The capital logic behind the acceleration of computing power delivery: How does GBA AI COMP (01396) win the trust of "long money"?

On July 21, GBA AI COMP Technology (01396) issued an announcement that caught the market's attention: its subsidiary Shenzhen Hongrui signed two financing lease agreements with Pu Yin Financial Leasing totaling approximately RMB 1.185 billion, with the latest amounting to around RMB 790 million and a lease term of 62 months. While this news appears to be a routine financing arrangement, the signal behind it is richer than the numbers themselves on the AI computing infrastructure track, a company's "acceleration" is being confirmed by capital with real money. The announcement states clearly at the beginning: the disclosure of this financing lease is due to the threshold of transactions touching Hong Kong listing rules, and does not represent the entire scale of the group's IT equipment procurement activities. If the announcement of a listed company is seen as the tip of the iceberg exposed above the water, the procurement and delivery scale below the surface is the true "undercurrent." GBA AI COMP's mandatory disclosure of compliance (the financing lease announcement is disclosed due to the transaction size touching Hong Kong listing rules) precisely indicates that the market's focus on its business scale is rapidly increasing, and the company hopes that the outside world will not be misled by a single disclosure threshold. Because in the announcement, the most noteworthy is the acceleration of the delivery pace. The announcement at the beginning of the month showed that as of June 30, the group had added over RMB 2 billion in AI computing cloud service orders. From July 1st to the 21st, in just 20 days, over RMB 2 billion in orders for equipment procurement were completed, entering the countdown to delivery. This means that the progress in the first 20 days of July almost equals the actual delivery volume for the entire first half of the year. The deeper mechanism lies in the financing closed loop. This time, a post-sale leaseback was used: Shenzhen Hongrui sold the operational equipment to Pu Yin and then leased it back, keeping the equipment in hand without affecting the computing services; at the end of the lease term, it will be repurchased at a nominal price of 1 RMB, retaining ownership in essence. The financing proceeds continue to purchase new equipment, forming a positive cycle of "procurement-deployment-financing-reprocurement". The key is to "activate" assets that have already created value for the next round of expansion ammunition this is the financial thinking of mature infrastructure operators. The acceleration of delivery is the result of the resonance of customer, channel, and capital forces. The thickness at the customer end. In the first half of the year, new contracts worth RMB 15 billion were signed, with only the orders involved in this financing lease totaling RMB 2 billion. The diversity of customers and solid orders determine the sustainability of delivery not sporadic but normalized high turnover. Resilience of the supply chain. The global shortage of core hardware for AI computing power continues, and the source itself is a scarce resource. The initial cost of this equipment is about RMB 1.5 billion, all of which has been delivered and put into operation. The ability to continuously complete large-scale procurement in the seller's market reflects the hard strength of supply chain management. Long-termism of capital. Pu Yin Financial Leasing is held by Shanghai Pudong Development Bank with about 69.56% ownership, with a credit rating of AAA. Choosing a lease term of 62 months implies a willingness to bet on the AI computing power market across a technology upgrade cycle of over five years, rather than short-term arbitrage. Pu Yin is not alone from the Shenzhen state-owned assets-led private placement investment to the long-term debt financing of AAA-rated financial institutions, capital at different levels is converging in the same direction, outlining a consensus: AI computing infrastructure is worth "long money" heavy positioning. As of the announcement date, GBA AI COMP has signed new contracts worth RMB 15 billion in the first half of the year (with a total order amount exceeding RMB 30 billion), delivered over RMB 2 billion, and another over RMB 2 billion in equipment has been purchased and will be delivered soon. With ample orders in hand, the pace of delivery continues to accelerate. In the current global tension between the tight supply and surging demand for AI computing power, whoever can quickly convert orders into operational computing power assets will take the lead. Speed is becoming a core competitive barrier. And the choice of capital is the best endorsement of this speed.