Hong Kong broadcaster TVB Limited is planning an artificial intelligence computing venture with private equity firm Gaw Capital Partners that could receive up to HK$2 billion ($255 million) in equity investment from Gaw Capital, according to a stock exchange filing seen by CrowdFund Insider.
TVB entered into a heads of agreement with Triton Square Limited, an affiliate of Gaw Capital, to establish a joint venture providing advanced computing services for AI-related applications in Hong Kong. TVB would hold 51% of the voting shares and Gaw Capital 49%.
The venture would develop computing facilities at TVB’s corporate campus in the Tseung Kwan O Industrial Estate and install graphics processing units and central processing units to provide subscription-based computing services to third-party customers and TVB group companies.
The companies aim to sign definitive agreements and begin implementing the project in the second half of 2026.
Development is expected to take place in stages over several years, financed through up to HK$2 billion of equity investment from Gaw Capital, bank financing and TVB’s internal resources.
An initial phase targeting about 10,000 PetaFLOPS of computing power is expected to become operational in the fourth quarter of 2027.
TVB is seeking government approvals for the project, while the partners are in talks with CLP Holdings over electricity supply and with international and domestic vendors for GPUs and other computing equipment.
Gaw Capital may also separately subscribe for new TVB shares, warrants or convertible notes, or a combination of those securities.
Any investment would depend on definitive agreements for the joint venture and applicable Hong Kong listing requirements.
The proposed venture already has a potential customer. TVB and Gaw Capital signed a letter of interest on July 15 with an unidentified “leading global technology group” for the subscription of advanced computing services.
The parties are negotiating technical and commercial terms and exploring financing and procurement options for the necessary equipment.
TVB said the initiative forms part of its shift from a traditional television broadcaster into a diversified digital media company.
The broadcaster expects its own computing requirements to increase as it uses more AI tools and AI-generated content in production.
The heads of agreement and letter of interest are non-binding, and TVB cautioned that no final agreements have been reached and the projects may not proceed.
The proposed venture is notable because it would push a traditional broadcaster into the capital-intensive AI infrastructure market while bringing in a private equity partner to shoulder much of the investment.
The potential HK$2 billion commitment and subscription model suggest TVB is looking beyond using AI internally and toward monetising computing capacity as a new revenue stream.
Execution risk remains significant, however: the project requires substantial hardware and electricity, regulatory approvals, and paying customers, while the current agreements remain preliminary.
