On the evening of February 24, Guangdong Hec Technology Holding Co.,Ltd. (600673.SH) announced that the company is planning to acquire control of Yichang Data One Investment Co., Ltd. (hereinafter referred to as "Data One") by issuing shares, while simultaneously raising supporting funds. The announcement clarified that this transaction is expected to constitute a significant asset reorganization and also an associated transaction, but it will not result in a change to the actual controller of Hec Technology. Trading in Hec Technology's shares was suspended at the market open on February 24 and remained halted on February 25, with an expected suspension period not exceeding ten trading days.

This acquisition is not an isolated event but a key follow-up action in Hec Technology's strategic layout in the IDC sector. As early as September 11, 2025, Hec Technology disclosed plans to form a buyer consortium with its controlling shareholder, Shenzhen Hec Industrial Development Co., Ltd. (hereinafter referred to as "Hec Group"), and other joint investors to acquire a 100% equity stake in ChinData Group's China business from Bain Capital for 28 billion yuan in cash. This transaction marked the largest merger and acquisition deal in China's IDC industry to date. On January 16 of this year, this major acquisition achieved a substantial breakthrough. Hec Technology announced that it had completed the acquisition of ChinData's China operations via cash payment for a consideration of 28 billion yuan. As part of this, Hec Technology contributed a total of 3.45 billion yuan to Data One, participating as a minority shareholder.

The current plan to acquire control of Data One by issuing shares is precisely the follow-up measure to the earlier acquisition of ChinData's operational entities in China. The core objective is to formally integrate ChinData into the listed company's structure, thereby completing the entire acquisition process. Data One is a special purpose vehicle established specifically for the ChinData acquisition. Through its wholly-owned subsidiary, Data Three, it indirectly holds a 100% equity stake in the operational entities of ChinData. As a leading operator of hyperscale computing infrastructure solutions in China, ChinData possesses significant strength. Data from the China Academy of Information and Communications Technology shows it ranks second in comprehensive ranking among domestic IDC service providers, following only GDS Holdings Ltd. (9698.HK). Its business footprint covers key regions including the Beijing-Tianjin-Hebei area, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, Zhongwei, and Qingyang. It is also a core computing power supplier for ByteDance.

Specifically, the main operational entities of ChinData include Wutong Data Base Technology Co., Ltd., Hebei Sigma Data Technology Co., Ltd., Datong Qinshu Information Technology Co., Ltd., Sigma (Shanghai) Data Co., Ltd., Nantong Sigma Data Technology Co., Ltd., Zhangjiakou Sigma Data Co., Ltd., Shanghai Flex Data Technology Co., Ltd., and Hebei Qinshu Information Technology Co., Ltd., among others. Financial data indicates strong performance for ChinData's China operations in recent years. Its revenue for 2024 was 6.048 billion yuan, with a net profit of 1.309 billion yuan. For the period from January to May 2025, revenue reached 2.608 billion yuan, with a net profit of 745 million yuan.

Data from Qichacha shows that, as of now, Data One has a total of 19 shareholders. Besides Hec Technology, these include local state-owned assets entities such as those from Yidu City, Foshan City, and Fujian Province, as well as institutions and listed companies like Yunfeng Capital and Pingtan Development (000592.SZ). The largest shareholder is Yichang Hec Oriental One Data Investment Operation Partnership (Limited Partnership), holding a 33.913% stake. This partnership is controlled by the central state-owned enterprise China Orient Asset Management Co., Ltd. (holding 51.2761%), while Hec Group holds a 48.7187% stake in the partnership. As the second-largest shareholder of Data One, Hec Technology currently holds a 30% stake. Based on this calculation, the combined shareholding of Hec Technology and its concert party, Hec Group, is approximately 46.52%.

Hec Technology stated that the company has already signed a "Acquisition Intent Agreement" with the preliminarily identified counterparties. Specific details of the transaction, including the method, scheme, share issuance price, and transaction valuation, will be determined through subsequent negotiations among the parties involved. Zhang Yushuai, Chairman of Hec Group, stated that the acquisition of ChinData is a significant step for the group in actively integrating into the national "East Data West Computing" strategy and serving the construction of a national integrated computing power network. In the future, the focus will be on promoting resource integration between the two parties in areas such as liquid cooling materials, AIDC, and clean energy, jointly building an integrated digital infrastructure ecosystem encompassing "green power - hardware - computing power - AI - operations." Since the end of 2025, Hec Group, in collaboration with ChinData, has successively signed cooperation agreements with cities including Shaoguan, Ulanqab, and Yichang, accelerating the deployment of green and intelligent computing power centers.

The capital market has also shown considerable recognition and anticipation for the prospects of Hec Technology's computing power business layout. Since the beginning of 2026, Hec Technology's stock price has performed strongly. Wind data shows a cumulative increase of 68.52%. Prior to the trading halt, Hec Technology's stock price was reported at 37.80 yuan per share, with a total market capitalization of 113.761 billion yuan.