ITC Properties (00199) has announced that in September 2026, the company officially changed its name to ITC Neocloud Group Limited.
With the development of the group's artificial intelligence (AI) infrastructure-related business, the group has added a new AI infrastructure and computing power services segment, primarily covering AI infrastructure operations, AI computing orchestration and cloud services, and model services and application platforms.
Since the group began delivering AI computing power technology services in June 2026, it has gradually built business capabilities covering GPU computing resources, high-bandwidth network resources, massive data storage resources, computing power operations, and information technology maintenance services.
As of the date of this announcement, the relevant business has commenced commercial delivery and generated revenue, reflecting that the group's AI infrastructure-related business has progressively moved from an early-stage business development phase into a commercial operation phase.
At the same time, the group has established a relatively independent management and operational structure for its AI infrastructure-related business, including but not limited to dedicated management and technical teams, business development and customer service functions, operational processes, and independently identifiable financial information.
Management has also regularly reviewed the operating results of this business on a standalone basis and used such reviews for resource allocation and performance evaluation.
Based on the group's currently available unaudited management accounts and internal financial reporting information, and following management's assessment and confirmation by the company's board of directors, the AI infrastructure-related business now has independently identifiable revenue, costs, and operating results, and its operating results are regularly reviewed separately by management for resource allocation and performance evaluation.
With reference to the principles for identifying operating segments and reportable segments set out in Hong Kong Financial Reporting Standard No. 8 "Operating Segments," the board considers that this business has met the conditions of a separate reportable segment.
The AI infrastructure and computing power services segment primarily covers the following three sub-business categories: (i) AI Infrastructure Operation, mainly covering the development, deployment, operation, and information technology maintenance of artificial intelligence data centers (AIDC) and related computing infrastructure, as well as the provision of high-bandwidth network resources, massive data storage resources, and related technical services; (ii) AI Computing Orchestration and Cloud Services, mainly covering the integration, scheduling, operation, cloud delivery, and related customer services of computing resources; and (iii) Model Services and Application Platform, mainly covering model services, application support, and related platform capabilities around AI model training, inference, and application scenarios.
The group currently accounts for, allocates resources to, and evaluates the performance of its AI infrastructure-related business separately in internal management and financial reporting, and manages it as an independent reportable segment.
The group will also disclose its AI infrastructure-related business as an independent reportable segment in its interim results and interim report for the six months ended September 30, 2026.
The board believes that the identification of the AI infrastructure-related business as an independent operating and reportable segment reflects that the business has commenced commercial delivery and generated revenue.
Managing and disclosing it as an independent reportable segment will help the group allocate management, technical, and financial resources in line with the business's actual development, and will also help shareholders and potential investors understand the business's operating performance and its contribution to the group's overall business.
The group will continue to prudently advance the development of the three businesses under the AI infrastructure and computing power services segment—AI Infrastructure Operation, AI Computing Orchestration and Cloud Services, and Model Services and Application Platform—while maintaining its property development business as its principal business.
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