TREE NEWS update: China’s Wangsu Science & Technology announced it will invest 300 million yuan of its own funds to subscribe to Series A+ preferred shares issued by Sandai (Cayman), gaining a 4.3963% stake in video-generation model company Sand.ai. As a transitional arrangement, the company will first extend a 300 million yuan convertible bond to Shanghai Sandai Technology and receive Series A+ warrants. Sand.ai was founded in January 2024 and develops visual content generation models and video-model-based applications.
Wangsu Science & Technology to Invest 300M Yuan in Video Model Startup Sand.ai
AI take
The deal shows a listed Chinese infrastructure player buying strategic exposure to video-generation models rather than building them in-house, using a convertible structure to bridge into equity — a template worth watching as AI video financing matures. It matters most for Sand.ai's runway and for peers seeking corporate backers amid a crowded Chinese video-model field. The open question is whether such corporate stakes become a common route for capital-intensive model startups, and how these transitional instruments are disclosed.
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