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Nano Labs

NA on Nasdaq. Market value $51m.

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Who owns it

None of the long-term investors we follow own it. 11 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

  • Jianping Kong
    Passive investor
    at least 21.2%+0.3 pts
    (filed with 6 related holders)
    Since 26 November 2025
    What they said

    Item 4 of the Schedule 13D is hereby supplemented by inserting the following after the last paragraph thereof: From August 25 to August 27, 2025, Wlyl Ltd purchased 90,000 Class A Ordinary Shares in open-market transactions for investment purpose. On November 24, 2025, 1,888,342…

    Read the filing
  • FENBUSHI Inc
    Passive investor
    at least 9.8%
    (filed with 1 related holder)
    Since 11 December 2024
  • Golden Forest Management Limited
    Passive investor
    at least 9.6%
    (filed with 2 related holders)
    Since 11 December 2024
  • Longling Capital Ltd
    Passive investor
    at least 9.6%
    (filed with 1 related holder)
    Since 11 December 2024
  • CVI Investments, Inc.
    Passive investor
    at least 8.1%−1.8 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • NLABS FUND PTE LTD.
    Passive investor
    8.0%
    Since 25 August 2025
    What they said

    Item 4 of the Schedule 13D is hereby supplemented by inserting the following after the last paragraph thereof: From August 21 to August 25, 2025, Wlyl Ltd purchased 480,000 Class A Ordinary Shares in open-market transactions for investment purpose.

    Read the filing
  • Kenneth Griffin
    Passive investor
    at least 6.2%−3.3 pts
    (filed with 6 related holders)
    Since 30 September 2025
  • at least 4.9%−3.8 pts
    (filed with 5 related holders)
    Since 30 September 2025
  • Ayrton Capital LLC
    Passive investor
    at least 4.4%−2.7 pts
    (filed with 2 related holders)
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $85,098.

  • Hu Nan
    Director
    Sold
    Date
    1 September 2026
    Shares
    11,165
    Price
    $2.25
    Value
    $25,158
  • Hu Nan
    Director
    Sold
    Date
    28 April 2026
    Shares
    4,352
    Price
    $2.01
    Value
    $8,748
  • Hu Nan
    Director
    Sold
    Date
    28 April 2026
    Shares
    5,148
    Price
    $2.01
    Value
    $10,350
  • Hu Nan
    Director
    Sold
    Date
    27 April 2026
    Shares
    1,000
    Price
    $2.68
    Value
    $2,680
  • Hu Nan
    Director
    Sold
    Date
    20 April 2026
    Shares
    4,092
    Price
    $2.71
    Value
    $11,080
  • Hu Nan
    Director
    Sold
    Date
    17 April 2026
    Shares
    1,633
    Price
    $2.86
    Value
    $4,664
  • Hu Nan
    Director
    Sold
    Date
    16 April 2026
    Shares
    3,900
    Price
    $3.00
    Value
    $11,688
  • Hu Nan
    Director
    Sold
    Date
    15 April 2026
    Shares
    893
    Price
    $3.14
    Value
    $2,804
  • Hu Nan
    Director
    Sold
    Date
    15 April 2026
    Shares
    2,557
    Price
    $3.10
    Value
    $7,925

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Nano Labs doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.