HK Stock Market Move | ITC NEOCLOUD (00199) rose over 5% in early trading, plans to acquire 80% equity of an AI computing power services company, securing a RMB 649 million computing power contract.

ITC NEOCLOUD (00199) rose over 5% in early trading. As of press time, it was up 3.04% at HK$2.71, with a turnover of HK$10.798 million. On the news front, ITC Properties issued an announcement on September 22, stating that its stock short name will be changed from "ITC Properties" to "ITC NEOCLOUD," effective from 9:00 a.m. on September 25. On September 29, ITC NEOCLOUD announced plans to acquire an 80% stake in AI computing power services company "Chaoqi Xiyang Technology" for RMB 83.616 million. The company holds 26 delivered high-performance servers and customer contracts worth RMB 649 million. Yingli Securities pointed out that ITC NEOCLOUD is a scarce "new entrant to AIDC driven by green power resources" in the Hong Kong stock market. Subsequent stock price catalysts include: recognition of large-scale computing power revenue in Q3 2026; newly signed computing power service orders in hand; approval for the commencement of the Nantong project in Q1 2027; completion of project equity financing to improve funding visibility; recognition of large-scale revenue from the Token platform and the landing of model partners.