Guangdong HEC Technology Holding, the Shanghai-listed company known as Dongyangguang, said on 24 February that it planned to issue new shares to take control of Yichang Dongshu No.1, the holding company for Chindata's China data-centre business.
Why Guangdong HEC Technology Holding (Dongyangguang) is buying Chindata (China business, via Dongshu No.1)
The deal turns Dongyangguang from a minority investor, holding 30% of Dongshu No.1, into the owner of a hyperscale computing infrastructure operator that counts ByteDance as its core customer, adding data centres to its materials and advanced-manufacturing businesses.
Deal terms and financing
A plan published in early March set out the purchase of 70% of Dongshu No.1 from 54 counterparties, paid in A shares priced at CNY19.68. The draft restructuring report in June valued the stake at about CNY8.05bn and added a placement of up to CNY8bn to fund three Chindata data-centre projects. It is a related-party transaction because HEC Group is among the sellers, but the company's actual controller does not change.
Regulatory approvals and timing
The Shanghai Stock Exchange accepted the application on 20 July 2026 and sent its first review questions on 29 July, according to company announcements. The deal still needs exchange approval and CSRC registration before it can complete.
Market context
Chindata was taken private from Nasdaq by Bain Capital in 2023. A group led by HEC Group bought its China business for CNY28bn in cash in a deal completed in January 2026, with Dongyangguang contributing about CNY3.45bn as a minority investor. Chindata reported 2024 revenue of CNY6.05bn and net profit of CNY1.31bn.
