Just over a month after taking a minority stake in Chaince Digital Holdings Inc., Guangdong Hec Technology Holding Co.,Ltd. has initiated a new move, this time aiming for direct control. Recently, Guangdong Hec Technology Holding Co.,Ltd. released a trading halt announcement concerning a plan to issue shares for an asset acquisition and raise supporting funds. The company is planning to acquire control of Yichang Dongshu Yihao Investment Co., Ltd. by issuing shares and simultaneously raise matching capital.
It is noteworthy that on January 16, 2026, Hec Technology had just completed its minority investment in Chaince Digital. This continued investment demonstrates Hec Technology's evident favor towards the company.
Regarding this acquisition, a representative from Hec Technology stated that the company is currently in a trading halt period, and detailed responses regarding the acquisition specifics will be provided after the acquisition plan is released.
An expert pointed out that acquiring Dongshu Yihao represents a qualitative shift for Hec Technology from a "financial minority stake" to "strategic control." The core motivation lies in achieving full-chain integration of "computing power - energy - materials." By controlling Dongshu Yihao, Hec Technology will gain access to Chaince Digital, a high-quality computing power asset, facilitating a strategic transition from traditional manufacturing to the digital economy and co-building an integrated "industry-computing-electricity" ecosystem.
The acquisition announcement indicates that Hec Technology has already signed a Letter of Intent with the counterparty. Specific details of the transaction, including the method, scheme, share issuance price, and transaction valuation, will be determined through subsequent negotiations among the parties involved.
Discussing the synergies of this acquisition, the expert highlighted they primarily manifest in "electricity-computing synergy," "technology synergy" (using liquid cooling materials to reduce PUE), and "demand synergy." This upgrades the company from a "material supplier" to a full-stack solution provider encompassing "liquid cooling materials - equipment - intelligent computing centers," constructing a closed-loop ecosystem of "green electricity - hardware - computing power - AI."
Another financial expert analyzed that Hec Technology's liquid cooling technology, high-performance electronic components, and green electricity resources can deeply integrate with Chaince Digital's high-density IDC scenarios and operational capabilities. This can form closed-loop synergies in areas such as green data centers, computing power infrastructure, the integrated "industry-computing-electricity" ecosystem, and embodied intelligent robotics. This move signifies Hec Technology's accelerated transition from traditional manufacturing towards "new quality productive forces," building a new industrial ecosystem for the AI era that covers "materials - components - computing power - applications."
The expert further suggested that both parties could leverage their industrial layouts in locations like Shaoguan and Ulanqab to co-build an integrated "industry-computing-electricity" ecosystem. Simultaneously, Chaince Digital's robust computing power foundation will reciprocally benefit Hec Technology's model training and scenario implementation in cutting-edge fields like embodied intelligent robotics. Overall, this represents a deep coupling from materials to computing power, from manufacturing to intelligent manufacturing, aiming to create a new paradigm of AI infrastructure that runs through the industrial chain.
Relevant information shows that the acquisition target, Chaince Digital, is a leading large-scale computing power infrastructure solutions operator in China. It was formerly a Nasdaq-listed company that went private. Its China operations focus on planning information technology industry ecosystem infrastructure and have formed clusters of large-scale IT infrastructure bases covering key regions.
In terms of performance, Chaince Digital has shown strong results. Announcements from Hec Technology indicated that in 2024, Chaince Digital achieved annual revenue of 6.048 billion yuan and a net profit of 1.309 billion yuan. For the first five months of 2025, revenue reached 2.608 billion yuan with a net profit of 745 million yuan.
The expert analyzed that acquiring control of Chaince Digital will bring Hec Technology significant dual value: financial enhancement and strategic synergy. Chaince Digital demonstrates strong profitability. Post-consolidation, it will not only directly boost Hec Technology's revenue scale, profitability, and market valuation support but also achieve deep multi-faceted synergies through industrial integration. This acquisition marks Hec Technology's transition from traditional manufacturing to "AI + green computing power," building a full-chain digital industry ecosystem covering "materials - components - energy - computing power - applications."
Notably, this is not Hec Technology's first move regarding Chaince Digital. Just over a month ago, Hec Technology completed its minority stake acquisition. The shift from a minority stake to control indicates Hec Technology's continued optimism towards Chaince Digital.
On September 10, 2025, Hec Technology's board agreed to jointly increase capital in Dongshu Yihao with its controlling shareholder. Simultaneously, Dongshu Yihao, through its wholly-owned subsidiary, acquired 100% equity in the entities operating Chaince Digital's China business. Hec Technology planned to contribute 3.5 billion yuan.
On January 16, 2026, a buyer consortium led by the controlling shareholder, including Hec Technology and other investors, announced the completion of the acquisition of Chaince Digital's China business for 28 billion yuan in cash. This transaction was hailed as one of the largest acquisitions in the Asian computing power infrastructure sector in recent years. By the completion date, Hec Technology had contributed a total of 3.45 billion yuan, holding a 30% stake in Dongshu Yihao, making it the second-largest shareholder.
The expert pointed out that Hec Technology's initial minority stake investment in September 2025 was a prudent arrangement to control initial risks, retain financing flexibility, and meet regulatory requirements. Participating in the Chaince Digital China acquisition through an off-balance-sheet structure effectively alleviated financial pressure on the listed company and reserved space for subsequent integration.
With the surge in AI computing power demand, the accelerated advancement of the "East Data West Computing" strategy, and Chaince Digital's demonstrated strong profitability, the company quickly adjusted its strategy from minority stake to seeking control. This aims to secure dominance over core computing power assets and unleash full industrial chain synergistic effects in areas like liquid cooling technology, green electricity resources, electronic materials, and embodied intelligence. By consolidating a high-quality, high-growth asset, it enhances the listed company's profitability and valuation, actively seizing digital economy opportunities and accelerating the transition to "new quality productive forces." This shift is not strategic indecision but a key decision made based on evolving external conditions and the maturation of its own capabilities.
Another banking researcher noted that Chaince Digital's net profit of 745 million yuan in the first five months of 2025 confirms its profit stability, strengthening Hec Technology's confidence in taking control. Furthermore, when participating via Dongshu Yihao in September 2025, Hec Technology contributed 3.45 billion yuan. Acquiring control now through share issuance reduces cash outflow while bringing the quality asset into the listed company system, boosting overall valuation.
The expert stated that Chaince Digital's 2024 net profit exceeding 1.3 billion yuan would directly enhance the listed company's performance upon consolidation. Only through control can Chaince Digital be deeply integrated into Hec Technology's "green electricity - hardware - computing power" ecosystem blueprint, achieving comprehensive integration of technology, market, and capital, rather than stopping at a financial investment.
Hec Technology's announcement indicated that Dongshu Yihao was established specifically for acquiring Chaince Digital. The main operating entities of Chaince Digital include several technology companies. Dongshu Yihao controls 100% of the equity in these operating entities through its wholly-owned subsidiary.
The expert explained that Dongshu Yihao, as a holding platform specifically set up for the acquisition, facilitates a "structured transaction." It is a typical design for "risk isolation" and "financing convenience" in complex M&A transactions. This multi-layer structure serves three core purposes: Firstly, it acts as a unified acquisition vehicle, pooling funds from Hec Technology, its controlling shareholder, local state-owned assets, and other investors. Secondly, using the subsidiary as the ultimate acquisition entity facilitates the introduction of syndicated acquisition loans, enabling a leveraged buyout. Thirdly, it legally isolates the acquired assets from the listed company's existing business, maintaining operational independence during initial integration and reducing integration risks. Establishing a special purpose vehicle allows Hec Technology to effectively isolate acquisition risks, optimize capital structure, and reserve operational space for subsequent equity restructuring.
The financial expert believed establishing Dongshu Yihao as a dedicated holding platform aims to effectively isolate Chaince Digital's China assets from Hec Technology's original business legally and financially through risk isolation and structural clarification. This avoids potential risk transmission to the listed company and makes the transaction structure clearer for regulatory review. This structure also facilitates joint investment and phased integration, providing a path for Hec Technology to gradually achieve control and coordinating the interests of multiple investors. Additionally, Dongshu Yihao adapts to major asset重组 regulatory requirements, simplifies asset交割 procedures, locks in the target scope, meets compliance approval processes, and improves重组 efficiency. Its structure also optimizes financing and tax arrangements, facilitating the introduction of raised funds, designing payment considerations, and reducing overall transaction costs. Dongshu Yihao serves as a tailor-made "transaction vehicle" and "transition bridge," ensuring an efficient, safe, and compliant integration process for Chaince Digital's China assets, serving both the initial joint acquisition and paving the way for subsequent inclusion into the listed company system.
Corporate information shows Dongshu Yihao currently has 19 shareholders. Besides Hec Technology, these include multiple state-owned entities from Yidu City and Fujian Province, as well as private equity funds. Shenzhen Dongyangguang Industrial exited the direct shareholder list on January 28, with a new limited partnership becoming the largest shareholder with a 33.91% stake.
Regarding the purpose of introducing 19 shareholders, the banking researcher stated that the core significance lies in providing a structured solution for the 28 billion yuan acquisition of Chaince Digital's China business through capital supplementation, risk dispersion, resource synergy, and capital operation support. These investors cover diverse entities including industrial capital, financial institutions, and local government funds. They address the acquisition funding gap, enhance the target asset's value through resource integration, and lay the foundation for Hec Technology's subsequent control and potential asset injection into the listed company.
Firstly, capital injection from multiple parties significantly alleviates the financial pressure of a huge acquisition on the listed company, reduces the impact on its cash flow and balance sheet, mitigates the risk of excessive dilution of listed company shares, and enables shared acquisition risk, smoothing out operational and cyclical fluctuations inherent in the capital-intensive, long-return-cycle IDC industry.
Secondly, the introduced investors include state-owned entities from various regions, leading companies in the computing power industry chain, and professional investment institutions. They can bring core development elements for the IDC industry, such as energy consumption indicators, local policies, and land resources, to the target asset. They also enable upstream and downstream synergy within the industry chain, optimize the target company's governance structure, and enhance asset integration efficiency and long-term market confidence in the transaction.
Beyond these reasons, the expert also believed that diverse shareholders share future integration risks, while endorsements from well-known institutions enhance market trust in the transaction. According to subsequent arrangements, these shareholders will become the counterparties in Hec Technology's share issuance for the asset acquisition, providing an exit channel for all parties. In essence, they represent a trinity of financiers, resource pools, and strategic allies.
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