It has skyrocketed 143 times in just one and a half years, transforming from a dying real estate enterprise to the most explosive AI computing power stock in the Hong Kong stock market, and the "Chinese CoreWeave" is here.

Can you believe it?

A penny real estate stock that once recorded a daily trading volume of less than 300,000 Hong Kong dollars and was almost forgotten by the market has unexpectedly transformed into the most wildly surging AI computing power star stock on the Hong Kong Stock Exchange.

At the beginning of 2025, the share price of Guangdong-Hong Kong-Macao Greater Bay Area Intelligent Computing was only 0.137 Hong Kong dollars. But by the end of last year, it had risen to 5.17 Hong Kong dollars, soaring more than 36 times within one year.

That was not all. By May 2026, the company's share price once hit 19.85 Hong Kong dollars, which had risen 143 times in total!

From a dying real estate enterprise to a rising star in the AI computing power sector, this is arguably one of the most successful capital operation cases in China's AI field in recent years, known as the "Chinese version of CoreWeave".

Today, Mr. Silicon-based will take you to see how this wealth myth of a 100-fold increase in share price within one year is realized.

01

Divest the real estate business

If you only look at Guangdong-Hong Kong-Macao Greater Bay Area Holdings in 2024, you can hardly associate it with the later AI star stock.

In that year, the company's contracted sales revenue was only 1.157 billion yuan, plummeting 46% year on year; the net profit attributable to owners of the parent for the whole year recorded a loss of 1.835 billion yuan.

What's more troublesome is its balance sheet.

By the end of 2024, Guangdong-Hong Kong-Macao Greater Bay Area had total assets of 12.658 billion yuan and total liabilities of 12.558 billion yuan.

That is to say, behind more than 10 billion yuan of assets, the net assets that truly belong to shareholders are only about 100 million yuan.

Among them, interest-bearing liabilities such as bank borrowings and senior notes reached 5.728 billion yuan, with an annual interest expenditure of 243 million yuan, while the cash on the company's account was only 13.06 million yuan.

This has basically reached a very awkward situation: there are a large number of assets, but there is almost no liquid cash available, and houses are getting harder and harder to sell.

To solve this problem, Guangdong-Hong Kong-Macao Greater Bay Area completed three things in 2025:

The first thing is to sell assets.

In the first half of 2025, Guangdong-Hong Kong-Macao Greater Bay Area successively sold two real estate subsidiaries, Zhuoying and Faith Channel, for 130 million yuan and 50 million yuan respectively. The two companies hold a total of nearly 5.6 billion yuan of assets, and at the same time carry about 5.7 billion yuan of liabilities.

After the transaction is completed, it is equivalent to moving a large amount of real estate assets together with debts out of the listed company's statements. The acquirer of Zhuoying is a BVI asset management company controlled by Zhao Chuan, General Manager of Cathay Cinda.

The second, more critical thing is to deal with US dollar debts.

The largest package of interest-bearing liabilities of Guangdong-Hong Kong-Macao Greater Bay Area at that time was the offshore senior notes due 2029, with a principal of 439 million US dollars, equivalent to about 3.25 billion yuan.

How large is this debt? This single debt accounts for more than half of the company's total interest-bearing liabilities. If this US dollar debt is not disposed of, no matter how many houses are sold, it will be difficult to truly repair the balance sheet.

Finally, Guangdong-Hong Kong-Macao Greater Bay Area and its creditors reached a rather radical restructuring plan: creditors agreed to accept redemption at 55% of the principal amount.

What does that mean? 45% of the principal was directly written off.

And the remaining amount to be paid was not mainly repaid in cash, but largely paid with zero-coupon mandatory convertible bonds, and the outstanding historical interest was exempted.

In other words, the debts that originally needed to be repaid with real money were converted into future equity dilution.

The third thing is to recognize losses. In 2025, the company made a one-time provision for inventory impairment of 668 million yuan.

After the three things are done, the effect is very direct.

At the end of 2024, Guangdong-Hong Kong-Macao Greater Bay Area still had total assets of 12.658 billion yuan and total liabilities of 12.558 billion yuan. By the end of 2025, its total assets had shrunk to 5.86 billion yuan, total liabilities were only 2.805 billion yuan; and net assets had directly increased from 100 million yuan to 3.055 billion yuan.

According to the company's disclosure standard, the asset-liability ratio also dropped from 45.3% to 7.2%.

It took only one year for Guangdong-Hong Kong-Macao Greater Bay Area to clean up the "shell" completely.

At this point, a problem arose: after the shell was cleaned up, what did Guangdong-Hong Kong-Macao Greater Bay Area plan to inject into it?

The answer is AI computing power.

02

Inject computing power assets into the platform

In October 2025, Guangdong-Hong Kong-Macao Greater Bay Area announced that it would acquire Shenzhen Tiandun Data for 976.5 million Hong Kong dollars.

In this acquisition, Guangdong-Hong Kong-Macao Greater Bay Area hardly paid any cash, and directly paid the acquisition consideration with stocks, issuing 310 million shares at a price of 3.15 Hong Kong dollars per share. After the transaction is completed, the seller Champion Road holds 27.58% of the enlarged share capital.

Tiandun Data injects its assets into the listed company, and its original shareholders directly become the major shareholders of Guangdong-Hong Kong-Macao Greater Bay Area.

So what kind of company is Tiandun Data exactly?

Simply put, it is engaged in the operation of AI computing power infrastructure. Its business model is somewhat similar to that of AI cloud infrastructure companies such as CoreWeave and Nebius: purchase GPUs, build computer rooms, form clusters, organize scattered computing power into large-scale computing resources, and then provide them to customers for large model training and inference.

Public information shows that Tiandun focuses on operating GPU servers such as NVIDIA H800, H100 and RTX 4090, and is also developing multi-source heterogeneous computing power to adapt to domestic chips such as Huawei and Cambricon.

Relying on these computing power resources, Tiandun Data's revenue exploded completely. In 2025, Tiandun Data achieved a revenue of 2.025 billion yuan, a year-on-year increase of nearly 7.6 times; the net profit attributable to owners of the parent reached 207 million yuan.

Tiandun Data was not formally included in the statements of Guangdong-Hong Kong-Macao Greater Bay Area until October 23, 2025. That is to say, it only contributed the performance of the last two months of the whole year to Guangdong-Hong Kong-Macao Greater Bay Area.

Even so, Tiandun contributed 617 million yuan of revenue and 177 million yuan of gross profit in these two months. Among them, the core computing power service revenue was 528 million yuan, the gross profit was 209 million yuan, and the gross profit margin was close to 40%.

Why would such a highly profitable company be willing to be injected into a listed company that has just disposed of the bad real estate debts?

Transaction documents show that behind Champion Road, Zhong Junhua, the founder of Tiandun, holds 35.2% of the shares, and Luo Jieping, Chairman of Guangdong-Hong Kong-Macao Greater Bay Area, holds 18% of the shares. Before the acquisition, China GBA Holdings, the controlling shareholder of Guangdong-Hong Kong-Macao Greater Bay Area, held 50.94% of the shares of the listed company, and the ultimate beneficial owner was Zeng Yan, the spouse of Luo Jieping.

To put it bluntly, it is the major shareholder injecting the high-quality assets incubated outside the listed company back into the listed platform under its control.

The major shareholder first cultivated a fast-growing AI computing power company outside the listed company. At the same time, it disposed of the original real estate debts, loss-making assets and impairment risks of the listed company on a large scale. After the shell was basically cleaned up, Tiandun was injected back into the listed company by issuing shares.

In just one year, a real estate company with net assets of only 100 million yuan and cash of only 13.06 million yuan has transformed into the most sought-after super star stock in the capital market.

03

The ability to raise capital is the most powerful advantage of Guangdong-Hong Kong-Macao Greater Bay Area

Of course, injecting AI computing power assets into the listed company is only the first step.

Just like the real estate business, the most important capability in the computing power business is the ability to raise capital, which is exactly what Guangdong-Hong Kong-Macao Greater Bay Area is best at.

To raise capital, Guangdong-Hong Kong-Macao Greater Bay Area adopted three methods.

The first method is financial leasing. To put it simply, the computing power company obtains the equipment first, and then gets financing from the leasing company, and repays the funds slowly with the cash flow generated by the equipment in the future.

At the end of June 2025, when Tiandun had not been consolidated, the lease liabilities on Guangdong-Hong Kong-Macao Greater Bay Area's accounts were only 306,000 yuan. By the time of the acquisition of Tiandun in October, the lease liabilities brought in by the Tiandun system at one time had reached about 2.12 billion yuan.

By 2026, this model began to accelerate significantly.

Only the three rounds of sale-leaseback transactions disclosed with SPD Bank Financial Leasing reached 395 million yuan in June, 790 million yuan in July, and 1.687 billion yuan in August. The total amount of the three transactions has reached 2.872 billion yuan.

While carrying out financial leasing, with the rise of share price, Tiandun was also able to raise financing continuously in the capital market.

From December 2025 to June 2026, Guangdong-Hong Kong-Macao Greater Bay Area completed three rounds of rights issues. The rights issue price rose all the way from 5.5 Hong Kong dollars to 11.75 Hong Kong dollars, and the corresponding net raised amount also rose from 108 million Hong Kong dollars to 280 million Hong Kong dollars.

After the three rounds, a total of about 506 million Hong Kong dollars in cash was raised from the capital market.

In addition to the secondary market, Guangdong-Hong Kong-Macao Greater Bay Area did not idle in the primary market, and also introduced a more important shareholder — state-owned capital.

In January 2026, Shenzhen Futian Capital invested 800 million yuan to subscribe for 40% equity of Hongce Data, a computing power project company under Guangdong-Hong Kong-Macao Greater Bay Area. The announcement clearly stipulates that the funds shall be used to set up new project companies in Futian District, undertake new computing power service orders, and fulfill relevant contracts, renew contracts and optimize financing.

Of course, the state-owned capital's funds are not provided for free. Futian Capital has set very strict performance conditions for Hongce Data:

In the first 11 months after the completion of the investment, the revenue shall be at least 3 billion yuan, and the operating cash flow must be positive;

The cumulative revenue within 23 months shall be at least 6 billion yuan, and the cumulative non-net profit from recurring items shall be at least 1.2 billion yuan;

The cumulative revenue within 35 months shall be at least 9 billion yuan, and the cumulative non-net profit from recurring items shall be at least 2 billion yuan.

If the performance target is not met, equity repurchase will be triggered.

The third layer is order credit, which is the most critical link in the entire capital flywheel.

By the end of 2025, Guangdong-Hong Kong-Macao Greater Bay Area had locked in computing power orders of more than 150 billion yuan. By the first half of 2026, the company had added more than 150 billion yuan of intended orders, more than 95% of which were five-year long-term orders.

With more and more long-term orders, Guangdong-Hong Kong-Macao Greater Bay Area can obtain more and more funds. According to the latest disclosure of the company, by June 2026, the total intended credit granted by financial institutions obtained by Guangdong-Hong Kong-Macao Greater Bay Area had exceeded 300 billion yuan.

At this point, the entire logic is connected.

Use rights issue and financial leasing to buy more GPUs; when the GPU scale expands, more long-term orders can be obtained, and the long-term orders in turn improve the financing capacity.

The more financing you get, the larger the business scale; the larger the business scale, the higher the valuation given by the market; the higher the share price, the more funds you can raise. In this way, a capital flywheel starts to rotate.

Although this model runs very successfully, it always feels very familiar, as if it has been seen somewhere before.

This article is from the WeChat official account "Silicon-based Observation Pro", author: Yuan Yuan, published with authorization from 36Kr.