HEC Technology to Own Stake in Chindata Via Capital Raise; Shares Up 7%

MT Newswires Live09-11

Guangdong HEC Technology (SHA:600673) will indirectly own a stake in Chindata China through a capital increase, according to a Shanghai bourse filing on Thursday.

The electronic components manufacturer, along with Shenzhen Dongyangguang Industrial Development, will fully own the hyperscale data center services provider through Yichang Dongshu No. 1 Investment.

HEC Technology will acquire 46.7% of Yichang Dongshu No. 1 Investment through a capital raise of 3.5 billion yuan, while Shenzhen Dongyangguang Industrial Development, will buy 53.3% of Dongshu No. 1 through a capital increase of 4 billion yuan.

The company's shares jumped less than 7% during midday trade.

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