Hanbang High-Tech Secures Over 2.7 Billion GPU Big Order: The Buyer Was Established Less Than a Year Ago, and the Purchase Amount Is 15 Times the Annual Revenue

This article source: Times Finance Author: Special Correspondent Zhang Jie Wen Siting

Image source: Visual China

On the evening of May 10th, Hanbang Gaoke (300449.SZ) announced that its wholly-owned subsidiary Beijing Hanbang Gaoke Digital Intelligence Technology Co., Ltd. (hereinafter referred to as “Hanbang Digital Intelligence”) signed a “High-Performance GPU Equipment Procurement and Integration Maintenance Service Contract” with Beijing Qimingxing Han Technology Co., Ltd. (hereinafter referred to as “Qimingxing Han”). The total contract amount including tax is as high as approximately 8B yuan, with a pre-tax amount of about 2.78B yuan, accounting for 1515.13% of the company’s audited operating revenue for 2025.

Potentially stimulated by this news, on May 11th, Hanbang Gaoke’s stock price hit the daily limit, finally closing at 9.56 yuan per share, with a total market value of 2.46B yuan.

It should be noted that the counterparty in this transaction, Qimingxing Han, was established less than a year ago, with a registered capital of only 10 million yuan. Just before Hanbang Gaoke issued the announcement, on May 8th, Tianyang Technology (300872.SZ) disclosed a cooperation agreement with Qimingxing Han. The announcement showed that Qimingxing Han had signed a 60-month “Computing Platform Service Agreement” with a certain terminal customer. Qimingxing Han will act as a computing power service provider, offering continuous computing power leasing services to the terminal customer, while Tianyang Technology is responsible for providing all the equipment procurement funds needed for the project, with a procurement investment amount between 3.5 billion and 4 billion yuan.

Who is Qimingxing Han?

According to Hanbang Gaoke’s announcement, the procurement includes high-performance GPU equipment, supporting network devices, software products, and system integration services, mainly used for building computing platform service capabilities, matching the computing power needs and project construction goals of the terminal customer. The trading partner has fully communicated with the company regarding the technical route, networking equipment, system integration, and related service arrangements for this project, and has issued relevant designated/confirmation documents, which is conducive to the smooth progress of subsequent procurement organization, delivery, acceptance, and service guarantee work.

Hanbang Gaoke stated in the announcement that, based on the current understanding, the trading partner is conducting this procurement around the computing platform service project, with clear project requirements and a well-defined business background. Its partner is listed company Tianyang Hongye Technology Co., Ltd., and the overall project has a strong commercial foundation, customer demand support, and performance guarantee conditions.

Furthermore, on May 8th, Tianyang Technology announced that it had signed a “Project Cooperation Agreement” with Qimingxing Han, Yang Bing, and Zhao Kai on May 6, 2026. The parties plan to cooperate based on the principles of “joint investment, risk sharing, and benefit sharing,” through models such as equity transfer, joint investment, and profit sharing, to jointly implement the deep cooperation of the “Service Contract” under the computing power service project.

The announcement shows that Qimingxing Han has signed a 60-month “Computing Platform Service Agreement” with a certain terminal customer, with Qimingxing Han acting as the computing power service provider, offering continuous computing power leasing services, while Tianyang Technology is responsible for providing all the equipment procurement funds needed for the project, with an investment amount between 3.5 billion and 4 billion yuan. Meanwhile, shareholders Yang Bing and Zhao Kai will transfer 75% of their shares in the company to Tianyang Technology, which will gain operational control of the project company.

So, what exactly is Qimingxing Han, which can reach cooperation with two listed companies in less than a week?

Tianyancha shows that Qimingxing Han was established in June 2025, less than a year ago. The company’s registered capital is 10 million yuan, held by two individuals, Yang Bing and Zhao Kai, with 80% and 20% ownership respectively.

According to Hanbang Gaoke’s 2025 annual report, one of the company’s top five suppliers is Beijing Qiming Mutual Internet Technology Co., Ltd. (hereinafter “Qiming Mutual”), with a procurement amount of about 22.89 million yuan, accounting for 14.74% of total procurement.

Tianyancha shows that the legal representative of Qiming Mutual is Yang Bing, who holds 80%, while Zhao Kai holds 20%. Additionally, the business registration addresses of Qiming Mutual and Qimingxing Han are very close, located at Room 3149 and Room 3145, 3rd Floor, No. 9 South Shilu, Yufa Town, Daxing District, Beijing.

Procurement amount is 15 times the annual revenue of Hanbang Gaoke

For Hanbang Gaoke, this cooperation with Qimingxing Han is undoubtedly a “huge” order. Financial data shows that the company’s audited operating revenue for 2025 was only 163 million yuan, while this contract’s amount accounts for 1515.13% of the company’s total revenue for 2025.

Data indicates that Hanbang Gaoke started in the security industry. In recent years, the company has begun transforming into AI computing power and intelligent computing businesses. Its main businesses now include intelligent computing service solutions (AI infrastructure and services), smart security solutions, audio and video monitoring solutions, audio and video products, digital watermarking and AI content security, and related operation and maintenance services.

Financial reports show that in 2024, intelligent computing business began contributing revenue to Hanbang Gaoke, with income from intelligent computing service solutions reaching 96.21 million yuan, accounting for 65.09% of total revenue. In 2025, revenue from intelligent computing service solutions reached 113 million yuan, accounting for 69.48% of total revenue, becoming an important source of income for the company.

Currently, Hanbang Gaoke is still in a loss state. Financial data shows that in 2025, the company’s net profit attributable to parent was a loss of 78.63 million yuan, marking five consecutive years of losses; in the first quarter of 2026, the net loss attributable to parent was 741,400 yuan.

In terms of funds, Hanbang Gaoke’s net cash flow from operating activities in 2025 was -59.04 million yuan. As of the end of 2025, the company’s cash and cash equivalents on hand were only about 159 million yuan.

Whether it can smoothly undertake this 3.69B yuan big order is also a test for Hanbang Gaoke. In the announcement, Hanbang Gaoke stated that the company has accumulated project experience in procurement, system integration, networking, delivery, acceptance, and operation and maintenance services related to computing infrastructure over the past two years. For this contract, the company has made special arrangements for key links such as equipment supply, networking services, system integration, and quality assurance, and has secured most of the sources of goods and supporting service resources, with sufficient supply capacity, project organization ability, and delivery guarantee capability.