The computing power leasing market is currently fueled by three major narratives. First, the expectation of price increases due to supply-demand imbalance. Data shows China's daily token calls have surged over a thousandfold in two years, while high-end GPU supply remains tight, extending delivery cycles and pushing leasing prices higher, creating a seller's market. Second, the rise of the "Token Factory" concept is shifting the business model from selling raw computing power to selling tokens based on consumption, potentially enabling revenue-sharing models and transitioning valuation metrics from PE to PS, expanding profit narratives. Third, policy support positions computing power networks as a national strategic priority within the "Six Major Networks" plan, promising massive annual investment.
The confluence of surging demand, constrained supply, policy tailwinds, and new profit models has led to significant valuation re-ratings for companies in this sector. However, with Q1 and annual reports now disclosed, questions arise about whether these valuations are justified, especially for companies undergoing cross-sector transformations into computing power leasing. How should ordinary investors identify genuine opportunities?
Recently, a mysterious company, Beijing VenusStar Technology Co., Ltd., has drawn market attention by partnering with two listed companies in a computing power leasing arrangement. A "triangular trade" structure has emerged. On May 8, financial IT service provider Tansun Technology Co.,Ltd. announced a project cooperation agreement with VenusStar and others, planning to invest 3.5 to 4 billion yuan to enter the computing power leasing sector. VenusStar is primarily responsible for procurement and leasing. Subsequently, Hanbang Hi-Tech announced its subsidiary signed a procurement and service contract with VenusStar worth approximately 2.783 billion yuan.
Hanbang Hi-Tech's announcement indicated the transaction is part of a computing platform service project with a clear business background, and its cooperation partner is the listed company Tansun Technology Co.,Ltd. This suggests the two announcements are part of the same deal, orchestrated by VenusStar, which handles orders. Tansun Technology Co.,Ltd. appears to be the funding provider, while Hanbang Hi-Tech handles the physical goods flow.
This raises investor concerns. Tansun Technology Co.,Ltd., as the funding source, bears the massive capital outlay for this transaction. A deeper review of contract details prompts the question: Is this a genuine entry into computing power leasing, or is it effectively a channel for funding fees? Is Tansun Technology Co.,Ltd. using computing power leasing as a pretext for fund lending?
Examining the contract, Tansun Technology Co.,Ltd. seems to be the capital provider. Its announcement states it is responsible for providing all equipment procurement funds for the project, paying them in stages into a jointly managed bank account in the project company's name. These funds are characterized as project capital invested to gain control as the majority shareholder. Overall, Tansun provides procurement funding, oversees the account, reconciles annual收益, and receives agreed收益 and equity rights per the agreement. This structure leads to questions about whether the transaction involves equity in name but debt in substance, and whether the收益 constitute funding fees or genuine computing power leasing service income.
Tansun Technology Co.,Ltd. describes the deal as a key move to enter the computing power leasing track, leveraging its resources to break growth bottlenecks and cultivate a second growth curve, aligning with national digital economy strategy. It expects the project to bring stable leasing income and improve profitability.
More notably, Tansun Technology Co.,Ltd. has provided a massive guarantee for VenusStar even before the project company is formally brought under the listed company's umbrella. The board approved providing guarantees for VenusStar with a total limit not exceeding 4 billion yuan. This guarantee amount represents 107.72% of the listed company's net assets as of March 31, 2026. This essentially means the guarantee has "maxed out" the balance sheet. Alarmingly, the beneficiary, VenusStar, is in poor financial health, currently insolvent with minimal revenue and significant losses in Q1 2026.
This situation raises further questions: Given the counterparty's weak fundamentals, does this excessive guarantee overextend the company's finances? What risks does the listed company bear? On one hand, Tansun bears huge capital expenditure; on the other, it hastily provides a massive guarantee for a project company not yet consolidated. What risks should be heeded?
First, there is a risk of disguised financial assistance. While guarantees are not directly equivalent to financial aid, if they lack reasonable commercial substance or create a mismatch between risk and reward for the listed company, regulators may deem them变相的财务资助 based on substance-over-form principles. Past cases exist where transactions nominally labeled as purchases/sales were实质认定 as lending arrangements.
Second, the commercial substance of the transaction itself needs scrutiny. There have been instances of "financing trade" where companies engage in购销 contracts primarily to provide funding support and earn interest differentials, which were later认定 as non-compliant. Whether Tansun's computing power leasing entry exhibits such characteristics is unclear due to limited终端客户 information.
Tansun's announcement justifies the venture's feasibility based on the project team's expertise, qualifications, technical积累, and industry relationships. Regarding the guarantee, regulations require shareholder approval for guarantees exceeding 50% of net assets or for担保对象 with负债率 over 70%. Tansun's board stated that the guarantee agreement has not been formally signed yet, its contents will be negotiated, and the actual amount will not exceed the approved limit. The board believes VenusStar's operations are normal, its financial condition stable, and its credit good, and providing the guarantee will not harm the listed company's interests. The company states it will strictly control担保风险 and monitor VenusStar's use of funds and operations to mitigate risks.
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