The stock price had already surged before the suspension, with a total market value exceeding 100 billion yuan! 600673, planning a major asset restructuring

Reporter ****** | **** Chen Pengli **********

******** Editor ************** | ** Cheng Peng Dong Xing Sheng Du Hengfeng Proofreading ******** | ******** Chen Keming ************************

A $28 billion computing power asset acquisition has just been finalized, and new capital operations are already emerging.

On the evening of February 24, the trillion-dollar market cap company Dongyangguang (SH600673, trading halted) announced that the company is planning to acquire control of Yichang Dongshu No.1 Investment Co., Ltd. (hereinafter “Dongshu No.1”) through issuing shares and raising supporting funds. Since “Dongshu No.1” indirectly holds 100% of Qinhuai Data’s China operations, this move means Dongyangguang plans to officially bring Qinhuai Data into the listed company’s system.

This is just over a month after the joint buyer group led by Dongyangguang’s controlling shareholder completed a cash acquisition of Qinhuai Data’s China business. On January 16, this buyer group announced the completion of the $28 billion cash deal for Qinhuai Data’s China operations, with Dongyangguang investing 3.45 billion yuan and playing a stake role.

From “stakeholding” to now seeking “control,” Dongyangguang’s strategic intent toward Qinhuai Data is shifting. It is reported that Qinhuai Data was once part of Bain Capital’s global data center business. Additionally, Qinhuai Data is a core computing power supplier for ByteDance.

Planned Share Issuance to Seek Control of Qinhuai Data

On the evening of February 24, Dongyangguang announced that the company is planning to acquire control of Dongshu No.1 through issuing shares and raising supporting funds.

Dongshu No.1 was established specifically for acquiring Qinhuai Data, controlling all of Qinhuai Data’s operations in China through its wholly owned subsidiary Yichang Dongshu No.3 Investment Co., Ltd. (hereinafter “Dongshu No.3”). This means that once the transaction is completed, Dongyangguang will shift from an indirect stakeholder to the actual controller of Qinhuai Data’s China business, consolidating this large computing power asset into its financial statements.

The transaction is expected to constitute a major asset restructuring and a related-party transaction but will not change Dongyangguang’s actual controlling shareholder. Dongyangguang’s stock has been suspended since the market opened on February 24 and will remain suspended on February 25, with an expected suspension period of no more than 10 trading days.

This strategic shift comes just over a month after the previous acquisition was finalized. In the initial plan disclosed in September 2025, Dongyangguang clearly stated that after increasing its capital in Dongshu No.1, it would become a stakeholder and indirectly hold shares in Qinhuai Data.

Now, initiating a major asset restructuring indicates that Dongyangguang is no longer content with a stakeholding role but aims to hold the dominant control and core assets of Qinhuai Data. Dongyangguang states that it has signed a “Letter of Intent for Acquisition” with the preliminary transaction counterpart, and the specific transaction method, plan, share price, and valuation arrangements will be negotiated later by all parties.

Qinhuai Data’s Capital Power Struggle

On January 16, led by Shenzhen Dongyangguang Industrial Development Co., Ltd. (hereinafter “Dongyangguang Industrial”), the controlling shareholder of Dongyangguang, and in cooperation with other investors, a buyer group announced the completion of the $28 billion cash acquisition of Qinhuai Data’s China operations. This deal was regarded as one of the largest infrastructure acquisitions in Asia in recent years.

According to the announcement, to complete the acquisition, the buyer group jointly increased capital in the holding platform “Dongshu No.1.” Dongyangguang planned to invest 3.5 billion yuan, and Dongyangguang Industrial invested 4 billion yuan. By the completion of the deal on January 17, Dongyangguang had invested a total of 3.45 billion yuan.

The core target of this capital operation—Qinhuai Data—is China’s leading operator of large-scale data center infrastructure solutions. Previously, Dongyangguang responded to regulatory inquiries from the Shanghai Stock Exchange, stating that according to the China Academy of Information and Communications Technology’s “Analysis Report on China’s Computing Power Center Service Providers (2024),” Qinhuai Data Group, the original owner of the target, ranked second among Chinese IDC service providers in overall scale, capability, and financial health. As of May 2025, the company’s operational data centers had a total IT capacity of 782 MW, with 137 MW under construction.

According to “Daily Economic News,” Qinhuai Data Group was listed on Nasdaq and was privatized in 2023 through a Bain Capital-led buyout. By the end of 2023, Bain Capital successfully took Qinhuai Data Group private at a total valuation of about $3.16 billion, and it was delisted in December 2023.

In September 2025, Dongyangguang Industrial led the acquisition of all of Qinhuai Data’s China operations. Public reports indicate that many Chinese companies competed for Qinhuai Data, but ultimately, Dongyangguang and its controlling shareholder’s buyer group emerged victorious from among numerous bidders.

Public financial data shows that Qinhuai Data’s China operations have performed well in recent years, with revenue of 6.048 billion yuan and net profit of 1.309 billion yuan in 2024. From January to May 2025, revenue reached 2.607 billion yuan, with a net profit of 745 million yuan.

Notably, before the suspension (before the Spring Festival), Dongyangguang’s stock price had already risen sharply. Since February 2026, the stock price has increased by over 38%, including a trading halt on February 12. Before suspension, the stock was trading at 37.80 yuan per share, with a total market value of 113.8 billion yuan.

Additionally, Dongyangguang’s stock price has nearly doubled over the past year.

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