Sharetronic must buy servers before it earns any fees, so its financing costs and the pace of customer acceptance will decide how much of the RMB37.49 billion ceiling becomes revenue.
Sharetronic Data Technology, the Shenzhen-listed AI compute provider known in Chinese as 协创数据, said on October 19 that its wholly owned subsidiary Xiechuang Zhisuan (协创智算) has signed a compute cloud service agreement with a customer that the company did not name. The estimated value is up to RMB37.49 billion including tax, according to the company’s exchange announcement. Each order under the deal runs for 60 months, starting the day after the customer signs an acceptance report.
Sharetronic’s ceiling of RMB37.49 billion is about three times its 2025 revenue of RMB12.24 billion and roughly a third of its market value. The announcement came after the market closed. Shares had risen 1.22% that day to RMB216.77, giving the company a market value above RMB106 billion, the 21st Century Business Herald reported.
The figure is a cap built on assumptions about service duration, compute volume and monthly prices, and the company says the final amount will depend on actual settlement. Sharetronic withheld the customer’s identity under an exchange disclosure exemption, saying publication could breach the contract or invite unfair competition. It also did not say how much the contract would add to revenue in any given year, and it gave no earnings forecast.
The agreement works as a master contract with orders placed one by one
Under the Compute Cloud Service Agreement (《算力云服务协议》), Xiechuang Zhisuan provides cloud compute and related deliverables according to each purchase order the customer issues. Fees are charged monthly. The customer has seven days to confirm or dispute each monthly statement, and pays within 30 days of receiving a VAT invoice, by bank transfer or bank or commercial acceptance drafts.
Several clauses favor the customer. It can renew any order within the original scope by written notice, and the supplier may not refuse; renewals can run up to five years without a supplementary agreement. The customer can also end the agreement with at least 10 days’ written notice, but must then pay a penalty equal to 100% of the unperformed value of orders already in their service period. If a service fails on performance, deployment quality, stability or compliance and still falls short after rectification, the customer may terminate the order or the whole agreement without liability.
The company described the customer as a going concern with good credit that is not on China’s list of defaulting judgment debtors, and said it has no ties to Sharetronic, its controlling shareholder or its management. Guangdong Xinda Law Firm issued a legal opinion that the counterparty is validly established and that the contract is lawful. No board or shareholder vote was needed.
Sharetronic has to fund the servers before the customer starts paying
The main risk the company flags is money. Before it can perform, Sharetronic must buy large volumes of compute servers and other hardware, paid for with its own cash or loans from financial institutions, which it said would bring substantial financing costs and exposure to interest rates. A funding shortfall could delay delivery and trigger breach liability. If a deployment fails acceptance, there is no settlement and no revenue, and the company could lose what it invested.
Sharetronic’s balance sheet has already doubled. Its half-year report showed total assets of RMB48.08 billion at the end of June, up 102.05% from the end of 2025. First-half revenue was RMB12.52 billion, up 153.29% from a year earlier, and net profit attributable to shareholders was RMB1.84 billion, up 325.51%, Securities Times reported. In 2025, the company’s annual report shows revenue of RMB12.24 billion and net profit of RMB1.16 billion. Its businesses span compute products and services, data storage equipment, server refurbishment and AIoT devices.
The company says the deal should lock in long-term, high-value cash flow and lift profit in its compute division. On earlier compute service contracts, it said some projects have been delivered, accepted and booked as revenue, while others are being delivered on schedule. It gave no values for those projects.
Other A-share firms are signing long compute contracts on similar terms
Securities Times placed the deal alongside other recent compute service contracts by Shenzhen-listed companies. Saiyi Information (赛意信息, 300687) said on October 19 that it had added a RMB315 million compute networking contract with a client it calls company W, lifting its total contracts with that client from RMB6.72 billion to RMB7.035 billion. At the end of September, Caixun (彩讯股份, 300634) signed a compute technology services agreement with a client called company H worth at least RMB1.812 billion, also with 60-month terms counted from acceptance.
Other listed companies are also committing borrowed money to compute: shareholders of Hong Kong-listed Xunce recently backed a RMB12 billion compute center with up to RMB10 billion of external financing, and Runjian signed a US$200 million contract to sell model output to an unnamed overseas buyer. When customers go unnamed, investors have to judge the economics from capital spending and acceptance milestones.
For Sharetronic, if the full amount were ordered at once, it would average about RMB7.5 billion a year over 60 months, including tax. Billing for each order starts only after final acceptance, as Jiemian also noted, so revenue will build in stages. The first clear evidence will come in Sharetronic’s third-quarter report and later filings: new borrowing, a jump in fixed assets from server purchases, and the date the first orders under the agreement pass acceptance and begin billing.