NEW YORK, July 10, 2026, 17:14 (EDT)
Polibeli Group Ltd NASDAQ:PLBL jumped 26.48% to $8.12 on Friday, climbing $1.70 and boosting its implied equity value by roughly $623 million based on 366.4 million reported ordinary shares. Shares slipped 1.2% to $8.02 in after-hours trade.
The single-session jump was 23.6 times Polibeli’s 2025 revenue, which stands at $26.42 million. At the close, with the same number of shares, the implied market cap reached about $2.98 billion—roughly 113 times sales. Price-to-sales compares market cap to annual revenue.
Polibeli finished Friday still off 20.86% for the week, even after the rebound. Volume was heavy, with 1.49 million shares changing hands—about 12 times the 65-day average. The Nasdaq Composite climbed 0.29% Friday and closed the week up 1.74%.
| Trading comparison | Polibeli | Nasdaq Composite |
|---|---|---|
| Friday change | jumped 26.48% | up 0.29% |
| Five-day change | fell 20.86% over the week | added 1.74% in five days |
| Friday range | traded between $6.23 and $9.11 | moved from 26,009.49 to 26,301.54 |
| Turnover | volume at 1.49 million shares | — |
| Turnover versus recent average | 12.0 times the usual | — |
Tight ownership has driven the stock’s volatility. Xingyun International held 360 million out of Polibeli’s 366.4 million shares as of Sept. 30, 2025, leaving just 6.39 million shares not in that group. On Friday, traded volume hit about 23% of that total. This isn’t a current free float figure — free float tracks shares available for public trading — and daily volume can include shares changing hands more than once.
Polibeli moved eight days after it said it signed a non-binding MOU with Thailand-based Authaikam to look into building an AI computing center with up to 100 megawatts of capacity. The company said no decision has been made to go ahead or invest. Any project will hinge on feasibility, funding, approvals, and signed agreements.
The proposed size is significant, but it’s still just a proposal. GDS Holdings NASDAQ:GDS, a major high-performance data-center operator, said it booked about 200 MW of net new capacity in the first quarter. The company also projected near RMB9 billion, or $1.3 billion, in 2026 capital spending. CEO William Huang called this quarter’s bookings “the highest level ever for a single quarter.” These figures aren’t directly comparable—one is customer bookings, the other a project budget—but the numbers show the execution gap. GlobeNewswire
| Data-center scale marker | Polibeli | GDS Holdings |
|---|---|---|
| Status | Currently just a non-binding project review | Active data-center operator |
| Latest MW disclosure | Possible new project up to 100 MW | Secured about 200 MW in net bookings for Q1 |
| Capital signal | No funding details provided | Targeting RMB9 billion in capital spending by 2026 |
| Operating evidence | No reported data-center revenue | 674,269 square metres running as of March 31 |
Polibeli’s books continue to show its focus on goods trading and supply chain work. Revenue dropped 12.6% in 2025. Gross profit came in at $1.94 million. Operating loss stood at $7.56 million, with net loss at $5.97 million.
Liquidity is the bigger issue. Polibeli closed 2025 with $1.80 million cash, after burning through $6.35 million on operations. The company had $62.95 million in liabilities and a $45.42 million shareholders’ deficit. That means liabilities were above assets.
But project execution isn’t the only risk. An F-1 registration that took effect June 24 covers 30.10 million existing Class A shares for resale—about 4.7 times what’s historically traded outside Xingyun’s block—plus 4.47 million shares tied to warrants at $11.50. The registration alone doesn’t mean these shares have been sold or cause dilution; actual sales could boost tradable supply, while full warrant exercise would add around 1.2% to the reported share count.
The next signs investors want are a signed deal, land and power locked in, buyers lined up, and details on costs and funding. For now, Friday’s move is a bet that Polibeli has a shot at data centers, not proof of actual data-center revenue.
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