King's Stone zero-carbon compute park business footprint (AI-generated illustration)

New wind-solar-storage green power podVertical-axis turbines for weak-wind sites

Solar tracking arrayBetter solar utilisation in low-light conditions

AI compute cluster data hallCompute Leasing · Token Factory

Bonded warehousing and sorting centreCross-border import · spot delivery

Cross-border wafer supply channelLeading global memory fabs

Token metering and distribution of computeToken-metered · on-demand

Main Board listed · Stock code 01943.HK

Full-stack infrastructure service providerCompute Infrastructure · Smart Energy · Compute Monetisation

With an integrated invest–build–operate model, we are building a second growth curve and a complete closed loop from project delivery to value realisation.

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Industrial closed loop Memory hardware supply → Green power system supply → Compute cluster operation → Token Factory distribution

Strategy

Three business tracks, one industrial closed loop

Cross-segment business flows, shared customers and coordinated hardware form a complete chain from hardware to energy to compute value realisation

Semiconductor memory supply

Deepening the leading-fab supply chain

We supply enterprise storage, solid-state drives and other memory hardware for consumer electronics, industrial control, enterprise servers and AI supercomputing, and provide bonded warehousing fulfilment.

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Cross-border import tradeDomestic channel supplyBonded warehousing

New wind-solar-storage green power

Zero-carbon standalone power solutions

A joint venture with an advanced technology team, Hengchenyu (Shenzhen) Digital Energy Technology Co., Ltd. develops and manufactures standardised wind-solar-storage integrated AI green power systems, providing zero-carbon standalone power to AI supercomputing centres and large IDCs.

Prefabricated podGrid-connected / off-grid dual modeAI-based control

AI compute services

AI Compute Leasing · Token Factory

Operated by its subsidiary Shenzhen Junyu Intelligent Computing Technology Co., Ltd. — a full-stack AI service provider whose core members come from IBM, Tongji University, Japan and other leading institutions worldwide, with experience in architecture design and model inference tuning for large-scale compute clusters. Its core business is AI compute leasing and the Token Factory: on-demand leasing and cluster compute operations for large-model training, inference and fine-tuning, plus the Token Factory, which standardises compute resources into metered, callable services for market-based distribution.

AI compute leasingModel inference tuningToken Factory

Closed-loop logic · Memory hardware is the base material of compute facilities, green power systems provide low-carbon and stable energy, and compute resources are standardised and distributed through the Token Factory

Memory hardware supply

Cooperation with leading global fabs
Stable supply and channel network

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Green power system supply

Integrated wind-solar-storage clean energy
Zero-carbon standalone power

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Compute cluster operation

Compute leasing + model inference tuning
Improve MFU utilisation

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Token Factory distribution

Efficient allocation of compute resources
On-demand metering and trading

The three business tracks sit upstream and downstream of one another, sharing customers and supply chain resources — aligned with the "East Data, West Computing" and "dual carbon" policy direction

Solutions

Products and solutions

Eight deliverable capabilities spanning semiconductor memory, wind-solar-storage green power and AI compute

Semiconductor memory

Wind-solar-storage green power

AI compute

Storage · 01

Cross-border wafer import supply

We have established cross-border supply cooperation with leading global memory fabs for wafers and bare NAND wafers, and provide nationwide channel supply.

Key parameters: supply from leading global memory fabs

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Storage · 03

Integrated customs clearance and bonded warehousing for memory products

A one-stop service platform covering import and export customs clearance, bonded warehousing, sorting and packing, and logistics coordination.

Key parameters: customs clearance · bonded warehousing · sorting and packing · logistics coordination

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Green Power · 01

Wind-solar-storage integrated AI green power system

Each unit operates independently at 1.2 MW and supports parallel connection at 5 / 10 / 20 MW, giving compute centres a low-carbon, stable and zero-carbon power supply.

Key parameters: 1.2 MW

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Green Power · 02

Purpose-built safety solution for compute data halls

High temperature, high salt spray and severe typhoon resistance, with an automatic retraction device for Beaufort 9 gales, doubly safeguarding against data hall outages.

Key parameters: Military-grade protection

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Green Power · 03

Cloud smart energy dashboard

Desktop, mobile and the on-premise screen at the data hall provide synchronised views of generation, stored energy reserve, data hall load and carbon reduction data.

Key parameters: desktop / mobile / on-premise large screen at the data hall

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AI Compute · 01

AI compute leasing and cluster delivery

For large-model training, inference and fine-tuning workloads, we provide on-demand leasing of GPU compute resources and turnkey cluster delivery.

Key parameters: large-model training / inference / fine-tuning

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AI Compute · 02

Compute cluster networking and operation

High-speed interconnect topology design, cluster build-out and scheduling commissioning, combined with efficiency management to raise the actual utilisation of compute facilities.

Key parameters: InfiniBand / RoCE

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AI Compute · 03

Compute Token Factory and aggregation platform

Pooling dispersed compute resources and standardising them into Token-metered, on-demand compute services.

Key parameters: third-party IDCs / smaller compute providers / idle GPUs

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Engineering

Construction works and infrastructure

The Group also operates construction works and infrastructure businesses, with long-standing contracting experience in Hong Kong's public and private sectors, and provides construction and ancillary support for park retrofit and upgrading and compute infrastructure projects.

Construction and infrastructure works

Long-standing contractor to Hong Kong's public and private sectors

We provide traditional formwork, system formwork and related ancillary engineering services, with mature project management experience and a solid customer base that give the Group stable operating support.

Traditional formworkSystem formworkAncillary works

Park retrofit and upgrading

For new and existing industrial parks

We advance standardised, modular park retrofit and upgrading, with smart logistics, power distribution and EV charging facilities, improving park operating efficiency and tenant experience.

Park retrofitPower distribution facilitiesEV charging facilities

Invest — Build — Operate

Integrated business model

We take on solution planning, facility assembly and procurement of key equipment for parks and supporting facilities, and are responsible for subsequent operation and management, recovering investment progressively through long-term operating income.

Solution planningEquipment procurementLong-term operation

News

Corporate announcements and business updates · Announcements as published on HKEXnews

Corporate announcements

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Corporate announcements2026-06-30

Placing completed, proceeds directed to green energy and smart infrastructure transformation

Corporate announcements2026-06-26

Publication of FY2025/26 annual results announcement

Company news

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Company news2026-08-20

Hengchenyu digital energy progress: wind-solar-storage integrated green power systems advance to project delivery

Company news2026-09-10

Memory supply chain progress: leading fab supply channels continue to expand

Strategic progress2026-07-15

Advancing the three business tracks in step as the industrial closed loop deepens

About

About King's Stone

A Main Board listed platform built on three high-growth tracks, creating a second growth curve for digital technology and artificial intelligence

Listing profile

Stock code: 01943.HK
Listing date: 2019-06-28
Listing venue: Main Board of HKEX
Head office: Wan Chai, Hong Kong

Strategic transformation

The Group's business covers construction works and infrastructure as well as three high-growth tracks: semiconductor memory, new wind-solar-storage green power and AI compute. In recent years it has clearly set out to build a second growth curve in digital technology and artificial intelligence.

Three-year dedicated plan

A dedicated industrial investment plan allocates earmarked capital to the three business tracks over three years, adopting an integrated invest–build–operate model and recovering investment progressively through long-term operating income.

2019

Listing on the Main Board

Listed on the Main Board of The Stock Exchange of Hong Kong in June 2019, opening a channel to the Hong Kong capital markets.

2024

Three business tracks set · Joint-venture platform established

We defined semiconductor memory supply, new wind-solar-storage green power and AI compute as our three strategic tracks, and established the joint venture Hengchenyu (Shenzhen) Digital Energy Technology Co., Ltd.

2026

Advancing the three business tracks in step

Deepening fab supply channels, advancing green power system delivery and building compute leasing and Token Factory capabilities, as the industrial closed loop continues to take shape.

Learn more

Full-stack infrastructure service providerCompute Infrastructure · Smart Energy · Compute Monetisation

Three business tracks, one industrial closed loop

Semiconductor memory supply

New wind-solar-storage green power

AI compute services

Products and solutions

Cross-border wafer import supply

Integrated customs clearance and bonded warehousing for memory products

Wind-solar-storage integrated AI green power system

Purpose-built safety solution for compute data halls

Cloud smart energy dashboard

AI compute leasing and cluster delivery

Compute cluster networking and operation

Compute Token Factory and aggregation platform

Construction works and infrastructure

Construction and infrastructure works

Park retrofit and upgrading

Invest — Build — Operate

Cases & Partners

Hengchenyu (Shenzhen) Digital Energy Technology Co., Ltd.

Cross-border supply cooperation with leading memory fabs

Compute infrastructure investment layout

News

Corporate announcements

Placing completed, proceeds directed to green energy and smart infrastructure transformation

Publication of FY2025/26 annual results announcement

Company news

Hengchenyu digital energy progress: wind-solar-storage integrated green power systems advance to project delivery

Memory supply chain progress: leading fab supply channels continue to expand

Advancing the three business tracks in step as the industrial closed loop deepens

About King's Stone

Listing profile

Strategic transformation

Three-year dedicated plan

From hardware to energy, and on to compute

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