Other than the announcement | Guangdong-Hong Kong Bay Intelligent Computing (01396)'s on-hand orders may break 40 billion dollars: a way to revitalize computing power and heavy assets

The Zhitong Finance App learned that on August 14, Guangdong-Hong Kong Bay Intelligent Computing (01396) closed up 8.49% to HK$12.27, with a market capitalization of HK$19.4 billion. This is the third day in a row, with a three-day cumulative increase of 19.36%.

The catalyst for the rise was hidden in an announcement on August 13th.

On August 13, Guangdong-Hong Kong Bay Intelligent Computing announced that its wholly-owned subsidiary has signed a new round of financial leasing agreements with SPDB Financial Leasing, amounting to about 1,687 billion yuan. In addition to the 395 million yuan on June 24 and the 790 million yuan on July 21, SPDB's rent increased in less than two months, totaling 2,872 billion yuan — a single transaction increased all the way from 395 million yuan to 1,687 billion yuan, and the contract interval was reduced from one month to three weeks.

Multiple consecutive rounds and single double bets by the same institution is itself a message with a very high level of money.

These financings are all sale-sale and leaseback: the IT equipment is sold and then leased back, the equipment remains in operation at the company, and the computing power service is uninterrupted for a moment. The lease period is 61 to 62 months, and it is purchased back at the nominal price of 1 yuan at the end of the term. In layman's terms, the company uses computing power assets as credit endorsements, and returns funds to target additional deliveries — the equipment doesn't move, and the money comes first.

But the more critical sign is that “delivery volume is ahead of financing announcements.” According to public disclosure, the company's financial leasing scale is about 2.9 billion yuan, while the AI computing power cloud service orders delivered during the same period have already exceeded 4 billion yuan. The more orders and the more rapid delivery, the more funds to support delivery. The money didn't come out of thin air; it “grew” out of the order.

But here, we have a question, how big is the plate of orders currently being processed by Guangdong-Hong Kong Bay Intelligent Computing?

According to the approved announcement, Guangdong-Hong Kong Bay Intelligent Computing has an annual order of 15 billion yuan in 2025, adding more than 15 billion yuan in the first half of 2026, and adding more than 7 billion yuan in July. The cumulative number of orders in hand is close to 40 billion yuan, and it is almost impossible to find a second domestic computing power track.

What supports this order pool is the ability to “turn” heavy assets. Outsiders are accustomed to treating CoreWeave and Nebius-style asset-heavy computing power as a “bitter business,” but the practice of Guangdong-Hong Kong Bay Intelligent Computing shows that heavy assets themselves are not a burden; the burden is whether the assets will be transferred. The company owns its own equipment and is service-oriented. The equipment is not only the computing power base for delivery to customers, but also a high-quality asset that can be revitalized — procurement and delivery in batches at the pace of orders generates revenue, and the utilization rate is full.

The prerequisite for “transformation” is the dual support of scale and delivery. The company's core computing power players have been deeply involved in data centers for more than ten years, and the first 10,000 card cluster was delivered in 2024; revenue jumped from 237 million yuan in 2024 to 2,025 billion yuan in 2025, a year-on-year increase of 757.9%; the company has now stably operated more than 50,000P (FP16 dense) computing power.

With the accelerated delivery of existing stock orders, the company's computing power chassis is experiencing explosive growth and is expected to break through the 100,000P scale soon. More importantly, while stock orders are progressing efficiently, new orders are also continuing to pour in. This superimposed effect of “delivery and new signing in parallel” will greatly shorten the cycle of scale growth. This rapid leap from 50,000 P to 100,000 P not only confirms its healthy commercial closed loop of “order-driven delivery and delivery feeds back scale”, but also quickly established it as an extremely scarce full-stack one-stop intelligent computing power service provider with large-scale delivery capabilities in the market.

From a valuation perspective, the current static price-earnings ratio of about 240 times is just an “accounting illusion” of the asset-heavy transition period — net profit for the full year of 2025 was only about HK$81 million, and profit volume only really began this year. If the annual profit moves to the 400 million to 500 million yuan range, the dynamic price-earnings ratio will quickly converge from 240 times to 40 times. China Investment Securities (Hong Kong)'s latest research report gave it a “buy” rating, with a target price of HK$20, implying about 63% of upward space compared to the current price of HK$12.27; combined with the double endorsement of “state-owned assets and state-owned enterprises” of Shenzhen Futian's 800 million yuan strategic investment, funds owned by China Merchants Bureau, and Boyue Fund, the valuation anchor of Guangdong-Hong Kong Bay Intelligent Computing is switching from a “heavy asset operator” to an “intelligent computing technology platform”.

What is more promising is the expectation that the company has been included in the MSCI China Small Cap Index and transferred to the Internet service and infrastructure sector by Hang Seng Index. The market expects it to be officially included in the Hong Kong Stock Connect during the semi-annual adjustment in March 2027. At that time, south-bound funding will open a direct allocation channel for them.

Looking back at this continuous increase of 19.36%, it is essentially a shift in pricing logic. When computing power rents rise and it is difficult to find a card with scarce computing power, a financial lease is being paid, and a pool of 40 billion dollars of orders is being continuously transformed into a computing power asset that can be delivered, priced, and returned. As far as long-term capital is concerned, the current Guangdong-Hong Kong Bay intelligent calculation is no longer a heavy asset heap in a “bitter business,” but a computing power engine that turns orders, financing, and delivery into a flywheel.