From a debt ratio of 99% to a profit of RMB 970 million, and then to spending HKD 977 million to acquire an AI computing power company, GD-HKGBA HLDGS (01396) has completed a magnificent transformation from a production and city developer to a digital ecosystem operator.
On October 23, GD-HKGBA HLDGS announced that it has completed the acquisition of Wisdom Knight Holdings Limited, with a total consideration of HKD 977 million. This company, which was deeply trapped in a debt crisis a year ago, quickly turned its attention to the AI computing power track after successfully implementing a USD 440 million debt-to-equity swap plan.
This merger and acquisition is far from a simple business addition; it is a profound reconstruction of capital logic. GD-HKGBA HLDGS is transforming idle factories and land resources into high-performance intelligent computing centers, achieving a value leap from &#34;heavy asset sunk costs&#34; to &#34;light asset technology assets,&#34; and enabling the company to strategically upgrade from &#34;physical space builders&#34; to &#34;digital ecosystem operators.&#34;
<h2>From &#34;Cement Box&#34; to &#34;Computing Power Socket&#34;</h2>
According to data, the domestic entity controlled by Wisdom Knight Holdings Limited (Shenzhen Tiandun Data Technology Co., Ltd.) is a first-tier intelligent computing construction operator in China and one of the earliest companies to layout national standard A-level third-party data centers. It is a supplier of &#34;green energy intelligent computing&#34; full lifecycle services.
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Since its establishment, Tiandun Data's revenue has continued to grow rapidly, with revenues of RMB 50.9 million, RMB 61.6 million, and RMB 230 million for 2022-2024, and reaching as high as RMB 174.4 million in Q1 2025. The scale of contracts in hand exceeds RMB 10 billion, thus initiating a &#34;domestic + international dual market development strategy.&#34;
It is worth mentioning that Tiandun Data achieved profitability in Q1 2025, fully confirming that the dual main business development model of &#34;multi-source guided computing power services + AIDC construction and operation&#34; has been commercially validated, and its AI intelligent computing center business model has improved operational efficiency and profitability.
Previously, on May 7, 2025, GD-HKGBA HLDGS completed a USD 440 million debt-to-equity swap plan with a high approval rate of 98.33%, becoming the first domestic property stock company to almost completely clear its offshore USD debt, reducing its interest-bearing debt ratio from 45% to 7%, and achieving a net profit attributable to shareholders of RMB 970 million in the first half of 2025, with traditional production and city business no longer a burden but a boost.
The core value of this merger and acquisition lies in the complementary and fusion of resources between the two parties.
As the acquirer, GD-HKGBA HLDGS is a leading new ecological production and city service provider in China, with a large reserve of land in multiple regions across the country. The &#34;green energy intelligent computing&#34; model that Tiandun Data is deeply engaged in perfectly aligns with GD-HKGBA's accumulated production and city development capabilities, transforming idle factories and land resources into high-performance intelligent computing centers and AI computing power infrastructure, giving rise to an integrated service system of &#34;computing power + energy + space,&#34; fundamentally changing the profit logic of traditional industrial operations
The mutual sharing of customer resources further enhances the synergy effect. Among the nearly 200 corporate clients accumulated by Tiandun Data, there are many large cloud service providers and leading AI companies. The injection of these high-value B-end resources has opened up a new growth curve for GD-HKGBA HLDGS. The previously relied single revenue structure of industrial city sales and property leasing is being replaced by a diversified combination of AI computing power services, energy management revenue, and intelligent computing space operation income, significantly enhancing the company's risk resistance and profit resilience.
<h2>Valuation Reconstruction: Re-evaluating Value from Industrial City Stocks to Technology Stocks</h2>
From an industrial trend perspective, AI computing power is becoming the &#34;new oil&#34; in the digital economy era.
The AI computing power industry, due to its characteristics of &#34;high barriers, high margins, and high repurchase,&#34; has become a darling of the capital market. In the U.S. stock market, AI computing power leader CoreWeave is sprinting towards an IPO with a valuation of $35 billion, and its current market value is $61.066 billion (as of November 24 closing data), with a projected revenue of $1.915 billion in 2024 and a price-to-sales (PS) ratio of about 31.89 times; in the A-share market, companies like Zhongke Shuguang and Inspur Information have price-to-earnings (PE) ratios generally above 40 times, far exceeding traditional IT companies.
After the acquisition of Tiandun Data is completed, GD-HKGBA HLDGS's valuation system is undergoing fundamental reshaping.
Using the PE valuation method, Tiandun Data's net profit for Q1 2025 is projected to be RMB 23.36 million, assuming an annual net profit of about RMB 100 million, with a potential growth of 50% in 2026. In comparison, the overall PE value of the computing power industry is around 68 times, which would give this segment an annual valuation of RMB 6.8 billion. Adding the previous valuation of about RMB 3 billion from the industrial city sector, the total reaches RMB 9.8 billion, indicating a 50% upside potential compared to the current market value of HKD 6.79 billion.
More importantly, the most profound impact of this acquisition lies in the reconstruction of capital logic. GD-HKGBA HLDGS is building a dual-driven model of &#34;industrial operation asset securitization + computing power operation revenue,&#34; similar to the digital infrastructure REITs model of DigitalBridge in the U.S.
The stable cash flow provided by Tiandun Data, combined with the infrastructure assets owned by GD-HKGBA HLDGS, has the potential for securitization. In the future, the company can issue REITs by spinning off computing power center assets, achieving a closed loop of &#34;development-operation-exit,&#34; thus shifting from &#34;one-time sales&#34; to &#34;perpetual operation,&#34; making profitability more certain.
In the long run, this acquisition is a key layout for GD-HKGBA HLDGS to break free from the dependence on the industrial city development and operation cycle, aligning with three major trends: the annual growth of AI computing power demand in China at 40%, the policy dividends of digital transformation in housing and cities, and the digital new infrastructure planning of the Guangdong-Hong Kong-Macao Greater Bay Area. Despite the integration pressure of a 12-month business cooperation period, the innovative model of &#34;computing power + industrial city&#34; is expected to reconstruct valuation logic.
A senior Hong Kong stock analyst stated: &#34;The market will eventually recognize that the core of this acquisition is to obtain the algorithmic logic for reconstructing industrial city operations, rather than simply asset stacking.&#34;
<h2>Conclusion</h2>
Twenty years ago, real estate developers standardized &#34;land&#34; into a product, giving rise to a trillion-dollar commodity housing market; ten years ago, commercial real estate was turned into REITs, triggering a wave of securitization in logistics parks and industrial parks
Today, GD-HKGBA HLDGS used a &#34;silicon core key&#34; to unlock the shackles of &#34;heavy assets,&#34; transforming dormant factories into publicly listed, dividend-paying, and value-appreciating &#34;computing power infrastructure REITs.&#34; This marks a strategic upgrade from &#34;physical space builders&#34; to &#34;digital ecosystem operators,&#34; demonstrating the ultimate redemption path of &#34;high leverage, low turnover&#34; for the entire industry.
As the forklift poured the last bucket of concrete into the machine room's vibration isolation layer, the fans of the GPUs began to roar, like a new capital overture, which is the strong heartbeat of the capitalization of China's digital infrastructure

01396

GD-HKGBA HLDGS has completed the acquisition of Wisdom Knight Holdings Limited for a total consideration of HKD 977 million, marking its transformation from a property city developer to a digital ecosystem operator. This merger and acquisition is not only a business overlay but also a reconstruction of capital logic. The company has achieved a shift from heavy assets to light assets by converting idle resources into intelligent computing centers. Tiandun Data, as a leading intelligent computing operator in China, has seen continuous revenue growth and has achieved profitability, validating its dual main business development model's commercialization

Computing power is productivity: GD-HKGBA HLDGS acquires Tiandun Data to create a new engine for capital narrative driven by "infrastructure + AI"