WAI CHUN BIOTEC (00660.HK): Discloses details of Malaysia AI data centre project, formal agreement pending

NewTimeSpace News: On 31 August 2026, Wai Chun Bio-Technology Limited (stock code: 00660) provided further information at the request of the Stock Exchange regarding the strategic cooperation memorandum of understanding (MOU) for the integrated AI digital infrastructure ecosystem project at the Pahang Aerospace City in Malaysia, announced on 25 August 2026. The MOU was entered into with Pahang Aerospace City Development Berhad (PACDB), Baiyuzen Holdings Sdn Bhd (Baiyuzen), Ennova ICT Pte Ltd (Ennova) and Radiant (China) Holdings Limited (Radiant), with the Company forming a consortium with Radiant.

According to the disclosure, PACDB is the master developer of the Pahang Aerospace City, Baiyuzen is the designated developer of Zone 1, Ennova is a Singapore-incorporated company specialising in AI computing power and data centre technology solutions, and Radiant is a BVI-incorporated company engaged in institutional fundraising and AI data centre planning. The project is expected to proceed in two phases, with the parties intending to complete the full set of planning application materials and the negotiation of the formal agreement for Phase 1 within 60 days after the MOU becomes effective. Following the signing of the formal agreement and the obtaining of all necessary government approvals (including land, environmental impact assessment and power connection), the Phase 1 project is expected to be constructed and commissioned in batches over approximately 12 to 36 months.

The parties intend to establish a special purpose vehicle (SPV) in Malaysia as the independent legal entity for the project, with an initial intention for Ennova and Radiant to lead approximately 25% and 75% of the project investment and financing respectively, while the Group's specific investment amount, shareholding and economic interests in the SPV are to be agreed in the formal agreement. The Group intends to undertake responsibilities including providing primary development technical support and construction delivery for the AI data centre, professional operation and management of computing power assets, capital market strategy and financing structure advisory, global industry channel and computing power customer expansion, and the design, issuance and operation management of the RWA tokenisation of the data centre physical assets. The MOU, except for its confidentiality and exclusivity provisions, is not legally binding, and if the project materialises and a formal agreement is signed, the Company will calculate the relevant percentage ratios and comply with the announcement, circular and/or shareholder approval requirements under Chapter 14 of the Listing Rules.

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