On October 23, 2026, GBA AI COMP (HKEX: 01396) announced that Dr. Huang Hao would take up the role of independent non-executive director, succeeding Dr. Han Qinchun.

One year earlier to the day, the company completed its all-cash acquisition of Shenzhen Tiandun Data Technology Co., Ltd., marking its transformation into the intelligent computing sector.

At the time, the deal still required an explanation to the market — why computing power, why Tiandun, why now.

A year on, the explaining has been done by the numbers: revenue structure, order quality, board composition and shareholder register together form a complete scorecard for the company's first year in computing.

Core business rebuilt: AI revenue share climbs from 61.5% to 93.1%

In 2025, the company posted revenue of RMB 1.002 billion and net profit attributable to shareholders of RMB 73 million, turning profitable.

AI computing business revenue reached RMB 617 million, accounting for 61.5% of the total, with a gross margin of 39.6% — and that was only the result of just over two months of consolidated contribution following the acquisition.

Over 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 reached about RMB 2.56 billion, up roughly 1,020.9% year on year; net profit was about RMB 281 million, roughly five times the full-year 2025 figure and entirely from operating earnings; AI business revenue was about RMB 2.38 billion, with its share rising to 93.1%; and overall gross margin climbed to 22.9% from 16.6%.

Behind the revenue mix is certainty of delivery.

As of the earnings announcement date, the company had delivered and stably operated more than 50,000 PFLOPS of FP16 dense computing power, with a utilization rate above 98%; it served more than 200 enterprise-level customers spanning telecom operators, internet companies, large-model developers and financial institutions, plus more than 3,000 OPC and individual customers.

More critical is the quality of the order book.

As of the end of August 2026, the company's total intended AI computing orders in hand exceeded RMB 37 billion — compared with RMB 15 billion at the end of 2025 and RMB 30 billion at the end of June this year, with growth still accelerating.

More than 95% of these are long-term contracts locking in revenue for the next three to five years; over 95% of new orders signed during the year carry customer prepayment clauses; and delivered, stably billed orders exceed RMB 20 billion.

Customers willing to pay upfront shows supply is genuinely tight; long-term contracts running as long as five years show demand is genuinely durable; and prepayment clauses written into contracts show delivery has genuinely been validated.

Management put it plainly at the results meeting: "Of the RMB 2.56 billion, RMB 2.38 billion is AI business revenue. That means GBA AI Computing is no longer a company with an AI business, but a pure-play AI computing company."

Governance renewed: three resumes and a full set of identity labels

Governance actions were equally intensive.

Within a year, all three independent non-executive directors were replaced.

On January 9, Guan Huanfei resigned and Dr. Qian He took over — a tenured professor at Tsinghua University's School of Integrated Circuits, a leading researcher in memristor compute-in-memory AI chips, and former director of the Institute of Microelectronics of the Chinese Academy of Sciences and of Samsung Semiconductor (China) Research Institute.

On April 8, Chen Yangsheng resigned and Dr. Liu Xiaoyan took over — vice dean of Peking University's School of Integrated Circuits, long engaged in micro-nano electronic device modeling and novel computing co-design, with more than 200 published papers and more than 50 invention patents.

On October 23, Dr. Han Qinchun stepped down and Dr. Huang Hao took over — a bachelor's graduate in electronics and information science from Peking University and a Doctor of Business Administration from Duke University, formerly with Lehman Brothers and Barclays Capital, now professor and head of the accounting department at Hong Kong University of Science and Technology, and awarded FCPA status by CPA Australia in September 2025.

Three resumes, three capabilities: one understands where the technology roadmap is heading, one understands where talent and direction should be guided, and one understands where the financial statements and capital should be allocated.

How to choose technology, where to invest money, and how to explain the accounts to the market — these three questions happen to be answered by the three resumes respectively.

Alongside the board upgrade came a shift in capital-market identity labels.

In February 2026, the company was included in the MSCI China Small Cap Index; on May 22, its stock short name was officially changed from "GBA Holdings" to "GBA AI Computing"; and on June 29, Hang Seng Indexes reclassified the company's industry as "Information Technology — Software Services — Internet Services and Infrastructure."

The index recognized it, the name changed, and the industry classification was adjusted.

Mainstream classification systems confirmed the company's new identity one by one.

Capital votes: institutions enter as the price moves from HK$5.5 to HK$11.75

Over the past year, the company's equity financing prices traced an upward curve.

On December 4, 2025, the company placed 34,181,800 shares at HK$5.5 apiece, bringing in CMBI SPC, a fund under China Merchants Bank International — an independent portfolio company under China Merchants Group, with China Merchants Bank International, an indirectly wholly owned subsidiary of China Merchants Bank, as investment manager.

The placement featured a "small deal, big institution, low discount" profile: the placing price was at only about a 5.53% discount to the average closing price of the preceding five trading days, gross proceeds were about HK$108 million, and roughly 70% was used to deliver AI computing cloud service projects.

In February 2026, the company completed a subscription at HK$6 per share, with founding shareholders increasing their stakes.

In June 2026, the company completed a private placement of about HK$277 million at a subscription price of HK$11.75 per share, bringing in diversified institutions including Shenzhen Boyue International Investment and Lending Fund — the only RMB international investment and lending fund in the Guangdong-Hong Kong-Macao Greater Bay Area, with equity tracing through to the Shenzhen State-owned Assets Supervision and Administration Commission.

All three placements carried six-month lock-ups, underscoring a long-term, value-investing orientation.

Alongside equity financing, state-owned capital continued to increase its commitment.

In January 2026, Futian Capital Operation Group under Shenzhen's Futian District subscribed to 40% of newly issued equity in subsidiary Hongce Data for RMB 800 million, with the funds earmarked for building out a Greater Bay Area computing network.

Together with China Merchants Bank International and Boyue Fund, strategic investors with state-owned and central state-owned enterprise backgrounds have invested more than RMB 1 billion in total.

The cost of funds moved in the opposite direction: the company has secured more than RMB 50 billion in credit lines from financial institutions, the weighted average cost of new financing in the first half fell to 3.5% from 5.45% a year earlier, and its cash balance stood at about RMB 1.01 billion at the end of June.

The company is not raising money to "survive," but to "deliver" — to expand computing clusters, fulfill long-term contracts, optimize its shareholder base and bring in strategic partners with industrial synergy, turning capital into billable computing power and its shareholder register into a credit endorsement.

The secondary market gave the same answer.

Using the closing price of HK$6.21 on October 23, 2025, the day the acquisition closed, as the base, the stock closed at HK$10.33 on October 23, 2026, a gain of about 66.3%.

Over the same period, the Hang Seng Tech Index fell from 5,951.45 points to around 3,800 points, a drop of about 35%; the Hang Seng Index fell about 11%.

One rising about 66% while the other falls about 35% — a swing that opened up a relative performance gap of roughly 100 percentage points.

Looking to 2027-2029: the next three years are already queuing up

Computing is a business that requires placing heavy bets in advance.

Today's revenue comes from orders signed yesterday; tomorrow's revenue depends on the road paved today.

The track itself is long enough.

2026 is seen by the industry as the inaugural year of AI Agents, with computing power needed for a single Agent reaching 20 to 100 times that of traditional question-and-answer inference, unleashing inference demand exponentially.

China's intelligent computing capacity is expected to see its compound annual growth rate rise from 46.2% to 50.3% over 2025-2030, with industry prosperity likely to last more than a decade.

The company's layout is already queuing revenue for the next three years: in Horinger, Inner Mongolia, the "GBA Token Base" is expected to involve investment of more than RMB 10 billion, positioned at a core western node of the "Eastern Data, Western Computing" initiative and leveraging the region's over 85% green power usage and natural cooling sources averaging about 7°C to push the two persistent costs of electricity and heat dissipation to industry lows.

The token factory format is taking shape; overseas nodes have already landed in Southeast Asia, and new site planning for "computing going global" has begun.

The business model is also upgrading: the self-developed "Quantum Pai" computing cloud platform is driving a shift from billing by card-hour to billing by token, and from computing supply to Model-as-a-Service (MaaS); its Tiandun Data unit became one of the first cooperative operators of Guangdong's token trading and service center, giving initial shape to a full token chain spanning "production in the north, trading in the south"; and the incubated one-stop AI comic-drama platform "Lingzhi" has achieved efficiency gains of more than 50% and cost reductions of about 30%, with the dual-wheel model of "computing feeding applications, applications pulling computing" now being replicated in fields such as AI biopharmaceuticals and autonomous driving.

On the capital markets side, the main preconditions for inclusion in Stock Connect are largely in place.

The market expects a window in the first quarter of 2027.

Once inclusion lands, southbound capital will open a direct allocation channel to this scarce pure-play intelligent computing target in Hong Kong.

The industry never lacks narratives, nor followers.

The validation standard for the computing business has always been plain: are the cards in place, have customers paid, has revenue been consolidated, and can the board understand the technology roadmap.

On all four counts, GBA AI Computing has given hard answers in its first year in intelligent computing.

Now it stands at a delicate point — orders are queuing, Stock Connect inclusion is counting down, and when southbound capital truly arrives, this scarce pure-play intelligent computing target in Hong Kong will usher in a value re-rating of its own.