Gaw Capital Partners Expands AI Computing Plans with Hong Kong's TVB

## Gaw Capital Partners and TVB Team Up on AI Computing Hub Gaw Capital Partners, a Hong Kong-based private equity firm, is planning to build an AI hub in the Sai Kung district through a joint venture with local broadcaster Television Broadcasts Limited (TVB). The partners have signed a heads of agreement to develop computing facilities within TVB's campus in the Tseung Kwan O Industrial Estate. The joint venture aims to provide AI-related computing services to outside customers as well as for use by TVB group companies. According to a TVB filing with the Hong Kong Stock Exchange, TVB would own 51 percent of the new company, with Gaw Capital holding the remaining 49 percent. The partners are targeting about 10,000 PetaFLOPS of computing power for the first phase of the project, which is expected to begin operating in the fourth quarter of 2027. ## Background and Relationship Between Partners The relationship between the partners dates back to 2023, when Cardy Oval Limited, an investment vehicle controlled by Gaw Capital founder Goodwin Gaw, subscribed to a HK$156 million convertible bond from TVB. The bond carries a 3.5 percent coupon and converts at HK$4.45 per share, a premium of about 13 percent to TVB's closing price at the time. Full conversion would give Cardy Oval as much as a 7.41 percent stake in the broadcaster. TVB executive chairman Thomas Hui welcomed Gaw as a stakeholder in the company's digital transformation, stating, "I thank Mr. Goodwin Gaw for his investment, and his statement of confidence." The bond remains outstanding and unconverted, according to TVB's 2025 annual results announcement. ## TVB's Strategic Transformation TVB is pursuing the AI joint venture as part of its ongoing strategic transformation from a traditional TV broadcaster to a diversified media company for the digital era. The company aims to broaden its revenue streams and is exploring AI tools to let external content creators access its content library and improve production efficiency. TVB has also disclosed that it had signed a letter of intent to supply computing services to an unnamed global technology group, along with Gaw Capital. The proposed joint venture marks a shift away from Gaw Capital's wholesale data centre playbook, under which the fund manager has invested in data centre buildings and power-and-cooling infrastructure while tenants supply their own servers and pay for rack and power capacity. The project is expected to be funded through a mix of Gaw Capital's equity, financing from banks, and TVB's own resources.