On September 10, a consortium led by HEC Group, together with institutional investors including insurance companies and local government funds, signed a definitive agreement with Bain Capital to acquire Chindata for US$4 billion.

This transaction — the largest M&A deal to date in China's data center industry — underscores the market's confidence in the value of Chindata's assets and long-term growth potential. It also introduces unique industrial resources and new capabilities that will empower us in this critical era where the AI revolution and the energy revolution converge.

Chindata CEO, Wu Huapeng, commented: “The partnership between HEC and Chindata represents a strong resonance between industry and compute infrastructure in areas such as green development, technology innovation, strategic planning, and shared values. By combining Chindata's leadership in advanced cooling technologies with HEC's expertise in liquid-cooling materials and precision manufacturing, we will drive a new model of power–compute synergy and set new benchmarks for sustainable development. Together, we will reinforce Chindata's position as a leading player in the national 'Eastern Data, Western Computing' initiative and unlock broader opportunities across the AI industry value chain.”

Adding his perspective, Zhang Yushuai, Chairman of HEC Group, highlighted: “ This acquisition is a key step for HEC to participate in this national strategy and advance the integrated computing network. After completion, we will prioritize continuity and stability. By combining HEC's strengths in liquid-cooling with Chindata's capabilities, we will build a collaborative ecosystem — from green power to AI and operations — and deliver hyperscale, intelligent, and sustainable computing infrastructure as a foundation of the digital economy.”

Jonathan Zhu, a Partner and Chair of China at Bain Capital, said: “Chindata’s journey reflects Bain Capital’s strategy of partnering with outstanding management teams to build category-defining infrastructure platforms. Today, Chindata has evolved into one of China’s leading digital infrastructure platforms, with unmatched scale and technical capabilities. We believe HEC will continue to build on this legacy, bringing its strong industrial capabilities to support the next phase of Chindata’s development.”

Looking ahead, Chindata will continue to build sustainable hyperscale infrastructure — advancing modular design, smart operations, and energy–compute integration — while expanding our role at the heart of China's digital economy.

This milestone marks not just a new chapter for Chindata, but also a step forward for the sustainable future of AI-ready infrastructure.