GDHEC CO.,LTD(SH:600673) 雷峰网·2025-09-16 00:28Core Viewpoint - The acquisition of Qinhuai Data's China operations for 28 billion yuan reflects the valuation bubble among A-share IDC companies, indicating a shift in the financial landscape for the industry [1][10]. Group 1: Acquisition Details - Qinhuai Data's China operations were sold for 28 billion yuan, with the deal led by Dongyangguang Industrial Development Co., supported by insurance investment institutions and local government funds [2][3]. - This marks the third ownership change for Qinhuai in ten years, transitioning from Wangsu Technology to Bain Capital, and now to Dongyangguang, each reflecting new ambitions at different development stages [3][4]. - The acquisition is seen as a dual opportunity for Qinhuai, providing technical synergies with Dongyangguang's expertise in liquid cooling and renewable energy assets [3][8]. Group 2: Market Implications - The transaction signals a growing acceptance of IDC assets by insurance capital, which traditionally favors stable, large-scale real estate investments [10]. - The EV/EBITDA ratio for the acquisition is approximately 13 times, suggesting that A-share IDC companies are overvalued, typically ranging from 20 to 30 times [10]. - The successful completion of this acquisition may pave the way for more insurance capital to enter the IDC sector, similar to trends seen in logistics and long-term rental properties [10]. Group 3: Future Challenges and Opportunities - The acquisition allows Qinhuai to prepare for REITs, aligning with the industry's financialization trend, as IDC operations typically match the REITs' requirements for stable cash flow [12][13]. - However, concerns exist regarding Qinhuai's dependency on major clients, which could impact its revenue stability and the potential success of future REITs projects [15][19]. - The integration of Dongyangguang's resources is expected to help Qinhuai meet the evolving demands of large clients while navigating a competitive IDC landscape [19].