On the evening of September 10, listed company Guangdong Hec Technology Holding Co.,Ltd. (600673) announced that the company and its controlling shareholder Shenzhen Dongyang Optics Industrial Co. have respectively signed "Capital Increase Agreements" with Dongshu No.1, planning to inject 3.5 billion yuan and 4 billion yuan into Dongshu No.1. Upon completion of the capital increase, the company and Shenzhen Dongyang Optics Industrial will respectively hold 46.6654% and 53.3332% equity stakes in Dongshu No.1.
According to the announcement, Dongshu No.1 plans to contribute the aforementioned capital increase funds to its wholly-owned subsidiary Shanghai Dongchuang Future Data Co., Ltd. ("Dongchuang Future"). Currently, Dongchuang Future has signed an acquisition loan contract with a banking syndicate. Dongchuang Future intends to further contribute the related loans and capital to its wholly-owned subsidiary Dongshu No.3, which will serve as the final transaction entity to acquire 100% equity of Chindata China for a consideration of 28 billion yuan.
Upon completion of this series of transactions, Guangdong Hec Technology will become a participating shareholder of Dongshu No.1, thereby indirectly holding partial equity in Chindata China.
Chindata is a computing power giant. According to the "Top 10 Chinese Computing Center Service Providers in 2024" list released by the China Academy of Information and Communications Technology, Chindata has been on the list for three consecutive years and ranks first in three major sub-indices: intensive development, international expansion, and green low-carbon operations.
As of now, Chindata has become one of the largest third-party IDC operators in terms of operational scale within China's "Eastern Data, Western Computing" project. Overseas, it has deep deployments in Malaysia, India, and other locations.
What draws more market attention to Chindata is that it serves as ByteDance's primary data center service provider. In October 2020, Chindata listed on NASDAQ, becoming the third domestic IDC supplier to go public in the United States. In August 2023, Bain Capital announced reaching a privatization agreement with Chindata at $8.60 per ADS to acquire all issued shares, with a total valuation of approximately 22.8 billion yuan.
In May this year, it was reported that Bain Capital planned to sell Chindata's China business, with a transaction valuation potentially exceeding $4 billion, equivalent to approximately 29 billion yuan.
According to informed sources, this transaction has attracted numerous well-funded domestic bidders. Besides Shenzhen Dongyang Optics Industrial, participants include various industrial capital, internet companies, and local state-owned investment platforms. "The strength and diversity of the bidding lineup reflects high market recognition of Chindata's asset value and the prospects of China's national computing power strategy."
The source indicated that Shenzhen Dongyang Optics Industrial (including Guangdong Hec Technology) was able to "win" due to comprehensive advantages in industrial synergy and technological accumulation.
It is understood that Dongyang Optics Technology under Shenzhen Dongyang Optics Industrial has technological reserves in liquid cooling materials and supercapacitor fields, which can directly provide core solutions for high-density AI computing scenarios for Chindata, achieving a "hardware technology-computing operation" business loop that is difficult for other bidders to replicate. Meanwhile, Guangdong Hec Technology's layout in the new energy sector provides the company with clean energy supply capabilities, potentially integrating green power resources with Chindata's computing facilities to enhance long-term profitability.
The Chindata China-related assets in this transaction primarily consist of eight companies including Wutong Digital Infrastructure Technology, Hebei Sidage Data Technology, and Hebei Qinshu Information Technology. As of the end of May this year, Chindata China's total assets were 21.871 billion yuan, with net assets of 9.504 billion yuan. In 2024, the company achieved operating revenue of 6.048 billion yuan and net profit of 1.309 billion yuan. In the first five months of this year, the company achieved operating revenue of 2.607 billion yuan and net profit of 745 million yuan.
After evaluation, the total shareholder equity of Chindata China was valued at 29.093 billion yuan, with the 100% equity transaction priced at 28 billion yuan.
Guangdong Hec Technology stated that the transaction is primarily based on the company's future strategic development layout, facilitating rapid entry into the data center field. Through resource integration, the company and Chindata China will form a multi-dimensional complementary and jointly-driven synergistic system, promoting the company's rapid development in the data center sector.
"As the data center industry develops rapidly going forward, the company will jointly share the dividends brought by industry growth, enhancing the company's long-term competitiveness and investment value," the listed company said.
Zhang Yushuai, Chairman of Shenzhen Dongyang Optics Industrial, pointed out that this acquisition represents a key step for the group to actively integrate into the national "Eastern Data, Western Computing" strategic layout and serve the construction of a nationally integrated computing network. In the future, the group will work with Chindata to build ultra-large-scale green intelligent computing centers serving artificial intelligence, consolidating intelligent computing power as the core cornerstone of the digital economy.
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