Expectations for Stock Connect inclusion are heating up; this low-profile computing power company is worth watching.

In the Hong Kong stock market's AI sector, a company that has already achieved scaled computing power service revenue is drawing attention due to expectations of Stock Connect inclusion. According to calculations, GBA AI COMP (01396) had an average daily market capitalization exceeding HK$13.5 billion in the first seven months of 2026, with market value rising further since August. The combined changes in market value performance, operating results, and industry demand make this company's investment value worthy of further study. Market cap estimates show a margin, with March next year becoming a key window Stock Connect inclusion has clear criteria. Entering Stock Connect via the Hang Seng Composite Index pathway requires qualifying as a constituent of the relevant index; among these, constituents of the Hang Seng Composite SmallCap Index must also meet conditions including an average month-end market capitalization of no less than HK$5 billion over the twelve months prior to the review cutoff date. However, HK$5 billion is not the complete threshold. Inclusion in the Hang Seng Composite Index also requires screening based on average market cap ranking over the past twelve months, cumulative market cap coverage, and liquidity requirements, so the market cap threshold corresponding to index selection changes with the market. Existing institutional estimates show that the threshold at the December 31, 2025 checkpoint was approximately HK$9.307 billion, rising to approximately HK$10.156 billion at the June 30, 2026 checkpoint. These are estimated values for specific review periods, not fixed standards. Based on existing estimates, GBA AI COMP already has a solid market cap foundation. The company's average daily market capitalization in the first seven months of this year exceeded HK$13.5 billion, rising to above HK$17 billion since August. If it maintains the corresponding level going forward, the twelve-month average market cap is expected to reach HK$14.5 billion to HK$15.5 billion, providing a certain margin relative to the estimated threshold for this round of index selection. Next, the key checkpoint is December 31, 2026. The Hang Seng Composite Index's regular semi-annual review uses the end of June and end of December each year as data cutoff dates, typically completed within eight weeks thereafter, with corresponding constituent adjustments taking effect in September and March of the following year. Therefore, the year-end review data will be an important basis for judging the company's next inclusion opportunity. Based on this projection, if the company meets market cap, liquidity, and other applicable conditions in the year-end review and is included in the corresponding index, March 2027 will be the most noteworthy potential Stock Connect inclusion window. This timing judgment is based on the current review mechanism; formal qualification and effective dates remain subject to announcements. For GBA AI COMP, potential inclusion means that mainland investor participation channels are expected to further broaden, and it also facilitates more capital in studying its computing power business. The company's impressive interim report has already provided solid operating evidence for such attention. Impressive interim report, computing power business entering a phase of scaled monetization In the first half of 2026, GBA AI COMP achieved operating revenue of approximately RMB 2.56 billion (the same unit below), a year-on-year increase of approximately 1,020.9%; of this, AI business revenue was approximately RMB 2.38 billion, accounting for 93.1% of total revenue. The AI computing power business has already reached scale and constitutes the company's core source of revenue. The quality of growth can be further observed from gross profit. In the first half, the company's consolidated gross profit was approximately RMB 585 million, with a gross margin of approximately 22.9%, up approximately 6.3 percentage points year-on-year, and profit for the period was approximately RMB 281 million. While revenue expanded rapidly, gross margin also improved, indicating that business scaling also brought profitability contributions. Among this, AI computing power technical service revenue was approximately RMB 1.52 billion, with a gross margin of 35.5%. The performance of this business makes the company's ability to earn returns through technical services more concrete. Cluster networking, scheduling optimization, and continuous operations and maintenance are all important links in converting equipment resources into services usable by customers. Subsequent growth needs to be viewed in conjunction with order delivery. The company disclosed that its FP16 dense computing power scale exceeds 50,000 PFLOPS, with intended orders in hand exceeding RMB 37 billion, of which orders already delivered and stably billed exceed RMB 20 billion. Order amounts are not recognized revenue, but entering stable billing means the relevant projects have moved from construction and delivery to operational services. The value of this interim report lies in presenting revenue scale, profitability performance, and fulfillment progress at the same time. For investors, the next step can be to track operating results along new deliveries, continuous billing, and cash collection. Against the backdrop of expanding global AI infrastructure demand, such a report card with actual results and follow-up observation clues is worthy of careful study. Global AI infrastructure expansion, scaled delivery capability worth watching The global computing power market has recently continued to release positive signals. On September 17, CoreWeave announced that since the end of June it had continued to sign new computing capacity contracts at higher prices, and disclosed more than US$25 billion in new customer commitments in the early third quarter. Customers are still seeking additional capacity, indicating that demand in the high-end computing power market it serves remains strong, and providing a concrete basis for observing industry prosperity. Domestic infrastructure upgrades are also advancing. On September 17, Huawei released the Ascend 960 super node, focusing on optical interconnection, full liquid cooling, and system architecture innovation. As cluster scale expands, power supply, cooling, networking, and software need to coordinate more closely, and the importance of engineering delivery and continuous operations increases accordingly. These changes point to a common question: who will ultimately take on the growing computing power demand? Customers need equipment performance, and they also care about launch timing, operational stability, and total cost of use. Companies that can organize all these links and continue to provide reliable services have a better chance of converting industry demand into revenue. GBA AI COMP is worth watching precisely because its interim report has already shown scaled revenue, actual profitability, and delivery progress. These operating results provide a basis for judging whether the company can take on the next stage of demand. As new projects enter operation, utilization efficiency, cost control, and cash collection will further test the quality of its growth. For investors, the potential Stock Connect window in March 2027 is a time node for observing whether the company's investor coverage can expand; continuously delivered operating performance is the basis for assessing long-term value. Capital market expectations and industry demand intersect here, making this Hong Kong-listed computing power company worthy of entering a broader research horizon.