Strategic Feasibility & Implementation White Paper

Chongqing Green AI Computing Fund
Cross-border Capital & New Productive Forces

In the opening year of the '15th Five-Year Plan', GAIF Fund utilizes the 'Singapore VCC + Chongqing QFLP' architecture, integrating liquid cooling deep tech with green finance to resolve the conflict between AI computing explosion and energy constraints, securing the 'Green Premium'.

Dual-GP Model

Dcdeeptech serves as the Technical GP, collaborating with financial institutions as the Capital GP. Solving the contradiction between high-density AI demands and strict energy limits.

Cross-border Green Channel

Leveraging Singapore VCC's tax benefits and Chongqing QFLP's convenience to open an efficient path for international capital into China's computing hubs.

Asset Rejuvenation

Focusing on 'Brownfield Transformation', reducing PUE of legacy data centers to below 1.2 via OCP-standard liquid cooling to unlock asset value.

Macro Strategic Context

Chongqing's Mission under the 15th Five-Year Plan

1

New Productive Forces: Chongqing is positioned as an 'Inland Open Comprehensive Hub'. GAIF is a deep practice of digital economy transformation and asset rejuvenation.

2

PUE 1.2 Redline: National policy requires large data centers to have PUE < 1.2. Legacy assets face strong regulatory pressure for transformation or shutdown.

3

China-Singapore CCI Upgrade: By 2026, cooperation enters a new phase. GAIF serves as a tangible outcome, benefiting from mutual recognition of green standards and cross-border financing ease.

PUE < 1.15
GAIF Core Technical Goal

Compared to traditional air-cooling (PUE 1.5 - 1.8), energy efficiency improves by over 40%.

Tech Investment Thesis: Dcdeeptech 'Technical Alpha'

Reshaping asset value through liquid cooling economics, eliminating vendor lock-in, and achieving brownfield arbitrage.

Core Metrics Traditional Air-cooled IDC Dcdeeptech Liquid-cooled AIDC Valuation Mechanism
Power Density (per rack) 4 – 8 kW 40 – 100 kW High: Supports high-value AI tenants (LLM training), strong rental premium capability.
PUE (Energy Efficiency) 1.5 – 1.8 < 1.15 Critical: Determines eligibility for Green Credits and REITs listing.
WUE (Water Efficiency) High (Dependency on Evaporation) Ultra-low / Zero (Closed loop) Medium: Meets ESG rating requirements, attracts international institutional investors.
Cooling OPEX % 40%+ of IT Power ~10% of IT Power High: Directly boosts Net Operating Income (NOI) significantly.
Hardware Lifespan Vibration & heat spot wear Stable temp extends life Medium: Reduces depreciation anxiety, increases client stickiness.

'VCC + QFLP' Dual-Layer Structure

Through this architecture, GAIF achieves seamless integration of global capital and Chinese asset investment, enabling efficient cross-border flow and legal risk isolation.

Singapore VCC (Variable Capital Company)

Umbrella structure for legal isolation; applies for Singapore 13U tax exemption on dividends and interest.

Chongqing QFLP (Qualified Foreign Limited Partner)

Utilizes the CCI green channel, supports equity-debt hybrids, simplifies profit repatriation, and enjoys policy dividends.

Global LP (SWF / Family Office)
Singapore VCC Fund
Chongqing QFLP Onshore Fund
SPV 1: AIDC Center
SPV 2: Brownfield

Financial Feasibility & Return Targets

Driven by 'Multiple Expansion' and 'NOI Uplift'

14-18%
Target Net IRR
2.0-2.5x
Target MOIC
8x - 22x
Multiple Expansion (Exit vs Entry)
40%+
Energy Cost Savings

Exit Paths: Diversified Liquidity

  • C-REITs: High-quality AIDC assets meet Chinese Public REITs listing standards.
  • S-REITs 'Asset Recycling': Exit via VCC by selling equity to international capital seeking ESG-compliant assets.
  • M&A: Strong demand from domestic/int'l insurers and SWFs for stable-yield green infrastructure.

Risk Management

Regulatory: Physical isolation; fund holds infrastructure only, no access to tenant data.

Taxation: Ensure QFLP substance to secure 10% withholding tax treatment.

Technical: Strict adherence to OCP standards and leak detection; comprehensive insurance.

Market: Focus solely on 50kW+ high-density AIDC; avoid low-density generic computing.