字节跳动重要IDC服务商易主？贝恩资本或40亿美元出售WinTriX中国业务

Core Insights - The global data center industry is becoming a strategic asset in the capital market, driven by advancements in artificial intelligence and cloud computing [1] - Bain Capital is reportedly initiating the sale of its data center operator WinTriX DC Group's China business, with an estimated valuation exceeding $4 billion (approximately 29.67 billion RMB) [1] - If successful, this transaction would represent one of the largest disposals of digital infrastructure assets in the Asian market in recent years [1] Company Overview - Qinhuai Data, established in August 2015, is a neutral third-party operator of large-scale computing infrastructure, with significant revenue contributions from ByteDance [2] - The company was acquired by Bain Capital in January 2019 for 1 billion RMB and subsequently received a strategic financing of $570 million, marking the largest single financing in China's data center industry at that time [2] - In September 2020, Qinhuai Data went public on NASDAQ with an initial price of $13.5 per ADS, achieving a market capitalization exceeding $5 billion on its first day [3] Financial Performance - In 2022, Qinhuai Data reported a revenue of 4.552 billion RMB, representing a year-on-year growth of 59.58%, and a net profit of 651.6 million RMB, with a growth of 106% [3] - As of March 31, 2023, Bain Capital held a 44.6% stake in Qinhuai Data, with a voting power of 92.3% [3] Recent Developments - In August 2023, Bain Capital privatized Qinhuai Data for approximately $3.16 billion, renaming it WinTriX, after a competitive battle for control with China Merchants Capital [3] - Fitch Ratings downgraded WinTriX's long-term foreign and local currency issuer default ratings from "BBB-" to "BB" in February 2023, citing increased commercial risks due to a strategic shift towards overseas investments [4] - Despite the sale of WinTriX's China business, Bain Capital plans to retain control over Bridge Data Centres, which recently secured $2.8 billion in bank financing for data center expansion [4]