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 (NASDAQ: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.
An interior designer trying to catch the AI wave
SUPX was founded as Junee Limited, a little interior design and fit-out company, in Hong Kong. SUPX derived all its revenue as of its last report from construction services delivered by its subsidiary OPS Hong Kong. We assume SUPX will shed OPS if it ever manages to find another revenue stream. In the interim, this is an interior design company with less than $3 mln in annual revenue and zero disclosed prospects for any other type of income, whether contracts, commitments, or even a breath of interest.
Sales in the design and fit-out business have been collapsing. Revenue plummeted by twothirds in just two years, going from $9.6 mln in 2022 to $2.9 mln in fiscal 2024, ending June 30, 2024. After making $38,678 in profit in fiscal 2023, Junee (later renamed to SuperX AI Technology Limited) lost -$854,927 in fiscal 2024 then lost a huge -$6,109,608 in the six months to end December 2024, on $737,981 in design and fit-out revenue. Something had to change.
Timeline from design to “AI” company
In April 2024, Junee went public with the ticker JUNE, underwritten by the poorly regarded Spartan Capital Securities. In August 2024, Junee started to dress itself up as an AI company.
- In August 2024, Junee announced it would collaborate with a company called PanaAI to build an AI supercomputing center in Australia. We think PanaAI is an empty shell and could be an undisclosed related party, and there will never be an SUPX AI supercomputing center.
- In Q1 2025, according to 13G statements, in came the developers. They are represented by holding companies Alpha Generator Limited, Set Hero, and Yue Xi Ltd.
- Alpha Generator: SUPX’s 40% owner, BVI-registered investment holding company Alpha Generator Limited, was partnering with and borrowing money from former SUPX CEO and property lender Howard Tang. Tang’s company Rich Merchant Limited, engaged in property investment, was formerly a shareholder of Alpha Generator.
- Set Hero: In early 2025, SUPX handed 10.2% of its shares to Set Hero Developments Limited, a vehicle for the convicted child molester Wang Zhenhua, who controls a Hong Kong-listed developer called Seazen Group (1030 HK).
- Yue Xi Ltd.: SUPX gave 5.1% to Yue Xi Ltd., last reported to be part owner of a Hong Kong-listed property company that changed its name in 2024 to SEnjoy Service Group Co. Wang Zhenhua owns 68.9% of S-Enjoy, according to Market Screener.
Read the full report here by J Capital Research
