Déploiement d'une solution synergique de calcul, Yuyu Energy Holdings prévoit d'investir 1,1 milliard de yuans pour participer au capital d'Xiantian Computing Power | Lecture rapide des annonces

Finance China News, March 21 (Reporter Zhang Liande) Yunnan Energy Holdings (001896.SZ) announced yesterday evening that the company plans to invest 1.1 billion yuan to jointly increase capital with its controlling shareholder, Henan Investment Group, in Xiantian Computing Power (Henan) Technology Co., Ltd. (“Xiantian Computing Power”), achieving indirect equity participation in Zhengzhou Heying.

This transaction, from initial strategic planning to disclosure of details, took over a month. The announcement marks a significant step for this traditional thermal power enterprise into the field of computing infrastructure.

Earlier this week, a reporter from Finance China contacted the company as an investor to inquire about related business progress. Company staff stated, “Currently, the company has no sales of computing power, and the specific benefits are still uncertain.”

The announcement shows that Yunnan Energy Holdings intends to increase capital in Xiantian Computing Power with its own funds of 1.1 billion yuan, while Henan Investment Group will contribute 1.4 billion yuan. After the capital increase, the latter will hold 57.71% of the shares, and Yunnan Energy Holdings will hold 42.29%. Xiantian Computing Power will act as the lead, independently or jointly with other investors, to acquire 91.2% of Zhengzhou Heying Data Co., Ltd. (“Zhengzhou Heying”), with Xiantian Computing Power acquiring no less than 55% of the shares for a transaction price of 9.412 billion yuan. After the transaction, Henan Investment Group will remain the controlling shareholder of Xiantian Computing Power, which will become a shareholder of Xiantian Computing Power, and Xiantian Computing Power will hold Zhengzhou Heying.

On the evening of February 10, Yunnan Energy Holdings issued an announcement that it planned to jointly increase capital in Xiantian Computing Power with Henan Investment Group and use it as the acquisition vehicle to obtain Zhengzhou Heying’s controlling stake. At that time, the transaction was still in planning stages, with core details such as the amount of capital increase and shareholding ratio yet to be determined. Subsequently, the company’s stock price began to rise continuously, with a maximum increase of over 150%.

Data shows that Zhengzhou Heying mainly engages in third-party ultra-large-scale data center services. Its core assets include 36 subsidiaries located in Zhangjiakou and Langfang, Hebei. Its layout of three new green computing clusters is situated in the core areas of Beijing-Tianjin-Hebei computing demand. The company has an IT capacity of approximately 1,262 MW in operation and planning. By the end of February 2026, 579 MW will have been delivered, with the on-shelf rate steadily increasing from 27% in 2024 to 79%, and it is expected to reach a guaranteed on-shelf rate ceiling of 93% in 2027.

The announcement shows that Zhengzhou Heying achieved operating revenues of 910 million yuan and 1.425 billion yuan in 2024 and from January to October 2025, respectively, with net profits of 61.88 million yuan and 96.87 million yuan. The company stated that, due to ongoing deployment work for customer servers and the fact that data center operating costs are mostly fixed, the net profit of the target company has not yet reached a stable profit level for 2024-2025.

For traditional thermal power enterprises like Yunnan Energy Holdings, equity participation in IDC companies has a clear industry synergy logic. As of the semi-annual report in 2025, the company’s thermal power installed capacity accounted for 91.3% of total installed capacity. Its main business remains thermal power generation, with wind and solar power gradually increasing. However, uncertainties in power consumption and electricity price trends have become industry pain points. The company believes that future power consumption and electricity prices face significant uncertainties and urgently need to extend to downstream load sides to cultivate a stable electricity consumption base.

Data centers, as high-energy-consuming infrastructure, are characterized by stable power demand, large demand scale, and long operational cycles, making them high-quality downstream load users in the power industry. Yunnan Energy Holdings stated that this layout can connect the “generation-sales-use” electricity chain, empowering power supply capacity to support computing power operations, effectively hedge against fluctuations in power volume and electricity prices, and achieve efficient coordination between the power main business and load side development.

However, Yunnan Energy Holdings also stated that the company is only a shareholder in Xiantian Computing Power and does not participate in its specific operations nor consolidate its financial statements. After confirming with the controlling shareholder, Henan Investment Group will not transfer the control of Xiantian Computing Power and Zhengzhou Heying within the next 36 months into the listed company. After the transaction, the company’s main business will remain thermal power generation, with no significant changes.