Zhitong Finance App learned that on October 23, 2026, Guangdong-Gangwan Smart Computing (01396) announced that Dr. Huang Hao will be an independent non-executive director and Dr. Han Qinchun will step down.
A year ago today, the company completed the wholly-owned acquisition of Shenzhen Tiandun Data Technology Co., Ltd., transforming it into an intelligent computing circuit. At the time, this merger and acquisition needed to be explained to the market—why computing power, why Tenton, and why now.
A year has passed, and the explanation has already been done digitally: revenue structure, order quality, board list, and shareholder register. The four dimensions make up the perfect answer to the company's first year of computing power.
I. Main business restructuring: AI revenue share from 61.5% to 93.1%
In 2025, the company's revenue was 1.02 billion yuan (RMB, same below), and net profit to mother was 73 million yuan, turning a loss into a profit. Among them, the AI computing power business revenue was 617 million yuan, accounting for 61.5%, and the gross profit margin was 39.6% — this is just the result of more than two months of mergers and acquisitions. In the same period, the interest-bearing debt ratio fell to 28.2% from 45.3% at the end of 2024.
In the first half of 2026, revenue was about 2.56 billion yuan, up about 1020.9% year on year; net profit was about 281 million yuan, about five times that of the full year of 2025, and all were operating profits; AI business revenue was about 2.38 billion yuan, accounting for 93.1%; and overall gross margin increased from 16.6% to 22.9%.
Behind the income structure is definitive payment. As of the results announcement date, the company has delivered and operated stably FP16 with more than 50,000 PFLOPS of dense computing power and a rental rate of over 98%; serving more than 200 enterprise-level customers, covering telecom operators, Internet companies, large model enterprises and financial institutions, as well as more than 3,000 OPC and individual customers.
What's more important is the quality of the order. By the end of August 2026, the total number of AI computing power orders the company had in place exceeded 37 billion yuan — 15 billion yuan at the end of 2025 and 30 billion yuan at the end of June this year. The growth rate is still accelerating. Of these, more than 95% were long-term contracts, locking in revenue for the next 3 to 5 years; more than 95% of new orders were added during the year with customer prepayment terms; and delivered and stable billing orders exceeded 20 billion yuan.
The customer is willing to pay first, which indicates that the supply is really tight; the long-term contract is willing to sign for five years, which indicates that the demand is really long; the prepayment terms are written in black and white in the contract, which indicates that delivery has actually been verified.
The management's statement at the performance meeting was straightforward: “Of the 2.56 billion yuan, 2.38 billion yuan is AI business revenue. This means Guangdong Bay Intelligent Computing is no longer a company with an AI business, but a pure AI computing power company.”
II. Renewed governance: three resumes, and a full set of identity tags
Actions at the governance level are just as intense. Within one year, all three independent non-executive directors of the company were replaced.
On January 9, Guan Huanfei resigned, and Dr. Qian He took over as a tenured professor at the School of Integrated Circuits at Tsinghua University, a leader in AI chip research with integrated memristor storage. He was the director of the Institute of Microelectronics of the Chinese Academy of Sciences and the director of the Samsung Semiconductor (China) Research Institute.
On April 8, Chen Yangsheng resigned, and Dr. Liu Xiaoyan took over as Vice Dean of Peking University's School of Integrated Circuits. He has studied micro-nano electronic device modeling and novel computational collaborative design for a long time, published more than 200 papers, and holds more than 50 invention patents.
On October 23, Dr. Han Qinchun stepped down, and Dr. Huang Hao took over — Bachelor of Electronics and Information Science Technology from Peking University, Doctor of Business Administration from Duke University, worked for Lehman Brothers and Barclays Capital, currently a professor and head of the Department of Accounting at the Hong Kong University of Science and Technology, and was awarded the title of FCPA (FCPA) in September 2025.
Three resumes, three abilities: one understands where the technical route is going, the other understands where talent and direction lead, and the other understands the balance between statements and capital. Tell the market how to choose technology, where to invest money, and how to account. Exactly three resumes can answer each of these three questions.
What was upgraded at the same time as the board of directors is the capital market identity tag. In February 2026, the company was included in the MSCI China Small Cap Index; on May 22, the stock abbreviation was officially changed from “Guangdong Harbour Holdings” to “Guangdong Bay Intelligent Computing”; on June 29, Hang Seng Index adjusted the company's industry classification to “Information Technology Industry - Software Services - Internet Services and Infrastructure”.
The index has been recognized, the name has been changed, and the industry classification has been adjusted. Mainstream classification systems have confirmed the company's new identity item by item.
3. Capital voting: the institutional entry price went from HK$5.5 to HK$11.75
Over the past year, the company's equity financing price has gone up — in an upward curve.
On December 4, 2025, the company placed 34.1818 million shares at HK$5.5 per share and introduced CMBI SPC, a fund owned by CMB International, an independent portfolio company under China Merchants. The investment manager is CMB International, an indirect wholly-owned subsidiary of China Merchants Bank. This round of placement showed the characteristics of “small placement, large organization, low discount”: the placement price was only about 5.53% off the average price of the previous five trading days, and the proceeds were about HK$108 million, and about 70% was used to deliver AI computing power cloud service projects. In February 2026, the company completed a round of subscription at HK$6 per share, and the founding shareholders increased their holdings. In June 2026, the company completed a targeted increase of approximately HK$277 million, with a subscription price of HK$11.75 per share, and introduced various institutions such as the Shenzhen Boyue International Investment Fund — the only RMB international investment fund in the Guangdong-Hong Kong-Macao Greater Bay Area, and its shares penetrated to the Shenzhen State-owned Assets Administration Commission. Each of the three rounds of placement comes with a six-month lock-up period, which highlights long-term principles and value investment orientations.
Simultaneously with equity financing, there is a continuous increase in state-owned assets. In January 2026, Futian Capital Operation Group, a subsidiary of Futian District of Shenzhen, purchased 800 million yuan to increase the shares of the subsidiary Hongce Data by 40%. The funds were earmarked for the layout of the Greater Bay Area computing power network. In addition to CMB International and Boyue Fund, state-owned and central enterprise background investment has accumulated over 1 billion yuan.
The cost of capital is changing in reverse: the company has received more than 50 billion yuan in credit from financial institutions. The weighted average cost of new financing in the first half of the year fell to 3.5%, compared to 5.45% in the same period last year; the cash balance at the end of June was about 1.01 billion yuan.
The company is not financing for “survival,” but for “delivery” financing — to expand the computing power cluster, fulfill long-term orders, optimize the shareholder structure, and introduce strategic partners with industrial collaboration capabilities, turning capital into billable computing power, and turning the shareholder structure into credit endorsement.
The secondary market gave the same answer. Based on the closing price of HK$6.21 (previously reinstated) on the day the merger and acquisition was completed on October 23, 2025, the closing price was HK$10.33 on October 23, 2026, an increase of about 66.3%. In the same period, the Hang Seng Tech Index fell from 5951.45 points to around 3,800 points, a decrease of about 35%; the Hang Seng Index fell by about 11%. While rising by about 66%, it also fell by about 35% — one in and one out, the relative performance distanced the relative performance by about 100 percentage points.
IV. Facing 2027-2029: The next three years are already in line
Computing power is a business that requires a heavy bet in advance. Today's revenue comes from orders placed yesterday; tomorrow's revenue depends on the path paved today.
The track itself is long enough. 2026 is regarded by the industry as the first year of AI agents. The computing power required for a single agent can reach 20 to 100 times that of traditional question-and-answer reasoning, and inference demand is being released exponentially. From 2025 to 2030, the compound growth rate of China's intelligent computing power scale increased from 46.2% to 50.3%, and the industry's prosperity is expected to last more than ten years.
Meanwhile, the company's layout is already queuing up for the next three years of revenue: Inner Mongolia and Ringer, the “Guangdong-Hong Kong Bay Term Base” is expected to invest more than 10 billion yuan to settle in the western core node of “East Digital and Western Computing”. Relying on the local green power usage rate of over 85% and natural cooling sources with an average annual average of about 7℃, the two major ongoing costs of electricity and heat dissipation are lowered to the lowest level in the industry. The Token factory pattern has begun; overseas nodes have already been launched in Southeast Asia, and “computing power overseas” has launched a new site plan.
The business model is also being upgraded: the self-developed “quantum power” computing power cloud platform has promoted the evolution from “billing by card hour” to “billing by token” and from computing power supply to model as a service (MaaS); the company's Denton Data became one of the first cooperating operators of the Guangdong Word Element Trading and Service Center, and the full chain layout of “North Production, South Trading” was initially formed; the incubated one-stop AI comic platform “Smart Weave” has achieved efficiency improvements of more than 50% and cost reductions of about 30%. The “computing power backfeeds application, application drives computing power” dual-wheel model is under way Replicate it to AI biopharmaceuticals, autonomous driving, etc.
On the capital market side, the main prerequisites for Hong Kong Stock Connect are basically in place. The market expectations window is for the first quarter of 2027. Once secured, the southbound capital will open up a direct allocation channel for this scarce pure intelligent calculation target for Hong Kong stocks.
The industry has never lacked narratives or followers. The verification criteria for the computing power business have always been simple: whether the card is in place, whether the customer has paid, whether the revenue is combined, and whether the board of directors can understand the technical route. To these four rules, Guangdong-Hong Kong Bay Intelligent Computing gave hard answers one by one during its first smart calculation year. Now it stands at a delicate juncture — orders are queuing up, and the countdown is on. On the day when south-bound capital actually enters the market, the pure smart calculation target of Hong Kong stocks, which are scarce, will usher in a revaluation of its own.