OPS Hong Kong, the only revenue-producing part of SUPX, is on the 11th floor of this building. Leasing Hub

SUPX: The design and fit-out company pretending it’s in AI with photoshopped logos, copied

specs, and empty announcements about undisclosed related parties

Chinese property developers – one a convicted child molester – are behind SUPX and want you

to think this tiny company is in AI. It’s not.

J Capital Research ("J Cap") is a stock-research company. J Cap has analyzed the U.S.-listed company Super X AI Technology Ltd (“SUPX”) and is hereby publishing the outcome and the conclusions of our analysis, based on publicly available information. We may be short shares of SUPX, and, for this reason, there might be a conflict of interest.

• SUPX is trading at a dizzying 472x FY2024 annual revenue and is up 1,284% YTD, with almost no social media following. If it smells like a stock pump, it probably is one.
  
• Dying Chinese property developers are behind SUPX. They include a convicted felon who served five years for molesting children. Wang Zhenhua, 10.2% owner of SUPX and founder of developer Seazen Group (1030 HKG), was a prominent Communist Party official until his sentence in 2020.
  
• Starting a year ago, SUPX pretended to have pivoted to “AI.” But there is no evidence that SUPX actually is building AI infrastructure or has the expertise or assets to do so. 
  
• To support its pivot, SUPX partnered with one and acquired another company. The companies, PanaAI and MindEnergy, both appear to be undisclosed related parties. 
  
• We’ve found that the “AI products” SUPX is touting are likely digitally altered images with plagiarized specifications. Specs appear to be taken from other companies’ websites, and third-party photo inspection tools suggest the SUPX logo may be photoshopped onto the hardware. Other AI announcements are just as empty: in one year, SUPX has reported no progress on the $200 mln “superfactory” it announced in August 2024, and the company is renting just a small portion of a warehouse for its “Japanese AI Supply Center.” 

• Even executives and board members can’t seem to stomach SUPX. SUPX fired its CEO, Howard Tang, on July 31, 2025 and has not replaced him. On June 30, 2025, the CFO resigned, as did the chairman of the Audit Committee. Another Audit Committee member resigned July 31. The previous Audit Committee chair was terminated March 31, 2025.
  
• Key managers and board members are affiliated with scams, frauds, and Chinese pump-and-dump schemes and have failed to disclose portions of their background. Recently terminated CEO Howard Tang had his license suspended by the Hong Kong Securities and Futures Commission (SFC) for ~17 months, as the firm he headed-- Ample Capital Limited, a part owner of SUPX—apparently closed its eyes to fraud. The CFO who recently resigned had been VP of Ample. The current CFO and multiple directors have been associated with vampire stocks that fell by 90% during their tenures.
  
• SUPX has churned through three shady-looking auditors in just one year. The company discloses a risk of delisting if the PCAOB determines it cannot fully investigate auditors for two consecutive years.
  
• Controversy has dogged SUPX’s IPO underwriter, Spartan Capital, due to alleged stock churning, failure to disclose settlements, compliance issues, etc. Even worse was the underwriter that tried to IPO the company in 2022, Univest Securities. Old hands in the China business will recognize Univest as butler to frauds.
  
• This Chinese interior-design company generally raises money after issuing exciting but empty announcements that push up the share price. In August, SUPX sold 3.1 mln shares privately for $9.37 per share. The current trading price is over $50. 

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