According to a report by Zhitong Finance APP, KINGKEY FIN INT (01468) announced that on December 16, 2024, the company’s wholly-owned subsidiary Leading Tide Group Limited (Leading Tide) entered into a formal agreement with multiple parties (including SIAM AI Corporation Company Limited (SIAM AI), Venture Hub, FCGM Strategic Investment Pte. Ltd. and Mr. Boon-Long).

According to the terms of the agreement, the contracting parties agree to establish a joint venture focused on operating and managing GPU server clusters in Thailand. This move promotes business growth and development by integrating AI, green finance, and virtual asset services. The main goal of the joint venture is to provide GPU leasing solutions for domestic and international clients. The company and the other contracting parties of the agreement must contribute capital in cash to register and establish the joint venture according to their respective equity ratios.

The initial equity structure of the joint venture is that 9% is held by Leading Tide, 40% by SIAM AI, and the remaining 51% will be distributed among the other participating parties. In addition, the joint venture will establish independent wholly-owned subsidiaries for each new server cluster or client.

It is reported that SIAM AI is a limited company registered in Thailand, specializing in AI cloud services and operations related to data centers specifically for CPU and AI functionalities. As of the date of this announcement, SIAM AI has established numerous business partnerships with leading information technology service and solution providers across Asia, offering innovative cloud solutions and data center services.

The AI technology and data processing service market is experiencing significant growth, resulting in an increasing demand for computing power, especially GPUs. GPU leasing provides companies with valuable opportunities, allowing them to access high-performance computing resources without massive initial investments in purchasing GPUs. This model has various advantages, including improved cost-effectiveness, scalability, and the ability to focus on core operational activities. By leveraging expertise in technology, finance, and operations, as well as resources from multiple stakeholders, the joint venture aims to establish a strong position in the GPU leasing market while creating sustainable revenue streams in the ever-expanding AI infrastructure field.

By focusing on diversification, innovation, and collaboration in a rapidly changing technological environment, the company is prepared to strengthen its business strategy. The Directors firmly believe that the joint venture aligns with the company's goals, which are to enhance the variety of services while staying at the forefront of technological advancement, ultimately ensuring continuous growth in this profitable market. The Directors believe that the joint venture supports the Group's recent developments in AI, environmental, social, governance measures, and green energy.