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Xiechuang Data Denies ‘Channel-Like Self-Dealing’ in Server Deals

Oct 13, 2026 09:55 ET · 2h ago

TREE NEWS update: Shenzhen-listed Xiechuang Data pushed back on investor-platform questions over three related-party transactions, saying its RMB 32.2 billion server procurement is front-loaded infrastructure spending for cloud computing services and need not match sales contracts one-for-one. The company said dealings with Metabytes and Qishuo Technology were based on genuine business needs and market pricing, with related-party review and disclosure procedures followed. As of June 30, 2026, cumulative sales to Metabytes reached RMB 134.12 million and purchases from Qishuo RMB 93.77 million, both within approved limits.

Original source

AI take

The pushback matters less for the specific numbers than for the disclosure posture: a Shenzhen-listed company defending related-party procurement on an investor platform, rather than in a filing, signals the scrutiny is coming from minority holders reading the same disclosures. The scale mismatch between RMB 32.2 billion in server procurement and the disclosed cumulative related-party sales and purchases is the crux, and the front-loading rationale is the company's answer to it. Whether those related-party volumes keep scaling within approved limits, and how the cloud services revenue materializes against the procurement build, is the open question.

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