Sunshine Oilsands Ltd. (Sunshine) has announced the creation of Shenzhen Zhongwang Energy Technology Co., Ltd., a joint venture (JV) formed on 10 May 2026 by its wholly-owned subsidiary, Sangxiang Petrochemical (Shanghai) Co., Ltd., and independent investor Mr. Chen Jiongliang.

The JV has a registered capital of RMB 10.00 million (approximately HK$10.99 million). Sangxiang Petrochemical will contribute 75%, with Mr. Chen providing the remaining 25%. As a result, the JV qualifies as a Sunshine subsidiary and will be fully consolidated into the group’s financial statements.

Shenzhen Zhongwang Energy Technology will focus on: 1. Sales of smart heat pumps. 2. Investment and operation of distributed geothermal energy projects. 3. Investment and operation of energy-saving projects across China’s Yangtze River Delta and Pearl River Delta regions.

Management states that the initiative is intended to diversify Sunshine’s revenue streams while repair and maintenance work continues on its Canadian oil sands operations. Partnering with Mr. Chen—founder of Zhizhi (Wuhan) Private Equity Fund Management Co., Ltd. and an experienced capital-markets specialist—is expected to broaden financing channels and accelerate project rollout.

Sunshine, headquartered in Calgary and listed on the Hong Kong Stock Exchange since March 2012, holds extensive oil sands and heavy-oil leases in Alberta’s Athabasca region. Its West Ells Phase 1 project remains operational with an initial production target of 5,000 barrels per day.