intelligence (AI) and computing company in the country following revelations that the chairman’s wife engaged in undisclosed trading of company stock amounting to 150 million yuan (S$28.6 million) during a year-long surge in stock value.

Dawning Information Industry, among several Chinese technology leaders under scrutiny by the US, disclosed that Ms. Zhang Dihua executed 232 trades, earning 590,000 yuan between March 3, 2023, and March 14, 2024, as the company’s shares saw a surge of over 50 percent during the same period.

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This surge coincided with increased investor interest in companies anticipated to benefit from AI advancements, as China competes with the US in the tech sector. Dawning, responding to an inquiry from the stock exchange, expressed regret over the incident but emphasized that Ms. Zhang acted independently, without informing her husband, Mr. Li Guojie.

Shares of the company rose by up to 4.1 percent on April 12. Chinese regulators have pledged to address insider trading and other market irregularities prevalent in relatively young stock exchanges, within a business environment that often prioritizes connections.

Nevertheless, the rare public acknowledgment poses a reputational risk to one of China’s most influential figures in the tech industry. Dawning, supported by China’s prestigious science research institute, is among a select group of domestic entities involved in developing high-performance chips and servers for state-sponsored projects.

In 2019, Washington imposed sanctions on the company for its involvement in supercomputer development, effectively severing ties with American software and components.

Mr. Li, aged 80, who has served as Dawning’s chairman for the past decade, is a distinguished academician and member of the Chinese Academy of Engineering since 1995.

A computer scientist trained at Purdue University, Mr. Li guided Dawning through a computing boom fueled by Beijing’s efforts to reduce reliance on American technology. More recently, investors identified Dawning as a potential beneficiary of advancements in AI.

Ms. Zhang initiated her trading activities two weeks prior to the commencement of the stock rally, which peaked around June 2023. Subsequently, the stock experienced an additional 83 percent increase between February and March 11, 2024, fueled by enthusiasm surrounding machine-generated content.

Her transactions were categorized as short-term trades by the spouse of an executive. Dawning confirmed that Ms. Zhang has surrendered all profits in compliance with securities laws. However, the company emphasized that the transactions did not constitute insider trading based on undisclosed information, as Mr. Li was not consulted.

Dawning announced plans to provide relevant training for executives, with Mr. Li and his wife committing to adhere to laws and regulations.

Discover comprehensive supply chain report news insights at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

#ChineseAITycoon #UndisclosedTrades #DawningIndustry #MarketScandal #AIInvestments #FinancialNews #TradingRevelations

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