On August 22, 2026, at the Green Computing Power Conference in Hohhot, GBA AI COMP (01396) signed an agreement with the Hohhot municipal government to establish the "GBA Token Base." With an investment exceeding RMB 10 billion, the project plans a 10,000-GPU cluster and a computing-power-electricity collaborative demonstration industrial park, located in Hohhot's Horinger New Area.

Just 23 days earlier, on July 30, in Nansha, Guangzhou, the Guangdong Token Exchange and Service Center was officially inaugurated. GBA AI COMP's subsidiary, Tiandun Data, was among the first batch of cooperative operators, simultaneously launching its Token Export Service Package.

This company, focused on intelligent computing power, executed two strategic moves within 23 days: one on the production side—building a Token manufacturing base in the green-energy heartland of western China; the other on the trading side—participating in Token trading infrastructure in the southern economic hub. Both moves point to a single fact: the company's business boundary is expanding from "providing computing power" to "manufacturing and operating Tokens." In the industry's emerging parlance, it is building a "Token Factory."

Industry Trend: Token Economy Moves from Concept to Reality

The backdrop to this move is a rapidly accelerating track. Signals at the national level are dense and clear. In March of this year, Token was officially named "Ci Yuan" (Token), endowed with a dual definition: the "value anchor of the intelligent era" and the "settlement unit connecting technology supply with commercial demand." Thus, Token transitioned from a technical community term into the national value system. The pace then quickened: incorporated into the work system in May, written into the National Data Administration's implementation plan in June, and on July 28, "encouraging exploration of Token trading" was officially implemented.

Market data paints an even more direct picture. The national daily Token call volume has grown more than a thousandfold in two years, leaping from the hundreds of billions to the hundreds of trillions. As the era of AI for everyone accelerates, Token is becoming a basic consumable of the digital economy—its demand curve is steeper than what most industries have experienced. National policy sets the tone; market volume expands. The two lines converge here.

The pricing unit of the computing power industry is shifting from "GPU hours" and "P" to "Token." This is a switch in underlying logic, and GBA AI COMP's two moves happen to land precisely on the production and trading ends of this new track.

North: Use the Cheapest Electricity to Mint the Most Tokens

Horinger is a core western node of the "East Data, West Computing" project. GBA AI COMP's decision to place its Token base here is a calculation of operating costs: electricity and cooling are the largest recurring expenses. In Horinger, green electricity usage exceeds 85%, and the average annual temperature hovers around 7 degrees Celsius, allowing natural air cooling for more than 200 days a year. For a 10,000-GPU cluster running around the clock, these two costs are compressed to industry lows.

The other consideration in site selection is latency—5 milliseconds from Horinger to the Beijing-Tianjin-Hebei region, and 20 milliseconds to the Guangdong-Hong Kong-Macao Greater Bay Area. Computing power can move west, but latency cannot. This factory, built on the grasslands, can simultaneously cover China's two largest computing power demand markets.

South: Opening a Counter for Tokens

The Nansha Token Exchange and Service Center does something different—it establishes the circulation rules for Tokens. Admission, matching, metering, settlement, and compliance: these links determine whether a Token can transform from "a string of computational results" into "a tradable commodity." Without trading rules, a Token is just data; with trading rules, a Token becomes a commodity. What GBA AI COMP is doing is connecting Tokens minted in China with global demand-side pipelines—and the instant-delivery nature of Tokens as computational results conveniently bypasses the asset-heavy bottleneck of computing power going overseas. For China's computing power to go global, Token is the viable lightweight path.

Viewing the two moves together: the north solves "can produce, can produce cheaply," and the south solves "can sell, can sell abroad." The two business lines form a coupling across the industrial chain—production supplies the trading target, and trading provides pricing and circulation for production.

Beneath the Board: What the Moves Reveal

The northern end leverages Inner Mongolia's green electricity and the "East Data, West Computing" policy framework; the southern end relies on the Greater Bay Area's market depth and the provincial trading platform. Two heterogeneous resources are brought onto the same strategic chessboard—this exceeds the capability radius of ordinary commercial entities. Even more noteworthy is the tight alignment on the timeline: 48 hours after the July 28 policy of "encouraging exploration of Token trading" landed, GBA AI COMP had already become one of the first batch of cooperative operators at the Guangdong Token Center. This is not chasing policy; it is a sense of rhythm advancing in sync within the policy framework. Moving in lockstep with the national team is itself a rare coordinating capability.

At the same time, its sensitivity to industry rule changes is worth noting. The Token economy is still in its early stages. Most computing power companies are still competing within the old framework of "GPU hours" and "P" pricing. GBA AI COMP, however, chose to place its bets on both the production and trading ends on the eve of the pricing unit migration. This judgment puts it a full step ahead of the industry.

All forward-looking strategies, ultimately, are tested by execution speed. With orders on hand exceeding RMB 40 billion, over 95% being five-year long-term contracts, and first-half net profit reaching several times that of the same period last year—at this scale, still maintaining the decisiveness of a dual move within 23 days, with no lag in action, shows that its organizational efficiency has not been diluted by expansion. Resource coordination, market acumen, and execution speed, all three combined in a single entity, are rarely seen in today's computing power industry. This is less a display of strategic layout and more a concentrated development of a capability structure.

Token Factory: A Path and Model for the Pioneer

At this point, GBA AI COMP's "Token Factory" path is clear: upstream, it locks in western green electricity, pressing costs to industry lows; midstream, it uses a 10,000-GPU cluster to process electricity into computing power, and computing power into Tokens; downstream, it completes pricing and circulation through trading mechanisms, and reaches the globe via export pipelines. Electricity, computing power, Token, trading, and export—five links form a complete chain.

For the industry, the significance of this model lies not in its scale, but in the completeness of its path—it answers the questions of "how to build, how to sell, and how to go global" for a Token Factory. As the rules of the Token economy gradually become clear, the pioneer's path becomes the map for those who follow.

The Token economy is still in its early days. Measurement and pricing mechanisms have yet to reach consensus, and large-scale validation of computing-power-electricity collaboration still requires time. But the direction has been jointly confirmed by policy and market. GBA AI COMP's 23 days provide the industry with a model worth dissecting, and have also secured its own position for the second half of the game ahead of time.