State-owned funds and computing power are the new forces rising: the battle for AI infrastructure in the Greater Bay Area seen from GD-HKGBA HLDGS (01396) receiving investment from Futian State-owned assets.

An announcement from a cutting-edge AI company in Hong Kong unexpectedly revealed a novel and sharp strategy in the competition for artificial intelligence infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area. On the evening of January 30th, the Hong Kong-listed company GD-HKGBA HLDGS (01396) announced that it had received a strategic investment of 800 million RMB from the Futian Capital Operations Group, a state-owned asset management company under the Futian District State-owned Assets Supervision and Administration Commission of Shenzhen. It is worth noting that this investment is not directed towards traditional urban development businesses, but is specifically injected into its subsidiary focusing on computing power - Shenzhen Tiandun Data Group. The funds will be used specifically for the company's computing power network layout in the Guangdong-Hong Kong-Macao Greater Bay Area. At the same time, GD-HKGBA HLDGS's recent strategic transformation has shown significant results: the mid-year report for 2025 shows the company's debt ratio decreasing from 99% to a profit of 970 million RMB. Furthermore, with an investment of 977 million Hong Kong dollars to acquire an AI computing power company, GD-HKGBA HLDGS has completed a magnificent transformation from an urban developer to a digital ecosystem operator. In the backdrop of the national strategy of "Eastern Calculation and Western Algorithm" moving forward steadily, and Guangdong Province accelerating the implementation of the "AI+" action plan, this transaction is far from a regular capital injection. It reflects a profound shift in the logic of local state-owned assets towards computing power infrastructure layout, and signifies that a once urban developer is transforming into an important participant in the AI foundation of the bay area with astonishing determination and speed. Strategic Alliance: Why the Guangdong-Hong Kong Bay Area? The first key question is, among numerous technology companies, why did Futian State Capital choose a Hong Kong-listed company with an urban development background as a partner in the computing power industry? A deeper analysis reveals that this choice reflects a profound transformation in the logic of state capital investment: shifting from purely pursuing "pure technology" to focusing more on "resource synergy" and "deployment capability". Unlike technology companies that operate with light assets, GD-HKGBA HLDGS's Tiandun Data, under its umbrella, has been deeply cultivating the bay area for many years, holding six mature IDC data centers with over ten thousand cabinet resources, maintaining a stable shelf rate of 95%. It has established a computing power space matrix covering core cities in the bay area. Their existing industrial parks, land reserves, and computing power infrastructure naturally fit together, allowing for rapid implementation of the "Space + Computing Power" model, significantly reducing the cost and development cycle of intelligent computing centers, a core advantage that pure technology companies cannot match. On the financial front, the company previously completed a $440 million debt-to-equity conversion program, becoming the first urban developer to almost completely clear its offshore dollar debt and achieve profitability on paper through debt discounts, establishing a solid financial foundation for its transformation. This achievement has become an important cornerstone recognized by state-owned assets. More importantly, the company's transformation actions continue to accelerate, with the latest operational highlights: in December 2025, Tiandun Data signed a 5-year strategic cooperation agreement with Hgtech, focusing on expanding the domestic and international markets in the field of new AI computing power and network infrastructure; in January 2026, Tiandun Data launched the "Quantum Power" computing power sub-brand, providing services such as one-click deployment of models, mirror community, etc. Within just 2 weeks of its launch, the customer base grew by a hundredfold, accelerating the implementation of AI biopharmaceuticals, AIGC creation of comics and dramas, and autonomous driving in various vertical scenarios. As of now, the company has operated a computing power scale of nearly 40,000 P, with over 15 billion RMB in normal fee-operating technology service orders. It has also expanded into Southeast Asia with overseas data centers, establishing a complete chain of "computing power infrastructure + technology services + overseas expansion", continuously demonstrating the success of its transformation. The national "Eastern Calculation and Western Algorithm" project aims to build a national integrated big data center system. The recent release of Guangdong Province's "AI+" action plan explicitly aims to build a national intelligent computing power hub. Under this macro blueprint, for both parties, this cooperation represents a strategic win-win situation due to resource complementarity. Leveraging GD-HKGBA HLDGS's market operating capabilities and existing computing power carrier, Futian State Capital can quickly establish a computing power hub in the bay area, avoiding the time and technology barriers involved in starting from scratch. At the same time, GD-HKGBA HLDGS gains state capital endorsement and financial support, accelerating the encryption of Tiandun Data's computing power nodes in the bay area, and relying on state-owned resources to connect more government and central enterprise orders, solidifying its "new infrastructure + AI" dual-driven strategy. This cooperative model goes beyond the traditional framework of "state capital injection", achieving an organic integration of state-owned capital guidance with market vitality, opening up new paths for transforming enterprises to access national strategies. At the AI special session of the Shenzhen Business Summit in January 2026, the Chairman of the Board of GD-HKGBA HLDGS, Luo Jieping, dissected the AI industry into a seven-layer structure, outlining the transformation logic of "new infrastructure + AI". He emphasized that enterprises should prioritize cognitive breakthroughs and support them with actual actions, achieve industrial upgrading through compliant operations, and create a win-win situation for industry and shareholder returns. Innovative Model: Market-oriented Strike Team Guided by State-Owned Capital The cooperation between Guangdong-Hong Kong Bay and Futian State Capital is not an isolated event; it represents a new model that is becoming increasingly clear in the layout of cutting-edge technology industries. Recent developments indicate that this model is generating synergistic effects. In the past, state-owned capital's layout of computing power mainly focused on direct investment and construction, but it is now shifting towards a flexible model of investing in market-oriented entities, achieving efficient empowerment through a combination of "state capital guidance + market operation". The Shenzhen state-owned capital system has long had successful exploration of this model. Known as the "benchmark of domestic venture capital", Shenzhen Venture Capital's core model is government-guided funds entrusted to market-based institutions for management, leveraging nearly 500 billion RMB of social capital to support over 8,000 industrial projects, nurture nearly 600 listed companies, and achieve a win-win situation of industrial cultivation and capital appreciation through the concept of "patient capital". Futian State Capital's investment in GD-HKGBA HLDGS's computing power business can be seen as a deepening and upgrading of this mature model in the specific strategic track of "artificial intelligence infrastructure" - from financial investment to strategic collaboration, from investing in a single technology company to empowering a platform with resource integration capabilities. In terms of social benefits, with the support of Futian Capital, Tiandun Data Group will accelerate the layout of intelligent computing centers in key regions such as the Guangdong-Hong Kong-Macao Greater Bay Area, drive the large-scale implementation of high-performance and inclusive computing power infrastructure, and press the fast-forward button for Futian to build a "strategic highland of artificial intelligence". Moreover, leveraging Tiandun Data Group's ecosystem network that has served nearly 200 top enterprises, state-owned capital can effectively leverage upstream and downstream industry cooperation and innovation in the industry chain, driving the intelligent transformation of thousands of industries. Expanding the perspective to the national level, the construction path of computing power in the Guangdong-Hong Kong-Macao Greater Bay Area exhibits a distinct regional characteristic. The latest practices in the Guangdong-Hong Kong Bay area provide vivid evidence of this characteristic. The Yangtze River Delta relies on resources from universities and research institutes, focusing on computing power technology research and algorithm innovation, forming a "production, academia, research, and utilization" collaborative system. The Chengdu-Chongqing region leverages energy and land advantages, focusing on the construction of computing power bases and meeting the overflow demand for computing power from the east. And the Greater Bay Area, with its unique genes of "active market, diverse capital, and concentrated industry", has embarked on a hybrid model of "state capital + market-oriented entities". The case of GD-HKGBA HLDGS is a microcosm of this model - with stability backed by state capital, flexibility supported by market-oriented entities, it can quickly respond to the computing power needs of industries such as the internet, finance, and biomedicine. This advantage becomes more pronounced in the trend of fragmented and scenario-based computing power demands. The exploration of GD-HKGBA HLDGS elevates to a paradigm of innovative industrial development and capital operation. If the transformation is successful, it is expected to lead a group of Hong Kong-listed and red-chip companies with tangible assets, transforming into new productive carriers to undertake national strategies, leveraging capital platforms and regional advantages. The core value of such companies lies in their ability to transform traditional physical assets into core infrastructure of the computing power era, achieving deep integration of "urban development + AI empowerment" and providing a new value anchor for the capital market. Valuation Reconstruction: "Technology Story" Supported by Financial Data For the Hong Kong stock market, Futian State Capital's investment and the resonance with the company's latest operational dynamics have sent a strong signal for revaluation of value. Previously categorized as an urban development stock, GD-HKGBA HLDGS's valuation was suppressed by industry cycles. However, with the optimization of debt and achieving profitability on paper, over 15 billion RMB in hand from cloud service orders, the explosive growth of the "Quantum Power" brand, strategic cooperation with Hgtech, and the upcoming joint construction of a large AI reasoning computing power base in Longgang, Shenzhen with Runliuche, a subsidiary of Shandong Jining City Investment Group by the end of this month, have fully demonstrated the commercial capabilities of its computing power business. The state capital's investment signifies the market's authoritative recognition of its "urban development + AI" model, and the valuation system is expected to shift from urban development stocks to computing power technology stocks. In a global context, companies focusing on AI computing power services such as CoreWeave once had a valuation close to a trillion dollars, while Range Intelligent Computing Technology Group, a leading player in the "AIDC + computing cluster" business in China, has a market value exceeding 130 billion RMB. Although their business models are not exactly the same, the high valuations behind them reflect the market's strong consensus on the scarcity and growth potential of intelligent computing power. With a current market value of only about 8 billion Hong Kong dollars, GD-HKGBA HLDGS's tangible assets and rapidly growing computing power business contrast sharply - with nearly 40,000 P of computing power scale, a 95% cabinet shelf rate, overseas expansion, and breakthroughs in AIGC vertical scenes, the computing power assets and growth potential have not been fully priced. As Futian State Capital's funds arrive, Tiandun Data's computing power nodes expand, and the penetration of the "Quantum Power" platform in more vertical scenarios, once the computing power business achieves scalable revenue and clear prospects, the valuation anchor will shift from the fluctuating urban development to growing technology, presenting a huge space for value discovery. Conclusion From China Merchants International's strategic private placement, to Futian State Capital's significant investment, to the strategic alliance with Hgtech, the "national team" and the intense handshakes with local state-owned assets such as Shandong Jining and Jiangsu Lianyungang Port - this is not just a celebration of capital, but a collective assembly and strategic bet by the "national team". This is not just a vote of confidence from the "national team", but also a high-level endorsement of GD-HKGBA HLDGS's strategic value, resonating with national trends and technological capabilities, and depth of governance with development expectations. Behind each agreement lies the unanimous reassessment of the strategic value of GD-HKGBA HLDGS by state-owned assets, as well as a high degree of certainty in its ability to lead industry change. Standing at the starting line of the bay area's AI infrastructure construction, the story of GD-HKGBA HLDGS is just beginning. It is not only a crucial step in the transformation and upgrading of a company but also a precise move for local state-owned assets in the era of new productive forces. As computing power becomes the "electricity and coal" of the new era, whoever holds the efficient, green, and intelligent supply capability will grasp the discourse power of the AI industry in the next decade. In this silent war, the partnership between Guangdong-Hong Kong Bay and Shenzhen state-owned capital may quietly script a new paradigm for the rise of Chinese AI computing power.