SUN.KING TECH (00580.HK): Three Subsidiaries to Contribute RMB 5 Million for 25% Stake in TPU AI Chip Joint Venture
NewTimeSpace News: On 9 September 2026 (after trading hours), Sun.King Technology Group Limited (stock code: 00580) announced a connected transaction under which its subsidiaries Jiashan Sun.King, Sun.King Semiconductor and Wuhan Langde and other joint venture partners entered into an investment cooperation agreement to establish a joint venture, Zhejiang Xuanju Microelectronics Co., Ltd., with a registered capital of RMB 20,000,000. The three subsidiaries will contribute an aggregate of RMB 5,000,000 in accordance with their respective equity interests, representing 25% of the joint venture's equity.
According to the announcement, the joint venture will principally engage in the R&D, production and sales of high-performance TPU (tensor processing unit) AI chips and industry inference products, including customised AI acceleration cards, edge inference industrial computers, high-performance AI workstations and industry large-model all-in-one machines. The registered capital was determined by reference to the estimated capital needs of the joint venture's business operations, and each party is required to complete its capital contribution in cash within five years of the joint venture's establishment; the subsidiaries' contributions will be funded from the group's internal resources. Upon establishment, the company will indirectly hold an aggregate 25% equity interest in the joint venture.
The joint venture's board will comprise five members, with three nominated by Jiashan Sun.King, one by Shanghai Senmou and one by Beijing Xinyunju, each serving a three-year term. The announcement noted that, as executive director Mr. Xiang Jie holds all the issued share capital of Chuangke and 70% of the partnership interests in Jiashan Yuxin, both are connected persons of the company, making the agreement a connected transaction. As all applicable percentage ratios exceed 0.1% but are below 5%, the agreement is subject to reporting and announcement requirements but exempt from independent shareholders' approval; Mr. Xiang Jie abstained from voting on the relevant board resolution. The company said the joint venture leverages the complementary strengths of the parties in chip business management expertise and professional knowledge, supporting the group's business expansion and upgrade in the AI field and broadening its industry footprint.
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