TVB Shares Surge Nearly 7% at Open After Joint Venture Plan with Gaw Capital

TVB (00511) shares opened nearly 7% higher, trading up 6.96% at HK$2.765 as of the time of writing, with a turnover of HK$629,900.

On the corporate front, TVB announced that on August 10, 2026, it entered into a framework agreement with Triton Square Limited, an affiliate of Gaw Capital Partners, regarding the proposed formation of a new joint venture. The venture aims to provide advanced computing power services for artificial intelligence-related applications in Hong Kong.

Under the proposal, TVB and Gaw Capital will hold 51% and 49% of the ordinary voting shares of the joint venture, respectively. Following the signing of the framework agreement, both parties will work towards signing a formal agreement in the second half of 2026 to establish the joint venture and commence project implementation. The project will be rolled out in phases over the coming years, funded by Gaw Capital’s equity investment of up to HK$2 billion into the joint venture, project bank financing, and the group’s internal resources.

The company’s target is to have the first phase, Stage 1A, of the project operational from the fourth quarter of 2027, with a planned computing capacity of approximately 10,000 PetaFLOPS.