HK Stock Market Move | SUNSHINE OIL (02012) rose more than 30% and established a joint venture to build an artificial intelligence computing power center.

SUNSHINE OIL (02012) surged over 30%, and as of the time of writing, it rose 31.58% to HKD 0.2, with a transaction volume of HKD 3.355 million. In terms of news, on the evening of August 23, SUNSHINE OIL announced that its wholly-owned subsidiary, Sangxiang Petrochemical (Shanghai), has partnered with five joint venture partners to establish Dener Smart Computing Artificial Intelligence (Beidaihe) Co., Ltd. in Qinhuangdao City, Hebei Province. Sangxiang Petrochemical holds a 40% stake in this joint venture project, which aims to build an artificial intelligence computing power center with a capacity of 6000P. The announcement mentions that the project has received strong support from the Beidaihe government, covering approvals, permits, and supporting services. Additionally, a government-controlled enterprise in Beidaihe will later take an equity stake in the project. The company stated that once the project is completed and operational, it will change SUNSHINE OIL's single business and profit model, bringing new profit growth points for the company and laying a solid foundation for its layout in the artificial intelligence sector.