GDHEC CO.,LTD(SH:600673) 证券时报·2025-09-10 14:41Core Viewpoint - The article discusses a significant transaction in the computing power industry involving Dongyangguang and its investment in Dongshu Yihua, which will lead to the acquisition of Qinhuai Data China, a major player in the data center sector [2][3][11]. Group 1: Transaction Details - On September 10, Dongyangguang announced an investment of 35 billion and 40 billion yuan into Dongshu Yihua, resulting in ownership stakes of 46.6654% and 53.3332% respectively [2]. - The investment will be funneled into Dongshu Yihua's subsidiary, Dongchuang Future Data, which will use the funds to acquire 100% of Qinhuai Data China for 280 billion yuan [2][3]. - Following the completion of this transaction, Dongyangguang will become a shareholder in Dongshu Yihua, indirectly holding a stake in Qinhuai Data China [3]. Group 2: Qinhuai Data's Market Position - Qinhuai Data is recognized as a leading player in the computing power sector, consistently ranking among the top ten service providers in China according to the China Academy of Information and Communications Technology [7]. - The company has established itself as one of the largest third-party IDC operators in the "East Data West Computing" project and has expanded its presence internationally, including in Malaysia and India [8]. - Qinhuai Data serves as a primary data center service provider for ByteDance and went public on NASDAQ in October 2020, becoming the third domestic IDC supplier to list in the U.S. [8]. Group 3: Financial Overview - As of May 2023, Qinhuai Data reported total assets of 21.871 billion yuan and net assets of 9.504 billion yuan, with projected revenues of 6.048 billion yuan and net profits of 1.309 billion yuan for the fiscal year 2024 [10]. - In the first five months of 2023, the company achieved revenues of 2.607 billion yuan and net profits of 745 million yuan [10]. - The total equity of Qinhuai Data China is valued at approximately 29.093 billion yuan, with the acquisition price set at 28 billion yuan [10]. Group 4: Strategic Implications - The transaction aligns with Dongyangguang's strategic goals, allowing for rapid entry into the data center sector and fostering a collaborative ecosystem with Qinhuai Data [11]. - The integration of resources is expected to enhance both companies' capabilities in the data center field, particularly in providing AI-driven solutions and leveraging clean energy resources [10][12]. - The chairman of Shenzhen Dongyangguang emphasized that this acquisition is a crucial step in supporting the national "East Data West Computing" strategy and aims to establish a large-scale green intelligent computing center [12].