Bain Capital agreed to sell its China data center business, WinTrix DC Group’s Chindata operations, to a consortium led by Shenzhen Dongyangguang Industry (HEC) for US$4 billion. The deal represents the largest merger and acquisition in China’s data center sector to date and highlights the sustained appetite for large-scale, next-generation digital infrastructure in the market.
Founded in 2018, Chindata has grown into one of China’s largest hyperscale data center platforms, with facilities across the Greater Beijing, Yangtze River Delta, and Greater Bay economic regions. The platform has played a significant role in supporting the country’s cloud adoption and AI-driven digital transformation. For Bain, the transaction marks both an exit from China operations and a milestone in scaling hyperscale infrastructure across Asia, Europe, and North America.
The consortium includes HEC alongside institutional investors, insurance companies, and local government funds. By acquiring Chindata, the group aims to expand its presence in China’s rapidly growing data economy. Jonathan Zhu, Partner and Chair of China at Bain Capital, stated: “Chindata’s journey reflects Bain Capital’s strategy of partnering with outstanding management teams to build category-defining infrastructure platforms. We believe HEC will continue to build on this legacy, bringing its strong industrial capabilities to support the next phase of Chindata’s development.”
• Transaction valued at US$4 billion, the largest data center M&A in China’s history
• Chindata operations span Beijing, Yangtze River Delta, and Greater Bay regions
• Buyer consortium led by HEC with participation from institutional and government funds
• Bain Capital to continue hyperscale expansion efforts across Asia, Europe, and North America
🌐 Analysis: For Bain, the exit reflects a strategic pivot to scale its hyperscale infrastructure presence beyond China, while for HEC, the acquisition signals China’s state-backed push to strengthen sovereign control of critical digital infrastructure. Similar moves are unfolding across Southeast Asia, where sovereign wealth funds and local industrial groups are stepping up investments in AI-ready data centers.
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