GD-HKGBA HLDGS (01396) has risen more than 7% again, bringing its cumulative gain since the start of the year to 130%. At the time of writing, the stock was up 7.43% to HK$11.28, with a turnover of HK$56.48 million. The catalyst stems from the company's transformation last October, following its acquisition of Tiandun Data, which marked a substantive shift from a real estate model to a platform focused on scarce AI computing infrastructure assets. The company's net profit reversed dramatically from a significant loss of approximately RMB 2.0413 billion in fiscal 2024 to an attributable net profit of around RMB 73 million in fiscal 2025. According to its financial report, Tiandun Data contributed approximately RMB 616.7 million in revenue within just over two months of consolidation, accounting for 61.5% of the group's total revenue. Analysts believe that by transitioning into the AI computing sector, the company will be deeply aligned with the high-growth benefits of the AI industry, and its valuation framework is expected to shift to that of the "computing power + technology" segment. Given the current high growth and scarcity premiums in the AI computing industry, GD-HKGBA HLDGS, with Tiandun Data's large-scale computing cluster capabilities, key client relationships, and an improved financial structure following a debt-to-equity swap, possesses significant potential for a valuation re-rating.