HK Stock Market Move | ITC NEOCLOUD (00199) rose over 8% during intraday trading. The company is actively positioning itself in AI computing infrastructure and has a realistic path to revenue recognition.

ITC NEOCLOUD (00199) rose over 8% during intraday trading, up 4.38% as of press time at HK$2.74, with a turnover of HK$30.0397 million. On the news front, at the end of September, ITC NEOCLOUD announced plans to acquire an 80% stake in an AI computing power services company. The target company has purchased and received 26 high-performance servers and all-in-one machines, with the equipment totaling 336 cards, and has signed two computing power scheduling service contracts with an AI infrastructure company in Shanghai, with a total contract value of approximately RMB 649 million. The first contract has already begun delivery and payment collection, and the second contract has also received a deposit. Yingli Securities pointed out that the market generally categorizes the company as a "transformation shell stock" and prices it based on its historical real estate business. This pricing framework ignores two facts that have already occurred: First, the company has locked in a contractual control structure for IDC/ISP licenses and has successively signed computing power service contracts, providing a realistic path to revenue recognition; Second, the Nantong project has secured a long-term green power supply agreement, with a per-kilowatt-hour cost approximately RMB 0.10 lower than the market electricity price in Jiangsu Province against the industry backdrop where energy consumption quotas and green power have become core scarce elements on the AIDC supply side, this resource endowment has independent pricing significance.