MiniMax (00100) first directly invested in Hong Kong stock computing power infrastructure, and Jinjing Xinneng (01783)'s triple scarcity of “card source+compliance+energy efficiency” highlights value
As demand for computing power continues to explode due to the rapid development of the AI industry, IDC and computing power leasing tracks are pouring in a large number of new players across borders. Jinjing Xinneng (01783) is one of the companies with the highest promotion efficiency and the fastest landing speed.
Since Jinjing Xinneng issued an announcement on June 29 announcing that it plans to acquire Shanghai Youfu Cloud Computing Co., Ltd. (hereinafter referred to as “Youfu Cloud”) at a basic cost of HK$2.2 billion, Jinjing Xinneng has completed the closed loop of the cross-border computing power circuit in less than a month and a half.
On July 31, Jin Jing Xinneng revealed that Youfuyun had signed a contract service of not less than 2.4 billion yuan for 5 years, completed the performance assessment gamble necessary for the acquisition, and locked in long-term cash flow; on August 6, it was revealed that it would spend 1,288.4 billion yuan to purchase high-performance servers; on the morning of August 11, it was revealed that it would raise 140 million US dollars through “old, then new placing+subsidiary issuance of convertible bonds” to support the completion of Youfuyun's acquisition and procurement of high-performance servers.
From “buying assets” to “locking orders” to “filling up capital” to “raising capital,” Jin Jing Xinneng completed the full chain deployment, which generally takes 6-8 months for cross-border computing power vendors to complete. This is enough to reflect the strong execution ability and level of resource integration of this cross-border practitioner that has gone through cycle verification. It has completed the layout of the computing power infrastructure in a systematic and systematic manner.
It is worth noting that in Jin Jing Xinneng's current fundraising, MiniMax (00100), known as the “first stock in the Hong Kong Stock Market”, will participate in the subscription. This is its first benchmark case of direct investment in a computing power infrastructure company in the Hong Kong stock market, reflecting MiniMax's firm optimism about Jinjing Xinneng's future development on the computing power circuit.
As the layout in the field of computing power continues to advance, Jinjing Xinneng will implement a closed loop throughout the life cycle from “EPC engineering — computing power leasing — token — clean energy — decommissioned battery recycling” based on AIDC. As the foundation of an “electricity-computing-carbon” partnership rare in Hong Kong stocks, Jin Jing Xinneng is deeply meshing the original green energy and reverse supply chain capabilities with computing power infrastructure to form an innovative paradigm for full-link AI computing power infrastructure. It is expected to reshape the valuation coordinates of AI computing power infrastructure in Hong Kong stocks. If the stock price pulls back in the short term due to placement, or if the long-term layout of Jinjing Xinneng is a good opportunity to obtain excess profits.
From leasing computing power to ecological binding: MiniMax uses Jinjing Xinneng to open up the full “card source+compliance+energy efficiency” link
If Jinjing Xinneng revealed on July 31 that Fuyun only signed a contract service with a major technology company and completed a 5-year pre-interest, tax, depreciation and amortization performance gamble, giving the market an early glimpse of the “hard power” of the Jinjing Xinneng cross-border computing power circuit, then MiniMax's participation in the distribution of Jinjing Xinneng is tantamount to dropping a “nuclear bomb” on the deep-water capital zone — this is not only a strategic investment at the industrial level, but also a “top credit guarantee” for the world's leading model manufacturer to deliver Fuyun's computing power “Book” instantly broke through the end of the market's transformation of Jin Jing Xinneng's computing power Doubts.
Currently, there are not a few relevant listed companies known in the market that provide computing power services to MiniMax, but MiniMax previously only ordered the new three-board Blue Cloud Technology (871169.BJ), so its current subscription to Jinjing Xinneng is the first time it has directly invested in computing power infrastructure companies in the Hong Kong stock market. The “gold content” goes without saying. But what the market needs to explore more deeply is why is Jinjing Xinneng favored by MiniMax? Compared to other computing power service providers, what is the appeal of Jin Jing Xinneng?
For leading manufacturers such as MiniMax with annual revenue of 300 million US dollars and serving 300 million enterprise developers around the world, computing power has jumped from cost to the core carrier of product experience. The average daily trillion-level token call on the inference side and high-load operation of 10,000 card clusters makes any underlying computing power fluctuation directly trigger the risk of commercial default.
However, there is an extremely tight balance between high-end AI acceleration cards and high-bandwidth video memory supply. Next-generation high-end computing power chips and supporting high-bandwidth video memory production capacity have been locked in by global hyperscale cloud service providers until 2027. Second-tier manufacturers can hardly obtain stable quotas without a non-equity locking mechanism. This is evident from the fact that the Hongbo Co., Ltd. (002229.SZ) computing power contract has not been renewed until 2027.
Combined with the GDPR, CCPA and other compliance pressure faced by MiniMax over 70% of overseas revenue, and the penetrating review requirements of the Science and Technology Innovation Board IPO for computing power supply chain qualifications, the screening criteria for suppliers have been substantially raised to “operator level”: that is, they must also have first-level cooperation qualifications and priority supply channels for the original head chip manufacturer, IDC operating qualifications in the Beijing Guangshen core region, low PUE green power support capabilities, and a complete data cross-border compliance system.
However, through the acquisition of Jin Jing Xinneng, Fuyun happened to have a scarce card slot. Let's take a look at the “Card Source” process. You Fuyun was one of the first companies to be included in the NCP qualification in mainland China. There are only a few dozen companies with this qualification globally, and only a few domestically, including Co-Creation Data and a subsidiary of Litong Electronics. Having an NCP qualification as a “golden ticket” means that Fuyun can obtain preferential conditions such as priority quotas for high-end GPUs and direct factory supply prices, and the delivery cycle and quota amount are significantly superior to ordinary partners. This has built the company's toughest moat under Fuyun's GPU shortage cycle — the stability and compliance traceability of card sources is double guaranteed.
Looking at the “landing” process, we need to clarify Jinjing Xinneng's unique asset control logic: a 300,000-square-meter compliant data center and full link qualifications such as a B11 IDC operating license, and trusted cloud, etc., the legal title belongs to Shanghai Youfu Network, a registered shareholder of Youfuyun; Jin Jing Xinneng uses VIE architecture design to incorporate control and revenue rights over these core resources into the report.
This separation structure of “operating qualifications are within the acquisition entity, heavy assets and license within the system, and Jin Jing gains control through agreement” fits MiniMax's strict requirements for data localization and cross-border compliance paths, and can also calmly handle the penetrating review of computing power partner qualification chains by the Science and Technology Innovation Board IPO. Given that the core area of Beijing, Shanghai, Guangzhou, and Shenzhen has a very high composite threshold for all license qualifications, there are only a few domestic IDC service providers that can meet such “operator level” standards. This also forms a core barrier to Jinjing Xinneng's computing power transformation.
Finally, let's look at the “energy efficiency” aspect. Jinjing Xinneng's main business is power battery recycling, energy storage system integration, and green power operation. The company's CEO Zhan Zhihao has made it clear that the next 1-2 years will invest 20 to 30 billion dollars in capital expenditure to complete AIDC. However, the two most painful things about the 10,000 card-class next-generation accelerator card cluster are electricity costs and heat dissipation: after the single-chip power consumption jumped, the physical upper limit of air cooling was broken, and liquid cooling+PUE was reduced below 1.12 to have economy and delivery stability; while under peak and valley electricity prices, energy storage cuts peaks and fills valleys+direct green power supply significantly depresses OpEx.
Jinjing Xinneng uses its own energy storage and green electricity capabilities to close the energy efficiency loop for Yufuyun's computer room, which is tantamount to opening up the three “card source+computer room+energy efficiency” within the same entity. It will no longer be a single-dimensional “card leasing party”, but an integrated computing power asset side that can provide the original factory quota, compliant implementation, and low PUE operation.
This is also the fundamental logic for MiniMax to break the convention this time and directly participate in the Jinjing Xinneng distribution with real money in the secondary market, and play a role in changing the role from leasing computing power to being an ecological binder. Compared to other vendors that only provide raw computing power, Jinjing Xinneng can meet all of MiniMax's demanding computing power base requirements. This is not only a simple strategic investment, but also a key part of MiniMax's computing power battlefield in order to lock in the lifeblood for the next few years.
The customer expansion slope is expected to continue to rise, and the forward valuation space may reach 150 billion
From the announcement at the end of July that Fuyun had won a five-year long-term partnership with major technology companies, to announcing MiniMax as a potential strategist to participate in the distribution on August 11, Jinjing Xinneng has successively set two major benchmarks in just 12 days, and the pace of Toker has significantly exceeded expectations. This is not only a direct proof of the market's ability to deliver on its “card source+compliance+energy efficiency” scarce full-link solution, but also reflects the inevitable shift from “leasing” to “ecological binding” for leading manufacturers in the high-end computing power shortage cycle. As the benchmarking effect becomes apparent, the expansion slope for future computing power customers of Jinjing Xinneng is expected to continue to rise steeply.
Underpinning this logic is an extremely sharp contradiction between supply and demand. According to estimates by Huafu Securities, in mainstream scenarios such as Wenshengtu and Chatbot alone, the GPU gap for a single major Internet company is 400-500,000; the entire industry's speculative demand is about 6-7 million, while the actual supply is only about 4 million. The huge gap of nearly 3 million copies has caused a serious structural mismatch. This background directly spawned the explosion of the computing power rental circuit. It was through this that companies such as Litong Electronics and Co-Creation Data achieved leapfrog growth in performance.
More importantly, the shift in the competitive dimension of the big model has put forward new requirements for computing power service providers, making vendors with full link capabilities such as Jinjing Xinneng more popular. Since 2026, domestic big model competition has officially moved from “technological breakthroughs” to the second half of “experience and cost”. As the mainstream benchmark gap of leading manufacturers converged to 1-2 percentage points, the premium space brought about by differences in performance was drastically compressed, while API call prices showed huge differentiation of ten times or even 100 times.
This scissor gap marks a fundamental restructuring of the industry's competitive logic: it is already difficult to build a moat by simply competing model IQ, and the stability of service level agreements (SLAs) and the cost of comprehensive computing power are becoming the core barriers that determine commercial implementation. In this context, only a “trinity” service provider with stable card sources, compliant computer rooms, and extreme energy efficiency can meet the next stage of competition from leading model manufacturers.
For Jin Jing Xinneng, under such industry trends, it is likely that the company's future computing power customers will continue to increase rapidly. However, what is more worthy of investors' attention is that Jinjing Xinneng's computing power business performance is expected to be more explosive than that of conventional computing power service providers. This is because Jinjing Xinneng has achieved a closed loop throughout the life cycle from “EPC engineering — computing power leasing — token — clean energy — decommissioned battery recycling” based on AIDC.
The advantage of this closed loop is that, with strong resource integration capabilities and business synergy, the value of the entire link can be kept within Jinjing Xinneng's entire system to the greatest extent. This is the biggest difference between Jinjing Xinneng and other computing power service providers. Conventional computing power leasing companies only eat the middle “computing power difference”, while what Jin Jing Xinneng eats is a combination of EPC project gross profit+computing power rent+energy arbitrage revenue+recycling residual value regeneration income. As the number of customers increases → the scale of the computer room is increased → the EPC project volume, green power procurement scale, and decommissioned battery processing capacity are simultaneously increased → the scale effect lowers the unit cost → computing power quotes are more competitive → orders are taken faster, thus forming positive feedback.
This full-life cycle business model is highly innovative in the industry, and how to value it has become a topic that the market urgently needs to explore. Co-Creation Data (300857) is the closest near-end comparable anchor for Jinjing Xinneng — both have NCP first-level cooperation qualifications and are deeply involved in high-end GPU computing power leasing. Currently, the market gives Co-Creation Data about 47 times the 2026 dynamic PE, with a total market value of about 120 billion yuan.
Considering that Jinjing Xinneng's computing power business relies on a closed loop layout throughout the life cycle, there is a significant “closed loop energy efficiency” premium compared to co-creating a single computing power leasing model. After its computing power business is completed and realized on a large scale, giving 50 times PE can be regarded as a relatively reasonable central reference for valuation.
Looking at the long-term perspective, according to market speculations, Fuyun's long-term development plan refers to 10 standard deployment units (5,000 cards per unit), corresponding to 50,000 Hopper GPUs and about 100,000 P FP16 computing power. If Fuyun's computing power is fully loaded to 100,000 P in the future, its annualized net profit is expected to reach the 3 billion level. Based on 50 times PE, the computing power business may bring long-term market capitalization space to Jinjing Xinneng.
However, the current market value of Jinjing Xinneng is only HK$13.9 billion. Even after deducting purchase considerations and distribution dilution, it still has a high safety cushion. Although the current stock price has declined in the short term due to placement, this may be a flexible opportunity with limited downward space and significant excess earnings upwards. The market anticipates that with the gradual advancement of subsequent acquisition transactions, the gradual delivery of Fuyun's high-end computing power products, and the release of strategic binding effects from leading customers such as MiniMax, Jinjing Xinneng's short-term stock price is likely to move towards HK$50 billion. The current price may only be saving market consensus and energy for subsequent value revaluation.