ITC PROPERTIES (00199): The AI infrastructure-related business has formed a separate reportable segment.

ITC PROPERTIES (00199) announces that in September 2026, the Company officially changed its name to "ITC Neocloud Group Limited". With the development of the Group's artificial intelligence (AI) infrastructure-related business, the Group has added an AI infrastructure and computing power services segment, mainly covering AI infrastructure operations, AI computing power orchestration and cloud services, and model services and application platforms. Since the Group began delivering AI computing power technology services in June 2026, the Group has gradually established business capabilities covering GPU computing resources, high-bandwidth network resources, Beijing Vastdata Technology storage resources, computing power operations, and information technology operations and maintenance services. As at the date of this announcement, the relevant business has commenced commercial delivery and generated revenue, reflecting that the Group's AI infrastructure-related business has gradually entered the commercialization and operation stage from preliminary business development. At the same time, the Group has established a relatively independent management and operating structure for its AI infrastructure-related business, including but not limited to a dedicated management and technical team, business development and customer service functions, operating processes, and independently identifiable financial information. Management also regularly reviews the operating results of this business separately and, on that basis, allocates resources and evaluates business performance. According to the Group's currently available unaudited management accounts and internal financial reporting information, and following management's assessment and confirmation by the Board of Directors of the Company, the AI infrastructure-related business has independently identifiable revenue, costs, and operating results, and its operating results are also regularly reviewed separately by management for resource allocation and performance evaluation. With reference to the principles for identifying operating segments and reportable segments set out in Hong Kong Financial Reporting Standard No. 8 "Operating Segments", the Board considers that this business has met the conditions for being a separate reportable segment. The AI infrastructure and computing power services segment mainly covers the following three sub-business categories: (i) AI Infrastructure Operation, mainly covering the development, deployment, operation, and information technology operations and maintenance of artificial intelligence data centers (AIDC) and related computing power infrastructure, as well as the provision of high-bandwidth network resources, Beijing Vastdata Technology storage resources, and related technical services; (ii) AI Computing Orchestration and Cloud Services, mainly covering the integration, scheduling, operation, cloud delivery, and related customer services of computing power resources; and (iii) Model Services and Application Platform, mainly covering model services, application support, and related platform capabilities provided around artificial intelligence model training, inference, and application scenarios. The Group currently accounts for, allocates resources to, and evaluates the performance of its AI infrastructure-related business separately in internal management and financial reporting, and manages it as a separate reportable segment. The Group will also disclose the AI infrastructure-related business as a separate reportable segment in its interim results and interim report for the six months ended September 30, 2026. The Board considers that the recognition of the AI infrastructure-related business as a separate operating and reportable segment reflects that this business has commenced commercial delivery and generated revenue. The Group's management and disclosure of it as a separate reportable segment will help the Group allocate management, technical, and financial resources according to the actual development of this business, and will also help shareholders and potential investors understand the operating performance of this business and its contribution to the Group's overall business. The Group will continue to prudently advance the development of the three businesses under the AI infrastructure and computing power services segment, namely AI Infrastructure Operation, AI Computing Orchestration and Cloud Services, and Model Services and Application Platform, while maintaining its property development as its principal business.