GDHEC CO.,LTD(SH:600673) Sou Hu Cai Jing·2025-09-11 02:14Core Viewpoint - The sale of Bain Capital's data center assets in China to Shenzhen Dongyangguang Industrial Co., Ltd. for approximately $4 billion reflects the growing interest in data center assets as "certain growth" targets driven by the AI wave [1] Group 1: Transaction Details - Shenzhen Dongyangguang, as the parent company of Guangdong Dongyangguang Technology Holdings, leads a consortium to acquire the Chinese assets of WinTrix DC Group, which was formerly known as Qinhuai Data Group [1] - The consortium includes various institutional investors such as insurance companies and local government funds [1] - Dongyangguang will invest 3.5 billion yuan and 4 billion yuan into the joint venture to complete the acquisition, holding approximately 46.7% of the joint company [2] Group 2: Market Dynamics - The competition for Qinhuai Data's assets is intense, with local buyers attracted to its strategic locations in Beijing, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area, as well as the market potential driven by the AI boom [1][2] - The demand for computing power due to AI training and applications has transformed data centers from a niche infrastructure into highly attractive "computing infrastructure" [1] Group 3: Financial Performance - Qinhuai Data's revenue from ByteDance accounted for 81.7%, 83.2%, and 86.3% from 2020 to 2022, indicating a strong customer base [1] - Dongyangguang's stock price has increased by 113% this year, with a market capitalization of approximately $10.2 billion [2] Group 4: Geopolitical Context - Bain Capital's decision to sell at a high point follows its privatization of Qinhuai Data for $3.2 billion in March 2023, reflecting a strategy to mitigate risks associated with US-China tech decoupling [2] - The investment trends of global tech giants like Meta, Amazon, Microsoft, and Google highlight the strategic importance of data centers as critical resources in the AI era [3]