Sunshine Shares unit plans over 2.29 bln yuan server purchase, over 70% from financing

Published Sep 21, 01:57 PM UTC

On September 21, Sunshine Shares announced that its subsidiary, Shenzhen Sunshine Jinhui Technology, has committed to purchasing servers and supporting equipment from a supplier, with the total contract value no less than 2.2931 billion yuan (including tax). The purchase is primarily for providing external services, following a previous 633 million yuan service contract signed on September 2. Over 70% of the procurement funds are expected to come from financial institution financing, with the remainder from自有资金 and shareholder loans. The company warned of multiple risks, including liquidity pressure, reliance on controlling shareholder support, and potential project delays if external financing falls short. Sunshine Shares reported a net loss of 52 million yuan in the first half of the year on revenue of 120 million yuan, with its nascent smart computing business generating only about 930,000 yuan in revenue. The company's stock has surged 176% year-to-date, closing at 7.26 yuan per share on September 21, giving it a market capitalization of 5.4 billion yuan.

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