ChatGPT drives crazy Chinese tech stock runs in Hong Kong, Shanghai as investors chase Zhihu, Baidu and Cloudwalk
- Zhihu has risen 55 per cent in Hong Kong this year, while Hanwang Tech and Cloudwalk logged more than 128 per cent gain on mainland exchanges
- ChatGPT has garnered 30 million view on Chinese microblogging service Weibo
Zhihu, China’s Quora-like online forum, surged 40 per cent on Wednesday after briefly hitting an all-time high of HK$36.60 and enriching shareholders by nearly HK$3 billion (US$382 million). The rally has pushed its year-to-date winning to 55 per cent.
Shares of Hanwang Technology, which sells handwriting-recognition software, rose 9 per cent in Shenzhen after hitting the daily limit of 10 per cent in seven preceding trading days, culminating in a 129 per cent advance this year. Cloudwalk, a face recognition technology developer, has logged a 128 per cent gain in Shanghai.
“The surge is scary,” one Weibo user said in a post on Wednesday, referring to the steep stock moves. “There’s nothing else to trade on, apart from the ChatGPT [buzz]. Other trends are getting outdated and you can’t make much money by trading on them.”
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The ChiNext in Shenzhen, which hosts China’s fledgling technology companies, has risen by more than 7 per cent this year, outpacing the 5.3 per cent rise in the CSI 300 Index of top industrial companies.