GBA AI COMP (01396.HK): Subsidiary Enters Finance Lease Arrangement of RMB 1.687 Billion for IT Equipment Sale-and-Leaseback to Fund AI Computing Cloud Services
NewTimeSpace News: On 13 August 2026, Greater Bay Area AI Computing Tech Co., Ltd. (stock code: 01396) announced that Shenzhen Hongrui (an indirect non-wholly-owned subsidiary of the Company) entered into finance lease agreements with SPDB Financial Leasing, pursuant to which SPDB Financial Leasing agreed to purchase certain IT equipment and ancillary equipment from Shenzhen Hongrui at an aggregate purchase price of approximately RMB 1,687 million and lease them back to Shenzhen Hongrui, with lease terms of 61 to 62 months under each agreement. Upon expiry of the relevant lease terms, Shenzhen Hongrui may purchase the relevant leased assets at a nominal consideration of RMB 1 under each agreement.
According to the announcement, the leased assets consist of IT equipment and ancillary equipment owned by Shenzhen Hongrui, which are used to provide AI computing power cloud services, with a book value of approximately RMB 1,849 million; part of the leased assets (with a book value of approximately RMB 680 million) comprises certain assets under the prior finance lease agreements with a remaining lease term of 61 months. The total lease payments to be made by Shenzhen Hongrui in instalments are approximately RMB 1,921 million. In respect of security, Shenzhen Tiandun, Mr. Luo Jieping and Mr. Zhong Junhua have each provided joint and several guarantees to SPDB Financial Leasing, with the secured principal claims amounting to approximately RMB 1,921 million; the guarantees provided by Mr. Luo Jieping and Mr. Zhong Junhua were provided at nil consideration, and no member of the Group has provided any guarantee or counter-indemnity to them.
In respect of financial impact, based on the Company's preliminary assessment, the transfer of the leased assets will be accounted for as a financing arrangement and is not expected to be recorded as a sale in the Group's consolidated financial statements; the Company does not expect to recognise any gain or loss on sale from the finance lease arrangement. The Group intends to use the purchase price received to purchase IT equipment and ancillary equipment to fulfil its AI computing power cloud services projects. The announcement also disclosed that in the first half of 2026, the Group recorded cumulative new intention orders for AI computing power cloud services of over RMB 15 billion, of which over RMB 4 billion had been delivered as of the date of the announcement; and a further over RMB 7 billion of new intention orders were added during the period from 1 July to the date of the announcement. In terms of the implications under the Listing Rules, as the finance lease agreements and the prior finance lease agreements were entered into with the same counterparty, are expected to be completed within 12 months and are of the same or similar nature, the transactions contemplated thereunder have been aggregated pursuant to Rule 14.22; as one or more of the applicable percentage ratios on an aggregated basis exceed 5% but are below 25%, the finance lease arrangement constitutes a discloseable transaction of the Company, exempt from the shareholders' approval requirement.
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