(Yicai) May 15 -- Shares of China Bester Group Telecom fell after the artificial intelligence computing power supplier said its controlling shareholder plans to transfer 5 percent of his stake to a private equity fund at a discount.

Bester [SHA: 603220] dropped 3.9 percent to CNY29.06 (USD4.02) a share as of 2.30 p.m. in Shanghai today. The stock has soared more than 150 percent over the past two years, driven by the growing prospects of the AI computing service industry.

Li Liubing intends to move around 16.8 million Bester shares, each priced at CNY26.11, to Shenzhen Baiyang Investment Management, the Wuhan-based firm announced late yesterday. The stock is discounted by nearly 14 percent based on a closing price of CNY30.23 yesterday.

Li will hold a 22 percent stake in Bester after the transaction, remaining as its controlling shareholder, the company noted, without disclosing the reason for the transfer.

Bester's stock hit a record high of CNY50.63 last November, surging 342 percent since May 2022, providing ample motivation for early shareholders to cash in.

Bester's net profit soared 103 percent to CNY46.5 million (USD6.5 million) in the three months ended March 31 from a year earlier. Its operating revenue rose 31 percent to CNY729 million (USD100.9 million) thanks to the higher gross profit margin of the new computing power business and a jump in revenue from the smart city business.

Editors: Tang Shihua, Martin Kadiev