Domestic demand for tokens remains robust, leading to an expanding supply-demand gap in computing power. Dongyangguang (600673.SH) announced that its controlled subsidiary, Dongguan Dongyangguang Yunzhisuan Technology Co., Ltd., has signed a Computing Power Service Procurement Framework Contract with Company A. The total contract value is estimated to be between RMB 16 billion and RMB 19 billion, based on factors such as the service period, number of servers, and monthly service price. Several major manufacturers and large model developers have announced price increases or purchase restrictions, indicating a significant shortage of computing power. Computing power leasing and domestic AI chips are expected to be the primary supply sources. Computing power leasing primarily provides clients with high-quality, advanced computing resources. In Q1 2026, the computing power leasing industry experienced both a quantitative change, characterized by increased orders and price hikes, and a qualitative transformation through business model upgrades involving token revenue sharing. Leading companies in the sector, including Hongjing Technology, Xiechuang Data, Yingfeng Environment, and Litong Electronics, have demonstrated strong performance and order books in their annual and Q1 reports. Guohai Securities released a research report stating that the inflection point for AI inference has arrived, and computing power leasing has entered a high-growth cycle with rising volumes and prices, making it a core segment with strong certainty within the AI industry chain. The firm maintains a "Recommended" rating for the industry. Hong Kong-listed stocks involved in computing power leasing include Yuegangwan Holdings (01396), GDS Holdings (09698), Sunevision Holdings (01686), Kingsoft Cloud (03896), as well as Tencent Cloud, Alibaba Cloud, and Baidu Cloud.
In market outlook, WTI crude oil futures settled at $102.68 per barrel, down 3.51%. Overnight, U.S. stocks closed higher: the Dow Jones Industrial Average rose 356.35 points, or 0.73%, to 49,298.25; the S&P 500 gained 58.47 points, or 0.81%, to 7,259.22; and the Nasdaq Composite increased by 258.33 points, or 1.03%, to 25,326.22. Most large-cap tech stocks advanced, with Intel up nearly 13%, Qualcomm rising over 10%, and AMD gaining more than 4%. Memory-related stocks continued their strong performance, with Sandisk up nearly 12% and Micron Technology surging over 11%. Popular Chinese ADRs were mixed, with the Nasdaq Golden Dragon Index edging up 0.12%. Hong Kong's Hang Seng Index ADR also rose proportionally, closing at 25,979.68 points, up 81.07 points or 0.31% from the Hong Kong market close. NYMEX WTI crude oil futures for the front month fell $3.74 to settle at $102.68 per barrel, a decline of 3.51%. COMEX gold futures for the front month increased by $34.50, or 0.76%, to $4,567.8 per ounce.
In key developments, Goldman Sachs warned that global oil inventories are nearing an eight-year low, with the rate of drawdown becoming a concern. Ongoing conflicts in the Middle East and the continued blockage of the Strait of Hormuz have accelerated the depletion of global crude and refined product stocks. The 30-year U.S. Treasury yield has surpassed 5%, triggering alarms on Wall Street. Since first breaching the key 5% level in July last year, the yield's return to this level indicates renewed serious concerns about debt pressure in the U.S. market. Traders are closely watching for potential further increases. Over the past three years, the 30-year yield has approached or exceeded 5% on four occasions, each time leading to short-term equity market sell-offs followed by rebounds as yields retreated.
Shanghai's property market continues to show strength, with April's secondary housing transaction volume hitting a decade-high for the same period. Since March, the "spring rally" in Shanghai's real estate market has become pronounced. During the Labor Day holiday, many new projects attracted large numbers of prospective buyers. At a new project sales office in Xuhui District, many people traveled from other cities specifically to view properties. Sales managers reported 70 to 80 groups of clients visiting daily during the holiday, double the number before recent policy easing. In the secondary market, Shanghai recorded 28,742 online transactions in April, the highest figure for the period in ten years, representing a year-on-year increase of approximately 22.3% and continuing the momentum from March. Data from the Shanghai Real Estate Transaction Center showed that from May 1 to 4, the city transacted 924 secondary housing units, a 13.8% increase compared to the same period last year.
The李嘉诚 family is planning to divest £4.3 billion worth of UK assets. CK Hutchison (00001), a Hong Kong-listed company controlled by the family, disclosed a transaction valued at approximately HK$45.5 billion. The announcement stated that CKHGT, the group's telecommunications business arm, has agreed to sell its entire stake in the UK telecommunications venture VodafoneThree for a consideration of £4.3 billion, pending regulatory approvals. VodafoneThree is primarily engaged in mobile network operations and is currently the largest mobile network operator in the UK, serving over 28 million customers.
Seres (09927) reported total vehicle sales of 123,900 units for the first four months of the year, a 19.02% year-on-year increase. The company announced that its vehicle production in April totaled 37,200 units, while sales reached 35,500 units. For the January-April period, cumulative production was 123,880 vehicles, up 15.4% year-on-year, and cumulative sales were 123,900 vehicles, representing a 19.02% increase.
Man Shing Group (01451) received a mandatory unconditional cash offer from Executive Director Chung Kwok-keung at a discount of approximately 34.96%. Trading will resume on May 6. A joint announcement from Man Shing Group and the offeror, L.V.E.P. Holdings Limited, stated that on April 20, 2026, L.V.E.P. intended to purchase 75 million shares, representing about 36.69% of the company's total issued share capital, from Ching Wai Holdings for a total cash consideration of HK$60 million, or HK$0.80 per share.
Yidu Tech (02158) announced that its subsidiary, EVYD Research Private Limited, successfully won a bid for the implementation, support, and maintenance of Dr Buddy for Singapore Health Services Pte Ltd. The total project value is approximately S$2.278 million. This project represents a key milestone in the group's expansion into the Singapore market.
New World Development (00017) issued a clarification regarding media speculation about a potential sale of its interests in certain Hong Kong hotel assets. After making reasonable inquiries, the company stated that while potential buyers have periodically approached it regarding various assets, including its Hong Kong hotel portfolio, no disclosable agreements had been finalized as of the announcement date.
Guofu Hydrogen Energy (02582) announced that on May 4, 2026, its indirectly wholly-owned subsidiary, Xinjiang Guofu Mingzhi Hydrogen Energy Technology Co., Ltd., entered into a sales agreement to supply a complete set of equipment for a 300MW new energy coupled green power project to an independent third-party client, Jiujiang Power Construction (Shaanxi) Co., Ltd., for a consideration of RMB 150 million.
In IPO-related activity, Kefu Medical (01187) saw its grey market price close up 1.75% at HK$40.02, compared to its offer price of HK$39.33. This translates to a profit of HK$69 per lot of 100 shares, excluding fees. The company is scheduled to list in Hong Kong on May 6. Kefu Medical announced the allotment results of its global offering of 27 million H shares, with the Hong Kong public offering comprising 10% and the international offering 90%. The final offer price was set at HK$39.33 per share, raising approximately HK$1.007 billion net. H share trading is expected to commence on the Stock Exchange on Wednesday, May 6, 2026.
In other IPO news, Ledong Robot (01236), touted as the "first spatial intelligent robotics stock," has seen火爆 subscription, with oversubscription exceeding 3,392 times based on margin financing data. Comprehensive market information indicates that brokerage margin lending has reached HK$339.378 billion against a public offering size of HK$100 million, implying an oversubscription rate of 3,392.78 times. Ledong Robot plans a global offering of 33.333 million H shares, with 10% allocated to the Hong Kong public offering. The price range is set between HK$24 and HK$30 per share, with a board lot of 200 shares and a minimum subscription amount of approximately HK$6,060.5. The company expects to list on May 11, with Haitong International and Guotai Junan International acting as joint sponsors.
Focusing on individual stocks, Yuegangwan Holdings (01396) stands to benefit from AI industry growth leading to a potential re-rating of its computing power assets. On May 4, Doubao introduced paid subscription tiers alongside its free service, with monthly fees ranging from RMB 68 to RMB 500, catering to complex tasks and productivity scenarios that require higher computing power and inference consumption. Notably, the introduction of these paid services coincides with rising token prices. The widespread application of AI agents, in particular, has led to a surge in token consumption, directly driving up demand for computing power and consequently pushing cloud service prices higher. Guohai Securities' report suggests the AI inference inflection point has arrived, ushering in a cycle of volume and price growth for computing power leasing, a core and relatively certain segment of the AI industry chain. Yuegangwan Holdings is positioned to deeply benefit from the high growth红利 of the AI industry. Following its acquisition of Tiandun Data last October, the company has fully transformed from a traditional property model into a scarce asset-based AI computing infrastructure platform. Tiandun Data contributed approximately RMB 617 million in revenue within just over two months post-consolidation, accounting for over 60% of the group's total revenue and helping the company return to profitability. Guoyuan International believes that after transitioning into the intelligent computing sector, the company's valuation framework is likely to shift towards a "computing power + technology" model, suggesting significant potential for re-rating.
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