Kaitian Gas announced at the end of March that it plans to invest in the construction of the "Kaitian Intelligent Computing (Ningxia) Center" in Helan County, Yinchuan City, Ningxia, and is expected to complete an investment of 250 million yuan in 2024, and the source of funds is the company's own funds or self-raised funds.
This announcement attracted the attention of the market, and also attracted the Beijing Stock Exchange to issue two letters of inquiry on March 20 and April 12, asking Kaitian Gas to carry out the financing arrangements and sources of funds for the project's investment, assessing the feasibility of the new business and the expected impact on the company's finances and operations.
Construction is scheduled to begin in late March
On the evening of March 20, Kaitian Gas disclosed the "Foreign Investment Announcement" and "New Business Announcement", the company plans to invest in the construction of "Kaitian Intelligent Computing (Ningxia) Center" in Helan County, Yinchuan City, Ningxia, which is organized and implemented by the newly registered wholly-owned subsidiary Kaitian Intelligent Computing (Ningxia) Technology Co., Ltd., covering an overall area of about 20,000 square meters.
According to reports, the business model of the project is to build a standardized professional-grade computer room through external procurement of liquid cooling equipment and racks, etc., and provide customers with services such as hosting, maintenance and management of computing power servers or other network-related equipment in the form of rental, so as to obtain related income such as computer room leasing, and the company does not involve computing power services and application business. The project is planned to start in March 2024, and the construction of the intelligent computer room, power computer room, cooling system and corresponding supporting facilities will be completed in the first phase by the end of 2024, and the layout of some racks will be completed. In 2024, it is expected to complete an investment of 250 million yuan, and the source of funds is the company's own funds or self-raised funds.
The above announcement quickly attracted the attention of the Beijing Stock Exchange, and issued an inquiry letter on the same day, requiring Kaitian Gas to evaluate the feasibility of carrying out new business in combination with staffing, equipment or technology procurement, technology research and development, market development, etc., as well as explain the specific arrangements for the construction and operation of follow-up projects; assess whether the project investment will cause a large financial burden to the company and whether it will have an adverse impact on the follow-up operation; combined with the company's main competitors in the business, its advantages over competitors, and its upstream and downstream bargaining power.
In this regard, Kaitian Gas replied on March 27 that the company decided to carry out new leasing business based on the current situation of the third-party data center currently operating in China as the mainstream business, after preliminary market research and combined with factors such as industry development, policy requirements and market demand. For the daily operation and maintenance of the intelligent computing center, mainly involving safety, power supply and refrigeration, the company has more than 20 years of operating experience in the gas industry, due to the particularity of the gas industry, the company has the corresponding safety management personnel and technical reserves. The company has been engaged in the research and development and manufacturing of natural gas liquefaction equipment, natural gas liquefaction technology mainly changes the physical state of natural gas through cooling, and the refrigeration process involves heat exchange, compressors, etc., which are similar to the working principle of refrigeration in the intelligent computer room.
Kaitian Gas said that the project has completed the registration of the project company, project filing, land use planning, and construction planning, and is promoting the relevant procedures such as energy assessment and construction permits. According to the overall arrangement of the project construction, it is planned to officially start construction in late March, focusing on the completion of the civil engineering construction of the intelligent computing center project. While actively promoting the construction of the project, the operation of the project is also in full swing, and relevant enterprises have been negotiated to plan the next operation of the project.
Kaitian Gas said that according to the project investment plan, the total investment in 2024 will be about 250 million yuan, and the company's overall financing arrangements and funding sources can meet the needs of project construction.
Continue to inquire about project construction and funding arrangements
After Kaitian Gas replied to the first inquiry, the Beijing Stock Exchange sent another letter of inquiry on April 12, asking about the project construction arrangements and project funding arrangements, as well as the company's comparative competitive advantages.
In the second letter of inquiry, the Beijing Stock Exchange asked Kaitian Gas to explain the formalities of energy assessment and construction permit, including but not limited to the time for submitting the application, the processing period, the impact of unsuccessful application on the project and the measures to be taken by your company, and if the relevant procedures have been completed, it is required to explain the progress of the civil works so far.
For the project funding arrangement, the company replied in the inquiry letter: "The comprehensive credit amount of the project loan is expected to be 200 million yuan, the loan interest rate is expected to be no higher than 4.5%, and the term is expected to be 5~10 years. The project is expected to obtain the corresponding computer room leasing and other related income when it is completed, and the loan plan of the project will not repay the principal in the first two years, and the subsequent plan will repay the corresponding loan principal in equal amounts according to the loan term. ”
In this regard, the Beijing Stock Exchange requires the company to explain the bank that intends to apply for the loan, as well as the expected mortgage of the existing land, real estate and facilities and equipment, and if the loan is not obtained, it needs to explain the alternative financing plan that the company intends to take.
On February 6, 2024, Yinchuan City issued several supporting policy documents such as "Several Policies on Building a "Capital of Computing Power" to Promote the Development of the Artificial Intelligence Industry (Trial), so the company has better policy support. The second is the advantages of the technical solution, the project computer room is a modular liquid cooling design scheme, to achieve low PUE value, each liquid cooling rack is equipped with a power of 48KW, which can meet the operating conditions of high-power and high-performance intelligent computing servers. Compared with the existing computer room, the company's new computer room has higher space utilization efficiency and heat dissipation performance, which can meet the demand for higher power servers and seize the opportunity of structural changes in market demand.
In this regard, the Beijing Stock Exchange requires the company to explain the specific impact and support of the "Several Policies on Building a "Computing Capital" to Promote the Development of the Artificial Intelligence Industry (Trial)" on the company's project, including but not limited to capital, talents, technology, etc. At the same time, according to the company's research, explain the main data centers that have been built so far and their distribution, the similarity with the company's proposed business, the company's competitive advantages compared with other major data centers, explain the market demand for GPU intelligent computing servers, such as whether other major data centers upgrade high-power racks and liquid cooling equipment, will have an adverse impact on the market expansion of this project, and if so, the company is required to explain the countermeasures.
Editor-in-charge: Liang Qiuyan
Proofreading: Liu Rongzhi
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