On September 10, 2025, electrode foil leader Guangdong Hec Technology Holding Co.,Ltd. announced that the company and its controlling shareholder Shenzhen Dongyang Guang Industrial Development Co., Ltd. plan to jointly inject capital into Yichang Dongshu No.1 Investment Co., Ltd. ("Dongshu No.1"), with capital injections of 3.5 billion yuan and 4 billion yuan respectively.
Simultaneously, Dongshu No.1, through its wholly-owned subsidiary Yichang Dongshu No.3 Investment Co., Ltd. ("Dongshu No.3"), plans to acquire 100% equity of the operating entities of Chindata Group Holdings Ltd's China business. Upon completion of this transaction, Guangdong Hec Technology will become a participating shareholder of Dongshu No.1, indirectly holding equity in Chindata Group's China operations.
Transaction Structure: A Multi-layered Capital Chess Game
This acquisition employs a three-tier structure of "capital injection + loans + equity penetration": Guangdong Hec Technology and its controlling shareholder inject 7.5 billion yuan into Dongshu No.1 investment company (contributing 3.5 billion and 4 billion respectively), which then obtains syndicated acquisition loans through its wholly-owned subsidiary Dongchuang Future, with the final acquisition completed by subsidiary Dongshu No.3. The transaction targets encompass 8 core enterprises under Chindata Group, including Wutong Digital Infrastructure Technology and Hebei Sidage Data Technology, corresponding to an asset package with total assets of 21.871 billion yuan and net assets of 9.504 billion yuan as of the end of May 2025.
From a financial data perspective, this transaction offers considerable value: Chindata Group's China operations generated revenue of 6.048 billion yuan and net profit of 1.309 billion yuan in 2024, achieving a net profit margin of 21.64%; net profit reached 745 million yuan in the first five months of 2025, corresponding to an annualized P/E ratio of only 15.66 times.
Strategic Blueprint: The Chemical Reaction Between Energy and Computing Power
Guangdong Hec Technology's ambitions extend far beyond financial investment. The deep integration of Guangdong Hec Technology's technical barriers and production capacity advantages in core liquid cooling materials and components such as fluorinated coolants and cold plate assemblies with Chindata Group's China business system will create the industry's first large-scale deep integration system of liquid cooling and downstream demand. This will build a more efficient full-stack solution of "liquid cooling materials-equipment-intelligent computing centers," not only effectively reducing data center PUE (Power Usage Effectiveness) to industry-leading levels, but also driving Guangdong Hec Technology's liquid cooling technology to achieve strategic upgrading from "product supply" to "system solution output."
Industry Transformation: The Rise of Central China's Computing Power Capital
The transaction's landing in Yichang is no coincidence. This city, blessed with "Three Gorges green electricity," has built 3,500P of computing power, with 11,600P under construction, forming the province's largest computing power cluster. Guangdong Hec Technology plans to establish an ultra-large-scale green intelligent computing power center here, building an ecological closed loop of "green electricity-hardware technology-computing power-artificial intelligence-operations." According to Yichang municipal government planning, the goal is to achieve data and computing power economic output exceeding 100 billion yuan by 2025.
When the profound accumulation of traditional manufacturing meets the surging wave of the digital economy, Guangdong Hec Technology's bold gamble is writing a new paradigm for China's industrial upgrading.
Note: This article incorporates AI generation, and the views expressed do not constitute investment advice and are for reference only. Markets carry risks, and investment requires caution.
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