The placement was subscribed by central enterprises: Guangdong Harbour Holdings (01396) AI track layout enters the “acceleration channel”

The Zhitong Finance App learned that on December 4, Guangdong Harbour Holdings (01396) issued an announcement. The company and investors entered into a placement agreement to place 34,181,818 shares at a placement price of HK$5.5 per share, which is equivalent to 2.95% of the company's issued share capital after the issuance. The placement price per share was discounted by about 5.53% from the average closing price of the last five consecutive trading days before the subscription agreement date. This placement can be described as a “small placement, large organization, low discount”.

This placement introduced CMB Funds and Dingsheng Limited. Among them, Dingsheng is an early shareholder of the company, and the current shareholding ratio is 3.53%. The Zhitong Finance App noticed that Dingsheng's actual owner, Wang Jian's father, Wang Zaixing, is the founding shareholder of “Yide International Holdings” (the predecessor of Guangdong and Hong Kong Bay). Dingsheng's participation in the placement to increase its holdings once again showed the market its trust in the company. Notably, the company made a supplementary announcement the next day stating that due to related transactions, Dingsheng's subscription was unable to use a general license to participate in this additional sale. The company and Dingsheng negotiated to terminate the subscription, adding that the two parties would discuss further before taking action.

However, CMBI SPC participating in the placement is an independent portfolio company under China Merchants. The portfolio aims to capture structural growth opportunities related to high-efficiency computing, energy-saving accelerator hardware and AI-enabled cloud service expansion. Its investment manager is CMB International. CMB International is an indirect wholly-owned subsidiary of China Merchants Bank. As an investment agency under the China Merchants Bureau, the investment targets are strictly screened. The subscription for 19,636,363 shares of Guangdonggang Bay Holdings is fully demonstrating CMB International's recognition and future development of Guangdong-Gangwan Holdings's new AI transformation business confidence, The shareholding ratio after completion is 1.7%.

The subscribers irrevocably and unconditionally promised a six-month lockdown period, injecting reassurance into the market, and the placement price was consistent with the debt-for-share swap in June. It can be seen that these two investors have strong confidence in the company's development. Proceeds from this subscription are approximately HK$108 million, and the company plans to use about 70% to deliver AI computing power cloud service projects. This shows the company's confidence in the new AI business transformation.

In fact, in the secondary market, the company has been receiving continuous fund-raising from value investors since 2025, and Guangdong-Hong Kong Bay Holdings has been able to gain investors' optimism, mainly by reversing fundamental expectations. On the one hand, the transformation has accelerated. On the one hand, it has cleared overseas dollar bonds and gone to battle lightly. On the other hand, it has fully entered the AI intelligent computing circuit through acquisitions, and has strategically transformed and upgraded from a “physical space builder” to a “digital ecosystem operator.”

The company has mainly done these three major events this year. First, the real estate industry is still facing major challenges. The company will continue to improve the operational efficiency of high-quality assets and enhance cash flow reserves and profitability.

The second is to continuously optimize finance and insist on high-quality development. The industry generally faces high debt risks. Starting from the overall situation, in May, the company completed a debt-to-equity swap plan of US$440 million with a high approval rate of 98.33%, becoming the first domestic housing stock company to pay off almost all of its foreign dollar bonds. The interest-bearing debt ratio dropped from 45% to 7%. Furthermore, the company's balance ratio plummeted from 99% at the end of 2024 to 48% in the first half of this year. These two debt indicators stand out in the industry.

The third is to keep up with industry trends and accelerate the layout of the AI circuit. In October, the company completed the acquisition of Tienton Data for HK$977 million. Among the nearly 200 enterprise customers it has accumulated, there is no shortage of large cloud service providers and leading AI companies. The AI computing power cloud service contract for the second half of 2025 alone added AI computing power to manage more than 12,000 GPUs for Denton Data, which will generate a stable and growing revenue stream.

Tienton data will create a core growth curve for Guangdong-Hong Kong Bay Holdings. According to the disclosure, in 2024, revenue from this target will increase from 50 million yuan to 230 million yuan, with a compound growth rate of 114.5%. The number of orders in hand in the first quarter of 2025 alone will exceed 10 billion yuan. The self-developed quantum computing power cloud service scheduling platform of this standard has been officially launched. It can serve customers in various industries such as education and scientific research, AI biopharmaceuticals, AIGC content production, and autonomous driving, providing solid computing power support for the intelligent upgrading of the AI industry, and commercialization opportunities or driving continued high growth in its performance.

Furthermore, the advantages of Tiantun Data and Guangdong-Hong Kong Bay Holdings complement each other, and industrial collaboration will accelerate development. The AI intelligent computing model deeply cultivated by Tienton Data forms a perfect fit with the industrial and urban development capabilities accumulated in Guangdong and Hong Kong Bay, transforming idle factories and land resources into high-performance intelligent computing centers and AI computing power infrastructure, spawning an integrated service system of “computing power+energy+space”, completely changing the profit logic of traditional industrial operations.

These three major events are not isolated; they indicate the future development path of Guangdong Harbour Holdings. The traditional business leaves behind high-quality land resources, and the unloading of debt burdens leaves plenty of cash flow, while the new business AI circuit is the main focus. Most of the funds from this placement will be used to develop the new track. AI and related fields have become one of the hottest investment themes at present, and the innovative model of “computing power+industry and city” is expected to restructure the company's valuation logic.

In the capital market, company valuations were attractive, and investors voted for confidence. At the same time, the company was also favored by many brokerage investment banks. For example, Northeast Securities released a research report saying that Guangdong Gangwan Holdings successfully entered the AI intelligent computing circuit through the acquisition and achieved a strategic upgrade from a traditional real estate agent to a “digital ecosystem operator”. The company uses the green energy intelligent computing model of the new business to collaborate with the original industrial city resources, which is expected to create a diversified revenue structure and reshape valuation. On December 3, the company won the “Most Valuable Artificial Intelligence Company” award in the 10th Zhitong Finance Listed Company Selection.

Overall, the current placement of Guangdong Harbour Holdings was actively subscribed by the founding shareholders and central enterprise investment institutions. With Tienton Data as the core, it will comprehensively lay out AI and related tracks, and the future can be expected. Currently, the company's valuation is not high. Judging from the high-growth Tienton data, calculated by 20 times the average PS of AI-related targets, there is still huge room for growth in the 2025 valuation. Coupled with the collaboration of high-quality land resources, the valuation is expected to rise to a higher level.