MiniMax (00100) has made its first direct investment in Hong Kong's computing infrastructure, while ENVISION GREEN (01783) highlights the value of its triple scarcity in card sourcing + compliance + energy efficiency.

With the rapid development of the AI industry driving a surge in demand for computing power, a large number of new players from various fields have entered the IDC and cloud computing leasing arena, among which ENVISION GREEN (01783) stands out as one of the companies with the highest efficiency and fastest implementation pace. Since ENVISION GREEN announced on June 29 its intention to acquire Shanghai Youfu Cloud Computing Co., Ltd. (hereinafter referred to as "Youfu Cloud") for a fundamental price of HKD 2.2 billion, it has completed a closed loop in the cloud computing space in less than a month and a half. On July 31, ENVISION GREEN disclosed that Youfu Cloud had signed a contract service worth no less than RMB 2.4 billion over five years, fulfilling the performance assessment requirements necessary for the acquisition and securing long-term cash flow. On August 6, it announced plans to spend RMB 1.2884 billion to purchase high-performance servers. On the morning of August 11, it disclosed that it would raise USD 140 million through a combination of old and new placements + subsidiary issuance of convertible bonds to support the acquisition of Youfu Cloud and the purchase of high-performance servers. From "asset acquisition" to "order locking," then to "capacity fulfillment" and "fundraising," ENVISION GREEN completed the entire deployment process typically requiring six to eight months for cross-industry cloud computing companies in just 42 days. This highlights the strong execution capability and resource integration level of this seasoned cross-industry practitioner, who has systematically and structurally completed the layout of computing power infrastructure. It is worth noting that in this fundraising by ENVISION GREEN, MiniMax (00100), known as the "first stock for large models in the Hong Kong stock market," will participate in the subscription. This marks MiniMax's first benchmark case of directly investing in computing power infrastructure companies in the Hong Kong stock market, demonstrating its strong confidence in ENVISION GREEN's future development in the computing power sector. As ENVISION GREEN deepens its layout in the computing space, it will realize a full lifecycle closed loop based on AIDC, encompassing "EPC projects computing power leasing tokens clean energy retired battery recycling." As one of the rare electricity-computing-carbon synergy models in the Hong Kong stock market, ENVISION GREEN is integrating its existing green energy and reverse supply chain capabilities with computing power infrastructure, forming an innovative paradigm for the entire AI computing power infrastructure that is expected to reshape the valuation coordinates of AI computing power infrastructure in the Hong Kong stock market. If the stock price experiences a short-term adjustment due to the placement, it may present a great opportunity for long-term investors to gain excess returns through positioning in ENVISION GREEN. From leasing computing power to ecological binding: MiniMax paves the way through ENVISION GREEN to integrate the entire "resource locking + compliance + energy efficiency" chain If ENVISION GREEN disclosed on July 31 that Youfu Cloud had signed a contract service with only one tech giant, fulfilling the performance betting requirement of achieving no less than RMB 2.4 billion in five years, giving the market a glimpse into ENVISION GREEN's "hard power" in the cross-industry computing power arena, then MiniMax's participation in ENVISION GREEN's placement is like dropping a "nuclear bomb" in the capital deep-water zone it is not just a strategic investment at the industrial level, but also a "top credit endorsement" of Youfu Cloud's computing power delivery capabilities by one of the world's leading model manufacturers, instantly shattering the market's remaining doubts about ENVISION GREEN's transformation into computing power. Currently, it is known that there are many publicly listed companies providing computing power services to MiniMax, but previously, MiniMax had only subscribed through private placement to Bluecloud Technology (871169.BJ) in the New Third Board. Therefore, its subscription to ENVISION GREEN marks its first direct investment in a computing power infrastructure company in the Hong Kong stock market, a move of obvious significance. However, what the market needs to delve into is why ENVISION GREEN is favored by MiniMax? What charm does ENVISION GREEN possess compared to other computing power service providers? For top vendors like MiniMax, with annual revenues of USD 300 million and serving 300 million global users and a million enterprise developers, computing power has shifted from a cost item to the core carrier of product experience, where daily transactions of trillions of tokens and high-load operations of thousands of card clusters mean that any fluctuation in underlying computing power directly triggers commercial default risks. However, the supply side of high-end AI accelerator cards and high-bandwidth memory is in an extreme tight balance; the capacity of next-generation high-end computing power chips and supporting high-bandwidth memory has already been locked by global hyperscale cloud service providers until 2027. Second-tier vendors without long-term agreements tied to equity are nearly unable to secure stable quotas, as evidenced by Hongbo Co., Ltd. (002229.SZ) not renewing its computing power contracts upon expiration. Moreover, the compliance regulatory pressures such as GDPR and CCPA faced by MiniMax, which accounts for over 70% of its overseas revenue, along with the penetrating scrutiny requirements for computing power supply chain qualifications posed by the Sci-Tech Innovation Board IPO, have substantially raised its criteria for selecting suppliers to the "operator level": that is, they must possess primary cooperation qualifications with top chip manufacturers, prioritized supply channels, compliance IDC operational qualifications in core areas like Beijing, Shanghai, Guangzhou, and Shenzhen, low PUE green electricity support capabilities, and comprehensive data cross-border compliance systems. ENVISION GREENs acquisition of Youfu Cloud precisely positions it at this rare intersection. Firstly, regarding "resource locking," Youfu Cloud is among the earliest companies listed as having NCP qualifications in mainland China; this qualification is held by only a few dozen globally, and only a handful domestically, including subsidiaries of Sharetronic Data Technology and Jiangsu Lettall Electronic. Holding NCP qualification means that Youfu Cloud can obtain preferential conditions such as prioritized quotas for high-end GPUs and direct supply prices from manufacturers, significantly improving delivery cycles and quota volumes compared to regular partners, thus establishing a very robust moat during the GPU shortage period the stability of resource locking and traceability is thereby guaranteed. Next, concerning the "implementation" aspect, it is crucial to clarify ENVISION GREEN's unique asset control logic: over 300,000 square meters of compliant data centers and B11-class IDC operating licenses, compliance with Level 3 protection, trusted clouds, and other full-chain qualifications, with legal ownership belonging to the registered shareholder Shanghai Youfu Network; ENVISION GREEN controls core resources and recognition rights through a VIE structure, incorporating them into its financial statements. This separation structure of operational qualifications belonging to the acquirer and heavy assets and permits within the system, while actual control is obtained through agreements perfectly aligns with MiniMax's stringent requirements for localized data and cross-border compliance pathways, and it can calmly address the penetrating review required for computing partners qualification chains under Sci-Tech Innovation Board IPO standards. Given the extremely high composite threshold of core areas in Beijing, Shanghai, Guangzhou, and Shenzhen with full licenses, there are only a few domestic IDC service providers that meet such operator level standards, forming the core barrier for ENVISION GREENs transformation into computing power. Lastly, on the energy efficiency front, ENVISION GREEN's main business has long been the recycling of power batteries, energy storage system integration, and green electricity operation. The CEO, Zhan Zhihao, has stated a clear intention to invest RMB 20-30 billion in capital expenditures over the next one to two years to undertake AIDC as a whole. Among the most pressing issues for new-generation accelerator card clusters with thousands of cards are electricity costs and heat dissipation: after significant increases in single-chip power consumption, the physical limits of air cooling have been broken, and liquid cooling + PUE must be reduced to below 1.12 to achieve economic viability and delivery stability. Under peak and off-peak electricity pricing, energy storage management and direct supply from green energy can significantly compress operating expenses. ENVISION GREEN's own energy storage and green electricity capabilities create an energy efficiency closed loop for Youfu Cloud's data centers, effectively addressing the three aspects of resource locking + data centers + energy efficiency within the same entity. It will no longer be a mere leasing entity but an integrated computing asset provider capable of offering manufacturer quotas, compliant implementation, and low PUE operations. This is also why MiniMax made an exception this time, directly investing real money in the secondary market to participate in ENVISION GREEN's placement, reflecting the fundamental logic of transitioning from a computing leasing role to the ecological binding role. Compared to other vendors that only provide bare computing power, ENVISION GREEN is perfectly positioned to satisfy MiniMax's stringent demands for a computing base. This is not merely a strategic investment but also MiniMax's critical move to secure its lifeline in the computing battlefield for the next few years. The customer expansion slope is expected to continue upward, with long-term valuation potential reaching as high as 150 billion From the disclosure of Youfu Cloud's signing of a five-year long-term agreement with a tech giant at the end of July to the announcement on August 11 of MiniMax's participation as a potential strategic partner in the placement, ENVISION GREEN has secured two significant benchmarks within just 12 days, significantly exceeding customer acquisition expectations. This not only directly corroborates the market effectiveness of its rare "resource locking + compliance + energy efficiency" full-chain solution, but also reflects the inevitability of top companies shifting from leasing to ecological binding in a period of tight high-end computing power. With the emergence of a benchmarking effect, the future customer expansion slope for ENVISION GREEN's computing power is likely to remain steeply upward. Supporting this logic is a markedly acute supply-demand contradiction. According to Huafu Securities estimates, for mainstream scenarios such as text-image generation and chatbots, the GPU shortfall for a single internet giant reaches 400,000 to 500,000 units; the overall industry demand is about 6-7 million units, while actual supply stands at around 4 million units, creating a substantial structural mismatch of nearly 3 million units. This backdrop has directly fueled the explosion in the computing power leasing space, enabling companies like Jiangsu Lettall Electronic and Sharetronic Data Technology to achieve leapfrogging growth. More crucially, the shifting competitive dimension of large models has imposed new requirements on computing service providers, making firms like ENVISION GREEN, equipped with full-chain capabilities, more favored. Since 2026, domestic large model competition has officially transitioned from technical breakthroughs to experience and cost. As the mainstream benchmark differences among top manufacturers converge to 1-2 percentage points, the premium space resulting from performance disparities has been sharply compressed, while API calling prices have shown tremendous divergence, sometimes by tenfold or even a hundredfold. This discrepancy marks a fundamental restructuring of the competition logic within the industry: merely comparing model intelligence is no longer sufficient to build a moat; instead, the stability of service level agreements (SLA) and the overall cost of computing power have become core barriers determining commercial viability. In this context, only service providers that possess a stable source of resources, compliant data centers, and extreme energy efficiency the three-in-one service providers can support the next phase of competitive demands from top model manufacturers. For ENVISION GREEN, given the industry trend, the continuous and rapid increase in the number of computing power customers seems highly probable. However, what investors should pay more attention to is that the potential release of ENVISION GREEN's computing power business performance may be significantly more explosive than that of conventional computing service providers, as ENVISION GREEN implements a full lifecycle closed loop from "EPC projects computing power leasing tokens clean energy retired battery recycling." The advantage of this closed loop lies in its ability to retain maximum value within ENVISION GREENs entire system, leveraging strong resource integration capabilities and business synergy effects. This is the biggest difference between ENVISION GREEN and other computing service providers. Conventional computing leasing companies only capture the difference in computing power prices in the middle, while ENVISION GREEN profits from the sum of EPC project gross margins, computing power rents, energy arbitrage gains, and recycling residual value returns. As the number of customers increases the scale of data centers grows EPC project volumes, green energy purchasing scales, and retired battery processing volumes all amplify synchronously scale effects drive down unit costs pricing on computing power becomes more competitive securing orders happens faster, thus forming a positive feedback loop. This innovative full lifecycle business model holds considerable significance in the industry, and how to value it has become an urgent topic for market exploration. Sharetronic Data Technology (300857) is the closest comparable anchor to ENVISION GREEN both hold NCP level one cooperation qualifications and have deepened involvement in high-end GPU computing power leasing. The current market values Sharetronic Data Technology at a dynamic PE of about 47 times for 2026, equating to a total market value of approximately RMB 120 billion. Considering that ENVISION GREEN's computing power business relies on a full lifecycle closed loop layout, it possesses a significant energy efficiency closed loop premium compared to the single computing leasing model of conventional firms. Once its computing power business completes incorporation into financial statements and achieves scale, a PE of 50 times could be seen as a relatively reasonable valuation midpoint reference. In terms of long-term potential, market estimates suggest that Youfu Cloud's long-term development plan aims at 10 standard deployment units (each containing 5,000 cards), corresponding to 50,000 Hopper-level GPUs and around 100,000 PFP16 computing power. If in the future, Youfu Cloud's computing power scale is fully loaded at 100,000 P, its annual net profit is expected to reach about RMB 3 billion, projecting a long-term market value space brought by the computing power business of about RMB 150 billion at a PE of 50 times. Currently, however, ENVISION GREEN's market value is only HKD 13.9 billion. Even if we deduct the acquisition consideration and the dilution from the placement, it still has a high safety cushion. Although the stock price has temporarily retreated due to the placement, this might represent an opportunity with limited downward space but significant potential for notable excess returns upwards. The market anticipates that with the gradual progress of subsequent acquisition transactions, the phased delivery of Youfu Cloud's high-end computing power products, and the release of strategic binding effects from top clients like MiniMax, there is a possibility for ENVISION GREEN's short-term stock price to progress towards HKD 50 billion, suggesting that the current price level may simply be accumulating market consensus and energy for future value reassessment.