Following a sharp share price surge in August, two overseas computing power leasing giants, Nebius and CoreWeave, delivered explosive second-quarter results that proved to global capital: AI computing power is no longer just a story, but a cash flow that is being realized on a large scale. Nebius saw newly signed contracts reach an annualized contract value (ACV) of 20 to 25 million US dollars per megawatt, with approximately 70% of new contracts backed by customer prepayments covering 50%—60% of capital expenditures. Meanwhile, CoreWeave's backlog of orders stands at 104 billion US dollars. As global capital aggressively revalues the "North American computing leasing model," a highly comparable name on the Hong Kong stock market should not be overlooked — GBA AI COMP (HKEX: 01396). The company's just-released 2026 interim report is precisely a scorecard that can be measured against the yardstick of Nebius and CoreWeave.

A 10-Fold Revenue Leap in 2026

In the first half of 2026, GBA AI COMP achieved revenue of approximately 2.56 billion RMB, a massive 1020.9% surge from 230 million RMB in the same period last year, marking an over tenfold leap in growth. AI-related businesses contributed approximately 2.38 billion RMB, accounting for 93.1% of total revenue. The core profit figures are equally striking: the company posted a net profit of approximately 280 million RMB in H1 2026, entirely derived from operational income, which is five times the full-year net profit of 2025 (56.07 million RMB). Among this, core AI computing technology service revenue hit 1.52 billion RMB, with a gross margin of 35.5%. When placing this gross margin in a global context: Nebius reported an adjusted EBITDA margin of 41% in Q2 2026, while CoreWeave's adjusted EBITDA margin reached 59%. GBA AI COMP's 35.5% gross margin for AI computing services has already significantly surpassed the 15%—20% profitability level of traditional IDC rack leasing, advancing toward the unit economics of Neocloud. This is the fundamental reason the market is willing to grant it a "computing platform premium" rather than a "infrastructure discount."

If revenue and profit represent the "present tense," then on-hand orders are the "cash flow map for the next 3—5 years." As of the announcement date, GBA AI COMP held total intended AI computing orders exceeding 37 billion RMB, with contracted and billed orders surpassing 20 billion RMB. More noteworthy is the quality of the structure: from the start of 2026 to the announcement date, new intended orders exceeded 22 billion RMB, with over 95% including customer prepayment clauses. Customers span telecom operators, internet giants, hard-tech companies, large model firms, AIGC, autonomous driving, and various vertical industry leaders, with more than 200 enterprise-level clients. This order structure closely mirrors the "pre-order, capacity follows" growth model that Nebius and CoreWeave are executing — customers are willing to lock in scarce computing power with prepayments, which not only validates supply constraints but also significantly improves the service provider's operational cash flow, alleviates capital expenditure pressure, and reduces reliance on interest-bearing debt.

Computing Power Delivery in the Top Tier

GBA AI COMP's computing power delivery capability also ranks among the first tier: as of the announcement date, delivered and operational FP16 dense AI computing power exceeds 50,000 PFLOPS, with more than 10,000 high-power cabinets and a cabinet utilization rate consistently above 95%. The jump from 42,000 P at the end of 2025 to 50,000 P in the 2026 interim report shows that the company's "signing—delivery—billing" flywheel is accelerating. State capital injections exceeding one billion RMB and the Hong Kong Stock Connect are drawing closer. However, heavy-asset expansion is a double-edged sword. In the first half of 2026, the company took on new interest-bearing debt to fund AI computing infrastructure equipment purchases and capacity expansion. As of June 30, bank and other financial institution borrowings totaled approximately 5.2 billion RMB, up 1.97 billion from 3.23 billion RMB at the end of 2025, lifting the debt-to-asset ratio from 68.5% to 73.4%. Yet two details temper concerns about this leverage: first, financing costs have actually declined — new borrowings in 2026 carry a weighted average interest rate of just 3.5%, with the lowest rate at 1.9%, compared to 5.45% in the same period last year. This is supported by strategic investments exceeding one billion RMB from state-backed investors including CMB International, Futian Capital, and Boyue Fund, as well as total credit facilities of over 40 billion RMB. Second, the prepayment model offsets external financing reliance — 95% of long-term contracts include customer prepayments, fully consistent with Nebius's "prepayments covering 50%—60% of capital expenditures." In a period of supply shortage, customers are effectively helping fund the service provider's expansion. Third, the company has accumulated over 40 billion RMB in credit facilities and holds 1.06 billion RMB in cash reserves, providing ample liquidity. The real focus now: can the 37 billion RMB in orders be converted into billing and cash flow over the next 12—18 months? And how will depreciation erode profit margins once mass financing leases for 62-month terms are booked? These are the "delivery and conversion capabilities" GBA AI COMP must continue to prove to the market.

The Path to Liquidity Revaluation

The route to a liquidity revaluation is equally clear. In February 2026, the company was formally included in the MSCI China Small Cap Index, and subsequently designated by Hang Seng Indexes into the Internet Services and Infrastructure sector, replacing its former "Property Developer" classification. Its current market capitalization of 17.4 billion HKD has already significantly surpassed the approximately 10.3 billion HKD threshold for Stock Connect small-cap inclusion, and market expectations suggest it may be formally included in the Hong Kong Stock Connect during the March 2027 semi-annual review. This would open a direct allocation channel for southbound capital, which has seen cumulative net inflows exceeding five trillion HKD. When "trillions in southbound capital pricing computing power" meets a "17.4 billion HKD market cap target," the upside potential is self-evident.

From a 'Computing Warehouse' to a 'Token Super Factory'

What truly sets GBA AI COMP apart from ordinary computing power lessors is the forward-looking nature of its strategic positioning. The company has explicitly outlined a three-pronged layout to transition from a "computing warehouse" to a "Token factory": On the production front, in August 2026 it signed an agreement with the Hohhot municipal government to build the "GBA Word Element Base" at the Horinger node, a western core hub for the "East Data, West Computing" project, with investments exceeding ten billion RMB. Leveraging local green electricity usage rates above 85% and an average annual temperature of 7°C for natural cooling, it is pushing both electricity and cooling costs — the two persistent cost drivers — to industry lows. On the trading front, its subsidiary Tiandun Data has become one of the first cooperative operators at the "Guangdong Word Element Trading and Service Center," launching an overseas word element service package and securing key positions in access, matchmaking, metering, settlement, and compliance within the circulation rules. On the platform front, its self-developed "QuantumSurge" computing scheduling platform enables cross-regional, cross-chip, and cross-cloud heterogeneous computing orchestration, serving over 3,000 Operator-as-a-Service (OPC) and individual clients. This pushes the business model forward from "per-card-hour billing" to "per-Token billing," and from "computing supply" to "Model-as-a-Service" (MaaS). Combined with its "Lingzhi" AI animation production platform, which boosts efficiency by 50% and cuts costs by 30%, the company's dual flywheel of "computing powers applications, applications drive computing" has begun to spin.

Turning to the key investor question — is GBA AI COMP worth adding to a watchlist? Three buy-side signals have emerged: first, pure-play AI computing operators on the Hong Kong main board are extremely scarce, and the company has led the shift from "infrastructure" to "intelligent computing," with dual certification from MSCI and the Hang Seng IT sector. Second, its H1 2026 results — a tenfold revenue leap, net profit of 280 million RMB, AI business at 93.1% of revenue, and a 35.5% gross margin — have passed the preliminary validation of the Nebius/CoreWeave-style "orders—delivery—profit" model. Third, its MSCI inclusion paves the way, with the anticipated March 2027 Stock Connect listing providing a clear catalyst for valuation re-rating.

Conclusion

The surge in Nebius and CoreWeave on August 12 was, at its core, a collective confirmation by global capital of the "AI computing as an asset" pricing rule — long-term locked-in contract reserves determine revenue certainty, power capacity and GPU cluster scale define asset barriers, and order conversion speed drives the growth engine. GBA AI COMP's 2026 interim report is the first complete scorecard delivered by a Greater Bay Area enterprise within this global pricing framework: 2.56 billion RMB in revenue, 280 million RMB in net profit, 37 billion RMB in orders, 50,000 P of computing power, and a 35.5% gross margin. Each figure declares to the market that this is not a concept stock, but computing power assets that are being realized. While its overseas peers are being aggressively chased by capital in US markets, GBA AI COMP's 17.4 billion HKD market cap looks more like an "option" temporarily undervalued by liquidity constraints. The opening of Stock Connect in 2027 may well be the starting point for exercising this option. For investors, rather than chasing high-priced computing stocks in A-shares, it may be worthwhile to spend more time studying this undervalued Greater Bay Area computing new species on the Hong Kong market — it could well be one of the core targets of the next round of southbound capital re-rating.