Computing power leasing becomes a touchstone, and A-share companies flock to cross-border gold mining

On May 8th, the Shanghai Stock Exchange issued an inquiry letter to Huatie Yingman (603300. SH), requesting the company to verify and respond to the disclosure of relevant information within 5 trading days of receiving the inquiry letter regarding its recent announcement to invest 1 billion yuan in the development of intelligent computing business.

According to the information provided by Minwang, Huatie Yingman is a company that specializes in repairing and repairing equipment for delivery. Its main products and services include repairing support equipment, high-altitude work platforms, and underground training protection, which are used for the repair and construction of factories and venues. The company was established in 2008 and listed on the main board of the Shanghai Stock Exchange in 2015.
On May 7th, this conservative repair industry company suddenly issued a notice announcing the cross-border leasing of computing power. According to literature, Huatie should slowly plan to invest 1 billion yuan to purchase computing related equipment such as chips and servers through its subsidiary (Kesihan Intelligent Computing), build an intelligent computing center, and provide customers with high-end GPU computing power in the form of computing power leasing, in order to charge customers intelligent computing power leasing fees and skill service fees.
Regarding Huatie’s cross-border move to invest heavily and slowly, the China Securities Regulatory Commission (CSRC) has issued an inquiry letter requesting the company to provide specific information on the new business personnel and skill reserves, the undeveloped and dividend forms of the new business, the specific situation of the signed treaty, the balance of capital required for the development of the new business, potential cooperation and strategic risks, etc., in order to demonstrate the feasibility of conservatively modifying the industry’s cross-border structure and computing power.
In fact, starting from 2022, due to the burst of ChatGPT, the demand for computing power has slowly increased, and Nvidia, which supplies high-end GPU computing power, has been subject to import bans from the US authorities on China. As a result, domestic computing power malls have been continuously in short supply and prices have slowly increased.
A channel insider told Interface News that, taking the Nvidia H100 graphics card as an example, when it was launched in 2022, the selling price of one card was about 240000 yuan. In January of this year, it has risen to nearly 400000 yuan and is sold in stock, with limited quantities.
Due to the difficulty of self repairing computing power for many technology companies, leasing has become a popular business to cope with the shortage of computing power.
In addition to Huatie Yingslow, a group of companies in the monosodium glutamate food industry, such as Lianhua Health (600186. SH), Hongbo Stock (002229. SZ) in the lottery printing industry, and Jinji Stock (300798. SZ) in the chemical dye industry, which have never been involved in the computing power industry, have started cross-border structures and rushed into the computing power mall to “gold mine”.
Taking advantage of the spring breeze of the concept of computing power leasing, the stock prices of these old listed companies have all experienced a doubling increase.
Last year, Lotus Health announced a 700 million yuan investment in computing power restoration, and its stock price rose from 2.8 yuan in July to a peak of 7.24 yuan in October (currently falling back to 4.36 yuan). The stock price of Hongbo has risen 30 times above the daily limit in the past year, with the stock price doubling tenfold (currently falling back to 17.62 yuan, up nearly five times). The stock prices of other leading stocks in computing power leasing have also reached their highest levels in history.
A senior executive from a large domestic AI computing power center declined an interview with Interface News, stating that due to the extreme crowding of AI computing power in China, the repair of the computing power center is still in the basic repair stage, and the leasing and buying of computing power based on this is relatively mixed, and shopping malls have not yet created the same pricing scale. In addition, the huge cost space left by the shortage of computing power supply and demand has attracted many people who are eager to try and want to take a share of the pie.
Referring to the cloud computing trade form established by Alibaba Cloud and Huawei Cloud based on the central repair data center, the scope of computing power was originally a big business that swept through “negotiating computing power equipment+intelligent computing central repair and governance+computing power leasing+technical services”, requiring sufficient control of amateur capital.
The above executives informed the Interface News reporter that currently, due to the profitability of this shopping mall, some cross-border players who have not been involved in the field of computing power do not have amateur experience in long-term operation. They attach more importance to the scarcity of computing capital and use a form of “purchasing property” to operate pure leasing transactions for investment arbitrage.