A company with total assets of under 14 million yuan and a history of just over one year is preparing to spend up to 970 million yuan purchasing computing technology services from a real estate listed firm.

On the evening of August 28, real estate company Shenzhen Heungkong Holding Co.,Ltd. (600162.SH) announced that its wholly-owned subsidiary, Guangzhou Xiangjiang Yunhan Technology Co., Ltd. ("Xiangjiang Yunhan"), signed a "Computing Technology Services Contract" with Shenzhen Chengya Tai Technology Co., Ltd. ("Chengya Tai"). The contract spans five years with a total amount estimated not to exceed 970 million yuan.

More than three decades ago, Heungkong Holding's actual controllers, Liu Zhiqiang and Zhai Meiqing, started their business from furniture retail stores, later expanding into real estate, trade logistics, financial investment, and energy sectors. Now, facing pressure in their core real estate and home furnishing operations, this couple, with a combined wealth of 14.5 billion yuan, is preparing to integrate computing power into the "Heungkong Group" capital narrative.

However, this contract is not an order from an external client. Chengya Tai is indirectly controlled by Heungkong Holding's actual controller system, and its legal representative is also a relative of the actual controller. Both parties to the transaction are members of the "Heungkong Group," making this contract a related-party transaction.

More notably, as of the end of June 2026, Chengya Tai's total assets stood at only 13.8975 million yuan, with first-half revenue of 3.1473 million yuan and it remains in a loss-making state. The 970 million yuan contract cap is approximately 70 times its total assets and 308 times its first-half revenue. Can a small-scale related party that has yet to turn a profit support a contract worth nearly one billion yuan? And how does a traditional real estate company plan to enter the computing industry?

As of the close on August 31, Shenzhen Heungkong Holding Co.,Ltd. (600162.SH) was trading at 4.97 yuan per share, with a total market value of 16.2 billion yuan.

Signing a 970 Million Yuan Computing Order With a "Related Party" Having Only 13.89 Million in Assets

What Heungkong Holding is doing this time is not the usual server sales or computing chip business. According to the company announcement, Chengya Tai plans to deploy IT equipment in target data centers, while Xiangjiang Yunhan will provide full-cycle supporting technical services for these devices, including data center resource coordination, on-site operations and maintenance support, deployment implementation assistance, and fault coordination handling.

In other words, whether the equipment operates normally after deployment will depend on Xiangjiang Yunhan providing corresponding support guarantees, with Chengya Tai paying monthly service fees as agreed. The most conspicuous figure in the contract is "no more than 970 million yuan." If simply averaged, the annual cap amount over the five-year contract period is approximately 194 million yuan, equivalent to about 13.4% of Heungkong Holding's 2025 operating revenue.

However, Heungkong Holding noted in the announcement that this contract will have limited impact on the company's 2026 revenue and profit, and there remains uncertainty regarding how much performance it can contribute in future years. Compared to the contract amount, the scale of the paying party deserves more attention. Chengya Tai was established on April 22, 2025, with legal representative Weng Taiwei. At the end of 2025, this company had total assets of only 1,700.48 yuan, liabilities of 2,000 yuan, net assets of -299.52 yuan, and zero operating revenue for that year.

By the end of June 2026, Chengya Tai's total assets had increased to 13.8975 million yuan, with net assets reaching 9.8928 million yuan; first-half operating revenue was 3.1473 million yuan, with a net loss of 106,900 yuan. Based on the announcement data, the 970 million yuan contract cap is approximately 69.8 times Chengya Tai's total assets and 308.2 times its first-half operating revenue, also equivalent to 1.37 times Heungkong Holding's first-half 2026 operating revenue.

For a company established just over a year ago that has yet to turn a profit, nearly one billion yuan is clearly not a small figure. The contract also includes relatively clear billing constraints. Starting from the month following the fifth month after the first batch of supporting services passes delivery acceptance, if Chengya Tai's actually deployed and operating equipment capacity falls below 90%, service fees will still be settled at 90% capacity; if actual operating capacity exceeds 90%, settlement will be based on actual capacity. This means that after equipment passes acceptance and the initial ramp-up period, Chengya Tai would in principle bear minimum service fees equivalent to 90% capacity.

The breach clauses are also quite specific. If Chengya Tai delays payment, it must pay liquidated damages at 0.2‰ per day of the total arrears; if delayed for 45 days, Xiangjiang Yunhan may suspend services; if delayed for 90 days, Xiangjiang Yunhan has the right to terminate the contract. If either party terminates the contract unilaterally without cause, it must pay 30% of the remaining service fees as liquidated damages and compensate for actual losses. These clauses can increase breach costs at the legal level, but in the announcement disclosed by Heungkong Holding, the specific location of the target data center, how much equipment needs to be deployed, who purchases the equipment, and which end customers the project corresponds to have not been further disclosed.

The contract has not yet formally taken effect. Moreover, due to the high contract amount and its status as a related-party transaction, this matter also needs to be submitted to Heungkong Holding's first extraordinary shareholders' meeting in 2026 for review. Only after both parties complete signing and sealing, and Heungkong Holding fulfills its internal approval procedures, will the contract take effect.

Billionaire Couple's "Left and Right Hands" - Incubating Computing Business Within the "Heungkong Group"

Another highlight of this 970 million yuan contract is that neither the buyer nor seller has left the "Heungkong Group." The announcement shows that Chengya Tai is an enterprise indirectly controlled by Heungkong Holding's actual controller, and its legal representative is also a relative of the actual controller. Therefore, this contract constitutes a related-party transaction.

Behind Heungkong Holding are Liu Zhiqiang and Zhai Meiqing, familiar faces in the capital market. According to the "2026 Hurun Global Rich List," the couple's wealth is 14.5 billion yuan, ranking 2,207th, with their industry classified as real estate and finance. Their business story began with furniture. According to reports, Heungkong Group was founded in 1990, starting from a home furnishing store in Shenzhen. In the early furniture market dominated by small shops, Liu Zhiqiang and his wife gained market traction through warehouse-style stores and a high-volume, low-profit model.

Subsequently, "Heungkong Home" and "Jinhaima Home" gradually became important brands in the home retail sector, and Heungkong Group's footprint expanded from home furnishing and trade to urban development, trade logistics, energy, and investment. The couple is also familiar with capital operations. Heungkong Holding was originally named Shandong Lingong. In 2004, Southern Heungkong acquired control of Shandong Lingong through tender offers and other means, and the listed platform gradually shifted toward the "Heungkong Group's" commercial real estate and property assets. In 2015, Heungkong Holding again purchased 100% equity of Heungkong Commercial and Shenzhen Dabenying held by Shenzhen Jinhaima through share issuance and cash payments, injecting home furnishing store leasing and operations businesses into the listed company.

Heungkong Holding thus formed a business structure of "development and construction + leasing and operations." From acquiring the listed platform, to injecting "Heungkong Group" commercial assets, to now entering computing power through related-party orders, Heungkong Holding's development trajectory has always been closely tied to Liu Zhiqiang and Zhai Meiqing's capital layout. As of the end of June 2026, Southern Heungkong, Shenzhen Jinhaima, Heungkong Group, and Heungkong Huitong Phase I Securities Investment Fund held 40.41%, 21.82%, 4.22%, and 1.43% of Heungkong Holding's shares respectively; the four are concerted action parties with combined holdings of approximately 67.88%. After look-through, Liu Zhiqiang and Zhai Meiqing are the ultimate actual controllers of the listed company.

Heungkong Group itself is also jointly held by the couple: Liu Zhiqiang holds 60% and Zhai Meiqing holds 40%. In this transaction, Xiangjiang Yunhan within the Heungkong Holding system provides services, while Chengya Tai within the actual controller's system purchases services. This can be understood as the "Heungkong Group" attempting to incubate new business through internal resource synergy. Heungkong Holding stated that the related-party transaction is based on fair market prices, follows principles of fairness, equality, voluntariness, and mutual benefit, will not harm the interests of the company and minority shareholders, and will not cause the company's main business to depend on the transaction counterparty.

Shen Meng, director of Chanson Capital, analyzed that the real estate industry has been in prolonged downturn while the computing industry is an emerging market with huge potential; companies are transforming by utilizing existing resources to enter the hottest track as much as possible. Heungkong Holding is more about leveraging existing resources and experience, such as property and property management, to enter computing center construction.

With 9.2 Billion Yuan in Inventory, Can Computing Power Support a Second Growth Curve?

Heungkong Holding needs a new business. In its 2026 semi-annual report, the company still positions itself as an "urban development supporting operator," with a business layout of "home furnishing trade + urban development." In the first half, the company's trade circulation operation revenue was 329 million yuan, commercial housing, shops, and office building sales revenue was 267 million yuan, and other business revenue was 114 million yuan. Computing power has not yet become an important part of the company's existing revenue structure.

In the first half of 2026, Shenzhen Heungkong Holding Co.,Ltd. (600162.SH) achieved operating revenue of 709 million yuan, down 3.68% year-on-year; net loss attributable to shareholders was 16.6804 million yuan, and net loss excluding non-recurring items was 6.9057 million yuan. Looking at a longer timeline, the pressure on traditional core business is even more evident. In 2025, Heungkong Holding's operating revenue was 1.444 billion yuan, down 61.6% year-on-year; net loss attributable to shareholders was 88.3018 million yuan, and net loss excluding non-recurring items was 214 million yuan.

As of the end of June 2026, Heungkong Holding's total assets were 16.216 billion yuan, total liabilities were 10.833 billion yuan, and the debt-to-asset ratio was approximately 66.8%. Heungkong Holding's asset structure also bears distinct characteristics of a real estate company. In the first half, the company's inventory was 9.281 billion yuan, accounting for 57.24% of total assets; investment property was 3.644 billion yuan, accounting for 22.47% of total assets. The two combined total approximately 12.925 billion yuan, accounting for nearly 80% of total assets.

As of the end of June 2026, Heungkong Holding also held land reserves with a total floor area of approximately 4.19 million square meters, of which completed but unsold area was approximately 590,000 square meters, projects under construction were approximately 1.29 million square meters, and land available for future development was approximately 2.31 million square meters. With the real estate industry still in an adjustment period and home furnishing stores needing to find new growth space, computing power is undoubtedly more likely to attract capital market attention than inventory and investment property.

But computing power is not an easy business that makes money just by putting servers online. Computing power is a collection of computing capability, network carrying capacity, and data storage capability. A computing project requires not only servers or accelerator chips but also involves data centers, electricity, cooling, networks, security, scheduling, and continuous operations and maintenance. As equipment density increases, power supply, energy efficiency control, and fault handling will also directly affect operating costs.

What Heungkong Holding is entering this time is the supporting technical service segment of the computing industry chain. The company is responsible for coordinating data center resources, assisting with deployment, and providing on-site operations and maintenance, but is not responsible for the production or manufacturing of related IT equipment. Heungkong Holding has long operated commercial properties and large projects, possessing certain experience in engineering management, property operations, and resource coordination. These capabilities may be transferable to data center supporting services.

Traditional commercial property and computing data centers are, after all, not the same business. Data centers require stricter power supply and distribution, temperature control, network, and security guarantees, and operational failures may also affect customer business continuity. Whether Heungkong Holding has a mature professional team, which data centers and technical service providers it cooperates with, and how it ensures service stability still require more information to verify.

But the capital market has already reacted enthusiastically. From August 26 to 28, Heungkong Holding's closing price movements exceeded 20% cumulatively for three consecutive trading days; it hit the daily limit on August 27 and 28. After the market close on August 28, the company disclosed the computing technology service contract. In its abnormal volatility announcement, Heungkong Holding stated that after verification, the controlling shareholder, actual controller, concerted action parties, and directors and senior management did not buy or sell company shares during the abnormal price fluctuation period. The company also reminded that as of August 27, its price-to-book ratio was 3.07 times, while the real estate industry's price-to-book ratio was 0.84 times, meaning the company's valuation is significantly higher than the industry average.

In fact, in recent years, the A-share market has seen a wave of traditional companies crossing over into computing power, such as Zhejiang Huace Film&Tv Co.,Ltd. (300133.SZ), Lotus Holdings Co.,Ltd. (600186.SH), and Sanan Optoelectronics Co.,Ltd. (600703.SH), among others. The crossover players come from diverse main businesses, covering toys, condiments, film and television, and other traditional fields.

Regarding traditional companies crossing over into computing power, Yuan Shuai, co-founding initiator of the Xinzhiaipai New Quality Productivity Salon, believes this is a product of multiple factors intertwining: industrial cycle iteration, corporate development demands, and the era's industry windfalls. When growth space in traditional core businesses gradually narrows and the industry enters a plateau phase of stock competition, many companies deeply rooted in the real economy are seeking transformation exits that can both carry their resource endowments and align with new quality productivity directions. The computing track, as the core foundation of the digital economy, naturally possesses policy support, ample market imagination, and broad industrial radiation, making it a common choice for traditional companies from various fields to cross over into.

But Yuan Shuai also noted that for traditional companies like Heungkong Holding, which have long been rooted in real estate and home furnishing trade with almost no computing technology accumulation, smoothly entering the computing track cannot be achieved merely through a cooperation agreement; it requires systematic support from a series of core resources, and the actual business threshold for computing services is far lower than outsiders imagine. The most critical foundational resource for such companies is the large amount of existing property and site resources accumulated during their real estate operations. These widely distributed, maturely equipped commercial spaces, after standardized renovation, can be fully converted into physical carriers suitable for data center needs. This is also the core advantage that distinguishes such traditional companies from pure lightweight asset players when crossing into computing power.

From furniture stores to real estate, from acquiring a listed platform to injecting commercial assets, and now to entering computing technology services, Liu Zhiqiang and Zhai Meiqing have always been adept at using capital and resources to expand the Heungkong Group's territory. What do you think of Heungkong Holding's 970 million yuan related-party order? Is it internal resource synergy within the "Heungkong Group" to cultivate a second growth curve for the listed company, or is it still a computing story awaiting delivery? Are you optimistic about Liu Zhiqiang and Zhai Meiqing's latest crossover venture? Feel free to leave a comment to share your views.