> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # What Does SUNeVision Do? Hong Kong's AI Data Center Landlord - URL: https://www.sotkn.com/stack/ai-data-centers/what-does-sunevision-do/ - Published: 2026-11-14T13:26:40.000Z - Updated: 2026-11-14T13:26:40.000Z - Description: SUNeVision, controlled by Sun Hung Kai Properties, rents powered data-center space in Hong Kong to US and Chinese cloud and AI firms. It had about 105 MW of IT capacity about 92% occupied at 30 June 2026, and its next big step waits on 2028. - Author: Sean - Tags: #layer-ai-data-centers SUNeVision Holdings Ltd. (Hong Kong Stock Exchange: 1686) runs what it calls the largest and most connected data-center ecosystem in Hong Kong. Under the iAdvantage brand it owns and runs six data centers, from MEGA-i in Chai Wan, in service since 2001, to MEGA IDC in Tseung Kwan O, opened in 2024\. It rents space, power and cooling to cloud providers, AI companies, banks and telecom carriers, and charges for the cables that connect them to each other. Sun Hung Kai Properties, one of Hong Kong's largest property developers, controls it: after converting old notes into shares on 27 October 2026, the property group held about 84.5% of SUNeVision. At 30 June 2026 the company had about 105 MW of IT capacity fitted out, about 92% of it occupied, and plans to take total power capacity from 150 MW to 280 MW, with the next phase of MEGA IDC targeted for 2028. `AI DATA CENTERS` · `Data as at 30 Jun 2026` · `Next update: after SUNeVision's interim results for the half to 31 December 2026 (date not announced at 14 Nov 2026)` **Affects:** AI Data Centers · Hong Kong · Cloud SUNeVision sits on the [AI Data Centers layer](https://www.sotkn.com/stack/ai-data-centers/) with the companies that own powered halls and collect rent on them. It is a single-city business: almost all its revenue and assets are in Hong Kong. That makes it different from regional groups such as [Nxera](https://www.sotkn.com/stack/ai-data-centers/what-does-nxera-do/) or [Equinix](https://www.sotkn.com/stack/ai-data-centers/what-does-equinix-do/), and from mainland China builders such as [GDS](https://www.sotkn.com/stack/ai-data-centers/what-does-gds-do/) and [VNET](https://www.sotkn.com/stack/ai-data-centers/what-does-vnet-do/). Its pitch is location and connection: Hong Kong sits between mainland China and the rest of the world, and the company says its flagship MEGA-i building is one of the five most connected data centers on the planet. AI has changed what customers want from it. Instead of a few racks, Chinese and international cloud firms now ask for blocks of 10 MW to 30 MW in one campus, and they want them fast. **In short:** SUNeVision makes money by renting fitted-out data-center space and power on long contracts, at about HK$2,500 per kilowatt per month by its own figure, and by charging for about 15,000 cross-connects between customers at MEGA-i. Revenue was HK$3.12 billion in the year to 30 June 2026, EBITDA was HK$2.30 billion, a 74% margin, and profit was HK$1.15 billion. The stuck step is new capacity: its halls are about 92% occupied, Phase One of MEGA IDC is filling, and the next 130 MW of power at Tseung Kwan O is not targeted to be ready until 2028\. SUNeVision does not name its customers. *Education only, not advice to buy or sell any security. Figures are from SUNeVision's filings with the Hong Kong Stock Exchange and its own investor materials: its final results announcement for the year to 30 June 2026, published on 1 September 2026; its Annual Report 2025/26; its results presentation of September 2026; its announcements of 25 June, 11 September and 27 October 2026\. SUNeVision reports in Hong Kong dollars under HKFRS Accounting Standards. We do not convert to US dollars.* ## Numbers that matter IT capacity fitted out \~105 MW Up from \~104 MW a year earlier; about 92% occupied · 30 Jun 2026 **Full** Power capacity, today and planned 150 MW → 280 MW Remaining MEGA IDC phases targeted ready for service in 2028 **Bind** FY2025/26 revenue HK$3.12bn Up 6%; data centre and IT facilities HK$2.89bn · year to 30 Jun 2026 **Steady** EBITDA HK$2.30bn 74% margin, up from 72% · year to 30 Jun 2026 **Engine** Profit attributable to shareholders HK$1.15bn Up 17%, helped by a 24% fall in finance costs · year to 30 Jun 2026 **Profitable** Contracted colocation revenue not yet billed HK$10.92bn Up from HK$9.03bn; HK$1.89bn due within a year · 30 Jun 2026 **Locked in** Two largest customers 19% + 14% Share of total revenue; five largest 53% · year to 30 Jun 2026 **Concentrated** Net debt incl. shareholder loans HK$15.57bn Our arithmetic: HK$10.57bn net bank debt plus HK$5.0bn owed to Sun Hung Kai Properties · 30 Jun 2026 **Parent-backed** Status chips are Second Order's read. Capacity, occupancy, revenue, EBITDA, profit, contracted revenue, customer shares, net bank debt and shareholder loans are SUNeVision's own figures. IT capacity and occupancy are shown as approximate (\~) because the company presents them that way. Net debt including shareholder loans is our arithmetic. ## What does SUNeVision actually do? Own the building. Bring in the power and the cables. Fit out halls only when a customer is ready to move in. Then charge rent for years and a fee for every connection. **Hong Kong halls for cloud and AI, wired to the world's networks.** 1. **It owns most of the buildings it runs.** The Annual Report lists six data centers in operation with about 2.3 million square feet of gross floor area: MEGA-i in Chai Wan (350,000 sq ft, in service 2001), MEGA Two in Sha Tin (429,000 sq ft, 2007), MEGA Plus in Tseung Kwan O (474,000 sq ft, 2017), MEGA Fanling (129,000 sq ft, 2022), MEGA Gateway in Tsuen Wan (201,000 sq ft, 2023) and MEGA IDC Phase One in Tseung Kwan O (about 500,000 sq ft, 2024). The company says owning most of its sites gives large customers long-term stability. MEGA Fanling is the exception: it uses what SUNeVision calls an asset-light model and is fully committed to a single cloud customer. 2. **It fits out halls just in time.** SUNeVision counts two kinds of capacity. Power capacity, 150 MW at 30 June 2026, is what its buildings are designed and connected for. IT capacity, about 105 MW, is the power of data halls actually fitted out and ready for servers. The company says it can deliver space within four to six months of a confirmed order, so it spends on fit-out as customers sign rather than building empty halls ahead of demand. IT capacity rose only from about 104 MW to about 105 MW during the year, which the company describes as matching customer deployment schedules. 3. **It sells connection, not just space.** MEGA-i, in Chai Wan on Hong Kong Island, supports about 15,000 cross-connects, the direct cables that link one customer's equipment to another's inside the building. The company says MEGA-i serves hundreds of carriers, internet providers, cloud firms and enterprises, and ranks among the five most connected data centers in the world. It also runs two carrier-neutral cable landing stations, HKIS-1 and HKIS-2, where subsea cables come ashore, and says its data centers host points of presence for more than 80% of the international subsea cables that land in Hong Kong. 4. **It is building the next AI campus at Tseung Kwan O.** MEGA IDC Phase One has about 500,000 sq ft and 50 MW of power. During the year a leading Chinese technology firm, which the company does not name, made a long-term commitment of more than 10 years with built-in annual rent increases, which SUNeVision says will lift Phase One occupancy from about 30% to about 70%. Billing on that deal is due to start in the second half of 2026, with full delivery within the year to June 2027\. The company is negotiating with two hyperscale customers for the remaining two floors. It has decided to build the remaining phases, about 700,000 sq ft and more than 130 MW of power served by seven substations, as one project, with a target ready-for-service date of 2028. | Year to 30 June | 2022 | 2023 | 2024 | 2025 | 2026 | | ------------------------------------- | --------- | --------- | --------- | --------- | --------- | | IT capacity fitted out | \~78 MW | \~87 MW | \~101 MW | \~104 MW | \~105 MW | | Occupancy | \~80% | \~73% | \~74% | \~90% | \~92% | | Total revenue | HK$2.09bn | HK$2.35bn | HK$2.67bn | HK$2.94bn | HK$3.12bn | | Data centre and IT facilities revenue | HK$1.94bn | HK$2.16bn | HK$2.46bn | HK$2.72bn | HK$2.89bn | Capacity and occupancy figures are from SUNeVision's September 2026 results presentation, which shows them as approximate. Revenue figures are from the Annual Report's five-year financial summary and the presentation's revenue chart. Occupancy fell when MEGA Gateway and MEGA IDC opened in 2023 and 2024, then climbed back to about 92% as customers moved in. Multiplying the two approximate figures, about 97 MW of IT capacity was occupied at 30 June 2026 (our arithmetic: \~105 MW × \~92%). Dividing the year's data centre and IT facilities revenue by that figure gives about HK$2.5 million per occupied megawatt per month (our arithmetic: HK$2.89 billion ÷ 12 ÷ \~96.6 MW). That lines up with the company's own figure of about HK$2,500 per kilowatt per month, which is HK$2.5 million per megawatt per month (our arithmetic). It is a rough check, because the revenue includes connection fees and the capacity figures are rounded. Full move-in by the new MEGA IDC customer will take IT capacity from about 105 MW to about 130 MW, according to the presentation. The integrated development of the remaining MEGA IDC phases will take total floor area from 2.3 million sq ft to almost 3 million sq ft and power capacity from 150 MW to 280 MW, according to the results announcement. The company describes its whole Tseung Kwan O campus as having 200 MW of IT capacity once complete. --- ## How does SUNeVision make money? Rent for space and power, fees for connections, and a small building-systems business. Almost all the profit comes from the halls. - **Hyperscale.** Large cloud and AI customers renting big blocks of space and power made up about 42% of recurring data-center revenue in the year to 30 June 2026, growing about 7%. The company says growth here came mainly from higher rents on renewal, including renewals with two of its largest customers. New deals and renewals are being signed for 10 to 15 years with annual price escalation, according to the presentation. - **Connectivity.** Interconnection and colocation for carriers, internet providers and network-heavy customers, centred on MEGA-i, made up about 38% of recurring data-center revenue and grew about 2%. The company says AI inference and Chinese firms selling AI services abroad are driving network expansion plans, and it expects connectivity pricing to rise. It is also moving some low-yield customers out of MEGA-i to free up powered space. - **Enterprise.** Banks and other enterprises made up about 20% of recurring data-center revenue and grew about 18%. The company says banking demand is rising with AI adoption. Some enterprise customers were moved from MEGA-i to MEGA Gateway and MEGA IDC, where power density and yield are higher, and SUNeVision warns this will bring a near-term revenue impact in the year to June 2027 as parallel-run arrangements end. - **ELV and IT systems.** Super e-Technology installs extra-low-voltage and IT systems such as security and building networks. It brought in HK$229 million of revenue in the year, up 5%, and HK$44.7 million of segment profit. Super e-Network sells broadband and Wi-Fi services. Recurring revenue from established sites (MEGA Plus, MEGA-i, MEGA Two, One and JUMBO) was HK$2.36 billion, up from HK$2.20 billion, and from new sites (MEGA IDC, MEGA Fanling, MEGA Gateway and HKIS-1) HK$496 million, up from HK$438 million, according to the presentation. One-off revenue fell to HK$32 million from HK$86 million as last year's move-in projects ended. The data-center segment earned HK$1.64 billion on HK$2.89 billion of revenue. Group EBITDA was HK$2.30 billion, a 74% margin, and depreciation was HK$677.6 million. Finance costs fell 24% to HK$255.7 million as Hong Kong interest rates came down; the effective rate on bank borrowings was 3.40%, down from 4.62%. Finance costs were about 11.1% of EBITDA (our arithmetic: HK$255.7 million ÷ HK$2.30 billion). After tax at Hong Kong's 16.5% rate, profit attributable to shareholders was HK$1.15 billion, or 28.07 Hong Kong cents per share. Most of the cash comes back. Net cash from operating activities was HK$2.68 billion. That included HK$477.1 million of increase in contract liabilities, which the Annual Report explains as upfront lump-sum payments some customers make before they start using space, plus monthly fees paid in advance. That is about 17.8% of the year's operating cash flow (our arithmetic: HK$477.1 million ÷ HK$2.68 billion). Our [prepayment explainer](https://www.sotkn.com/explained/prepayment-explained/) covers why buyers pay ahead. Cash spent on property and equipment was HK$774.4 million, down from HK$1.20 billion. After that, interest of HK$548.7 million and dividends of HK$489.1 million, about HK$864 million was left (our arithmetic), and the company repaid a net HK$850 million of bank loans. The board proposed a final dividend of HK14.00 cents a share, up from HK12.00 cents, about half of earnings per share. --- ## What limits it? Space first. Time second. One parent and a few customers third. 1. **The halls are nearly full.** At about 92% occupancy across about 105 MW, SUNeVision has little fitted-out space left to sell. MEGA Plus and MEGA Two are described as effectively fully occupied, MEGA Fanling is fully committed and more than 90% of MEGA Gateway's deployed capacity is taken. Growth in the next two years depends on filling MEGA IDC Phase One, where the new anchor customer is still moving in and two floors are still being negotiated, and on rent increases at renewal. 2. **The big new block waits on 2028.** The remaining phases of MEGA IDC, with more than 130 MW of power, are targeted for 2028\. The results announcement does not give a construction budget for them, and the filings we read do not give a capital spending forecast. Customers who need 10 MW to 30 MW quickly may go elsewhere if that date slips. The company itself says new supply from its competitors is expected over the medium term. 3. **A few customers matter a lot.** The two largest customers brought in about 19% and 14% of total revenue in the year to 30 June 2026, and the five largest, a figure that counts the Sun Hung Kai Properties group as one, about 53%. SUNeVision does not name them. It says it serves essentially all of the top US and Chinese cloud and AI companies, including the top three international hyperscalers and top five Chinese technology firms. Losing or shrinking one large contract would show quickly in revenue. 4. **Debt is floating and the parent stands behind it.** At 30 June 2026 bank borrowings were HK$11.00 billion against cash of HK$427 million, net bank borrowings of HK$10.57 billion, and the company owed Sun Hung Kai Properties HK$5.0 billion in shareholder loans. Together that is HK$15.57 billion of net debt, about 6.8 times EBITDA (our arithmetic: HK$15.57 billion ÷ HK$2.30 billion), or about 4.6 times on bank debt alone (our arithmetic). All borrowings are floating-rate, so lower rates helped this year and higher rates would hurt. Current liabilities exceeded current assets by HK$1.2 billion; the directors point to about HK$3.55 billion of undrawn facilities. A HK$3 billion Bank of China (Hong Kong) facility signed on 25 June 2026 requires Sun Hung Kai Properties to keep at least 51% of SUNeVision and to keep at least HK$3.8 billion of shareholder loan facilities in place, or the bank can call the loan. 5. **Book value understates the buildings, and that cuts both ways.** Data centers sit on the balance sheet at cost less depreciation, so total equity was HK$6.5 billion. An independent valuer put the data centers in operation at HK$51.5 billion of fair value, which would make equity HK$40.8 billion and gearing 26% excluding shareholder loans, or 38% including them. That valuation uses an income approach, so it depends on rents and occupancy holding up. The company states it is for illustration only. 6. **Hong Kong's connections are a risk the company flags itself.** The chairman's statement says Hong Kong had 11 major subsea cables in 2019 against Singapore's 13, and now has 12 against Singapore's 21\. Because MEGA-i's value rests on being where the cables meet, SUNeVision is lobbying the government to attract more. Separately, a competitor, HKCOLO.NET, has started defamation proceedings against the group over a Tseung Kwan O land-lease dispute; SUNeVision rejects the allegations. Where the filings are silent we say so. SUNeVision does not name its customers, give rent for individual deals, publish a budget or capital spending forecast for the remaining MEGA IDC phases, give a date for its next interim results, or say how long the new MEGA IDC customer's move-in will take beyond full delivery within the year to June 2027\. We do not estimate those. --- ## Who else does this? Roles, not a league table. | Company | What it does | What makes it different | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | | **SUNeVision** | Hong Kong data centers and interconnection under the iAdvantage brand | About 105 MW of IT capacity in one city, about 15,000 cross-connects at MEGA-i, controlled about 84.5% by Sun Hung Kai Properties | | **[Equinix](https://www.sotkn.com/stack/ai-data-centers/what-does-equinix-do/) / [Digital Realty](https://www.sotkn.com/stack/ai-data-centers/what-does-digital-realty-do/)** | Global colocation and interconnection | The global version of the MEGA-i model, across many cities | | **[Nxera](https://www.sotkn.com/stack/ai-data-centers/what-does-nxera-do/)** | Singtel's regional data-center arm | A telecom-owned builder spread across several Asian markets | | **[Keppel DC REIT](https://www.sotkn.com/stack/ai-data-centers/what-does-keppel-dc-reit-do/) / [Digital Core REIT](https://www.sotkn.com/stack/ai-data-centers/what-does-digital-core-reit-do/)** | Singapore-listed data-center landlords | Pay out most of their rent as distributions; SUNeVision keeps about half its profit to build | | **[NEXTDC](https://www.sotkn.com/stack/ai-data-centers/what-does-nextdc-do/) / [Macquarie Technology](https://www.sotkn.com/stack/ai-data-centers/what-does-macquarie-technology-do/)** | Australian operators | Interconnection hubs plus large AI halls, in Australia rather than one city | | **[GDS](https://www.sotkn.com/stack/ai-data-centers/what-does-gds-do/) / [VNET](https://www.sotkn.com/stack/ai-data-centers/what-does-vnet-do/)** | Mainland China wholesale builders | Far larger megawatt totals across mainland cities, built with heavy borrowing | What separates SUNeVision is scarcity in one place. It cannot grow by opening in a new country; it grows by fitting out more halls in Hong Kong and raising rent on the ones it has. The presentation says other Asian hubs such as Singapore, Tokyo and Seoul are 94% to 99% occupied, which it argues pushes demand back to Hong Kong. Its parent, a property developer, also lends it money and builds for it. See [Hyperscale vs Colocation Data Centers](https://www.sotkn.com/explained/hyperscale-vs-colocation-data-center/) and [Data Center Leases Explained](https://www.sotkn.com/explained/data-center-lease-explained/) for how its kinds of contract differ. --- ## What would change this view? The read on the model weakens if: - MEGA IDC Phase One stalls well short of the roughly 70% occupancy the company expects, or the two floors under negotiation stay empty into 2027. - The 2028 target for the remaining MEGA IDC phases slips, or customers who said they were ready to pre-commit sign elsewhere. - One of the two largest customers, worth about 19% and 14% of revenue, reduces its space or renews at lower rent. - Hong Kong interest rates rise again, pushing finance costs back up on HK$16 billion of floating-rate bank and shareholder borrowing. - Sun Hung Kai Properties changes its support: its stake falls toward the 51% bank covenant, or the shareholder loans are not extended. The read holds while occupancy stays near full, MEGA IDC Phase One fills on the long contracts described, the remaining phases stay on track for 2028, and the parent keeps lending and building for it. --- ## Practical takeaways - SUNeVision is a Hong Kong-only data-center owner and operator, listed in Hong Kong under stock code 1686 and controlled about 84.5% by Sun Hung Kai Properties. - At 30 June 2026 it had about 105 MW of IT capacity fitted out, about 92% occupied, in six data centers with 2.3 million sq ft of floor area. - It charges about HK$2,500 per kilowatt per month by its own figure and earns a 74% EBITDA margin; profit was HK$1.15 billion in the year to June 2026. - HK$10.92 billion of contracted colocation revenue was still to be billed, about 3.8 years of current data-center revenue (our arithmetic). - The stuck step is new space: the next 130 MW of power at MEGA IDC is targeted for 2028. - Two customers it does not name bring in about a third of revenue, and its debt is floating-rate and partly lent by its parent. --- ## FAQ **What does SUNeVision do?** SUNeVision Holdings Ltd. owns and runs data centers in Hong Kong under the iAdvantage brand. It rents space, power and cooling to cloud providers, AI companies, banks, carriers and other businesses, sells connections between them, and runs two cable landing stations where subsea cables come ashore. A smaller unit installs building IT and security systems. Its shares trade on the Hong Kong Stock Exchange under stock code 1686. **Who owns SUNeVision?** Sun Hung Kai Properties Limited, the Hong Kong property developer, is its controlling shareholder. On 27 October 2026 Sun Hung Kai Properties converted convertible notes it had held since 2010 into 1,719,427,500 new shares, taking its holding to 3,450,150,000 shares, about 84.47% of the issued shares. About 15.10% is held by the public. **How much data center capacity does SUNeVision have?** At 30 June 2026 SUNeVision had about 105 MW of IT capacity fitted out and about 150 MW of power capacity across about 2.3 million square feet of data-center floor area. It plans to raise power capacity to 280 MW and floor area to almost 3 million square feet, with the remaining phases of MEGA IDC targeted to be ready in 2028. **What is MEGA IDC?** MEGA IDC is SUNeVision's newest data-center campus, in Tseung Kwan O, opened in 2024 and built for high-density AI and cloud workloads. Phase One has about 500,000 square feet and 50 MW of power. The remaining phases, about 700,000 square feet and more than 130 MW of power, are being built as one project with a 2028 target. **Who are SUNeVision's customers?** SUNeVision does not name them. It says it serves essentially all of the top US and Chinese cloud and AI companies, including the top three international hyperscalers and top five Chinese technology firms, plus carriers, banks and enterprises. Its two largest customers brought in about 19% and 14% of revenue in the year to 30 June 2026. **Is SUNeVision profitable?** Yes. In the year to 30 June 2026 it reported revenue of HK$3.12 billion, EBITDA of HK$2.30 billion and profit attributable to shareholders of HK$1.15 billion, up 17%. The board proposed a final dividend of HK14.00 cents a share, about half of earnings per share. --- ## Keep reading on the map - **The layers:** [AI Data Centers](https://www.sotkn.com/stack/ai-data-centers/) · [Neoclouds](https://www.sotkn.com/stack/neoclouds/) · [Hyperscalers](https://www.sotkn.com/stack/hyperscalers/) - **The terms:** [What Is an AI Data Center?](https://www.sotkn.com/explained/what-is-an-ai-data-center/) · [Hyperscale vs Colocation Data Centers](https://www.sotkn.com/explained/hyperscale-vs-colocation-data-center/) · [Data Center Leases Explained](https://www.sotkn.com/explained/data-center-lease-explained/) · [Data Center Financing Explained](https://www.sotkn.com/explained/data-center-financing-explained/) · [What Is a Customer Prepayment?](https://www.sotkn.com/explained/prepayment-explained/) - **Other halls businesses in Asia:** [What Does Nxera Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-nxera-do/) · [What Does Keppel DC REIT Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-keppel-dc-reit-do/) · [What Does Digital Core REIT Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-digital-core-reit-do/) · [What Does NEXTDC Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-nextdc-do/) · [What Does GDS Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-gds-do/) · [What Does VNET Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-vnet-do/) - **The power:** [How Much Power Does an AI Data Center Use?](https://www.sotkn.com/explained/how-much-power-does-an-ai-data-center-use/) · [Where Are AI Data Centers Located?](https://www.sotkn.com/explained/where-are-ai-data-centers-located/) For how landlords raise money against finished halls, read [Data Center Financing Explained](https://www.sotkn.com/explained/data-center-financing-explained/). This page stays the free Stack read of the SUNeVision model. ## Sean Writes Second Order by TKN — a plain-English map of AI infrastructure. Who gets paid, where money sticks, which step is stuck. Not investment advice. [Author page →](https://www.sotkn.com/author/sean/) · [Editorial standards →](https://www.sotkn.com/editorial-standards/) ## How we check this Figures come from SUNeVision's own filings and investor materials listed below: its final results announcement for the year to 30 June 2026 (1 September 2026), its Annual Report 2025/26, its results presentation (September 2026), and its Hong Kong Stock Exchange announcements of 25 June, 11 September and 27 October 2026\. Capacity and occupancy are shown as approximate because the company presents them that way. Where we work something out ourselves, the arithmetic is shown in full and labelled. SUNeVision does not name its customers, give rent for individual deals, publish a budget for the remaining MEGA IDC phases or set a date for its next interim results, so we do not estimate those. Social media posts and press reports are not used. **Last reviewed:** 14 Nov 2026 · **Next review:** after SUNeVision's interim results for the half to 31 December 2026 (date not announced at 14 Nov 2026) Spot an error? Tell us and we will correct it and note the change here. [Our editorial standards →](https://www.sotkn.com/editorial-standards/) ## References 1. SUNeVision Holdings Ltd., [Final Results Announcement for the Year Ended 30 June 2026](https://www.sunevision.com/administrator/components/com%5Fcompany%5Fannouncements/uploads/4e39ffa30d7b4226cfdf8c957841681d-e-Results-announcement-Eng-Final-01.09.26.pdf?ref=sotkn.com) (company, HKEX announcement), 1 Sep 2026 — Revenue, EBITDA, profit, finance costs, power capacity 150 MW to 280 MW, MEGA IDC Phase One commitment and 2028 target, net bank borrowings, shareholder loans, fair-value equity and gearing, contracted revenue, largest customers, dividend 2. SUNeVision Holdings Ltd., [Annual Report 2025/26](https://www.sunevision.com/administrator/components/com%5Freports%5Farchieve/df21f545dd3cb9f55f6fea817867f134-e1686-annual-report.pdf?ref=sotkn.com) (company, annual report), Sep 2026 — Data centers and floor areas, IT capacity, cross-connects, cable landing stations, cash flow statement, contract liabilities, five largest customers, five-year summary 3. SUNeVision Holdings Ltd., [FY25/26 Results Presentation](https://www.sunevision.com/administrator/components/com%5Freports%5Farchieve/db561c50074e05516b05ca2c190c8a91-SeV-Results-Presentation-FY2526-v1.pdf?ref=sotkn.com) (company, investor presentation), Sep 2026 — IT capacity and occupancy history, revenue mix by customer type, established and new site revenue, rent per kilowatt, contract terms, MEGA IDC phases and loan maturities 4. SUNeVision Holdings Ltd., [Conversion of the Convertible Notes by SHKP Group](https://www.sunevision.com/administrator/components/com%5Fcompany%5Fannouncements/uploads/481ce504248082935e53f35321e5b1a7-e-1686ann-1st-annc-SeV20260911v2c.pdf?ref=sotkn.com) (company, HKEX announcement), 11 Sep 2026 — Sun Hung Kai Properties' conversion of notes into 1,719,427,500 shares and the public float 5. SUNeVision Holdings Ltd., [Update on Conversion of the Convertible Notes by SHKP Group](https://www.sunevision.com/administrator/components/com%5Fcompany%5Fannouncements/uploads/ed71dafbaef7f9eba8347e890db49fb5-e-1686ann-2nd-annc-final-v-20261027.pdf?ref=sotkn.com) (company, HKEX announcement), 27 Oct 2026 — Sun Hung Kai Properties' 84.47% holding and 15.10% public float after conversion 6. SUNeVision Holdings Ltd., [Announcement Pursuant to Rule 13.18 of the Listing Rules](https://www.sunevision.com/administrator/components/com%5Fcompany%5Fannouncements/uploads/85f5da049c418b96aad1ce1b3e713921-ew-13.18%5FAnnouncement%5F2026%5FBOC%5FFacility%5F%282026.06.25%29.pdf?ref=sotkn.com) (company, HKEX announcement), 25 Jun 2026 — HK$3 billion Bank of China (Hong Kong) facility and its 51% shareholding and HK$3.8 billion shareholder-loan conditions