GBA AI COMP (01396) shares rose 8.49% on August 14 to close at HK$12.27, pushing its market value above HK$19.4 billion. This marks its third consecutive day of gains, with a cumulative increase of 19.36% over the three sessions. The catalyst for the rally was hidden in an announcement made on August 13.

On August 13, GBA AI COMP announced that its wholly-owned subsidiary had entered into a new round of finance lease agreements with Shanghai Pudong Development Bank Financial Leasing Co., Ltd. (浦银金融租赁), totaling approximately HK$1.687 billion. Combined with the HK$395 million deal on June 24 and the HK$790 million deal on July 21, the lessor has increased its commitment three times in less than two months, reaching a total of HK$2.872 billion. The individual transaction amounts have escalated from HK$395 million to HK$1.687 billion, with the time between agreements shrinking from one month to three weeks. The fact that the same institution has placed multiple, increasingly larger bets in rapid succession is a highly significant signal.

These are all sale-and-leaseback arrangements: the IT equipment is sold and then leased back, allowing the assets to remain operational within the company without any interruption to computing services. The lease terms range from 61 to 62 months, with a nominal repurchase price of HK$1 at the end of the term. In simpler terms, the company is using its computing assets as collateral to free up capital, which is then reinvested into new deliveries. The equipment stays put, but the cash flows in first.

However, the more critical signal is that the "delivery volume is outpacing the financing announcements." Based on public disclosures, the company's total finance lease scale is about HK$2.9 billion, yet the value of delivered AI cloud computing service orders during the same period has already exceeded HK$4 billion. The more orders there are and the more urgent the deliveries, the greater the need for capital. The money isn't conjured out of thin air; it "grows" from the orders themselves. This leads to a key question: what is the total size of GBA AI COMP's current order book?

According to disclosed announcements, GBA AI COMP secured orders worth 15 billion yuan for the full year of 2025. In the first half of 2026, it added another 15 billion yuan, and in July, it added over 7 billion yuan more. This brings the cumulative in-hand orders to nearly 40 billion yuan, a scale that is almost unmatched among domestic computing power companies. Supporting this massive order pool is the company's ability to "activate" heavy assets.

The market often views the asset-heavy model of companies like CoreWeave or Nebius as a "tough business." But GBA AI COMP’s practice demonstrates that heavy assets themselves are not a burden; the burden lies in whether the assets can be "turned over." The company owns its equipment and is service-oriented. The equipment serves as the computing infrastructure for delivering to clients, but it is also a high-quality asset that can be revitalized. The company purchases equipment in batches according to order schedules, and as soon as it is delivered, it is deployed to generate revenue, achieving maximum utilization.

The prerequisite for "turning over" is dual support from both scale and delivery. The company's core computing business has been deeply rooted in the data center industry for over a decade. It delivered its first 10,000-GPU cluster in 2024. Revenue surged from 237 million yuan in 2024 to 2.025 billion yuan in 2025, a year-on-year increase of 757.9%. The company currently operates over 50,000P (FP16 dense) of stable computing power. With the accelerated delivery of existing orders, its computing power base is experiencing explosive growth and is expected to quickly surpass the 100,000P mark. More importantly, while existing orders are being efficiently fulfilled, new orders continue to pour in. This "parallel delivery and new contract signing" effect will significantly shorten the cycle for scale expansion.

This rapid transition from 50,000P to 100,000P confirms a virtuous business cycle: "orders drive delivery, and delivery fuels scale." It will rapidly establish the company as a rare, full-stack, one-stop intelligent computing service provider with large-scale delivery capabilities in the market. From a valuation perspective, the current static P/E ratio of around 240x is an "accounting illusion" during this asset-heavy transformation period. The company's net profit for the full year of 2025 was only about HK$81 million. The real profit ramp-up is only beginning this year. If annual profit reaches the range of 400 million to 500 million yuan, the dynamic P/E ratio would quickly converge from 240x to around 40x.

A recent report from Guotai Junan International (Hong Kong) gave a "Buy" rating with a target price of HK$20, implying approximately 63% upside from the current price of HK$12.27. Combined with an 800 million yuan strategic investment from Shenzhen Futian State-owned Assets, and share subscriptions from funds under China Merchants Group and the Boyue Fund, the "state-owned + central enterprise" dual endorsement is shifting the valuation anchor for GBA AI COMP from an "asset-heavy operator" to an "intelligent computing technology platform."

Even more noteworthy is the expectation of being included in the Stock Connect program. The company has been included in the MSCI China Small Cap Index and has been reclassified by Hang Seng Indexes into the Internet Services and Infrastructure sector. The market expects it could be officially added to the Southbound Stock Connect during the semi-annual review in March 2027. At that time, southbound capital would open a direct allocation channel for the stock.

Looking back at the 19.36% rally, it is essentially a shift in the company's pricing logic. As computing power rents rise and scarce high-performance chips become hard to come by, each incoming finance lease is converting the 40 billion yuan order pool into deliverable, pricable, and cash-flow-generating computing assets. For long-term capital, the perception of GBA AI COMP is no longer about a "tough business" of piling up heavy assets. It is now a computing power engine that turns orders, financing, and delivery into a unified flywheel.