Layout of Computing Power Synergy Solution Released, Yueneng Holdings Plans to Invest 1.1 Billion Yuan to Take a Stake in Xiantian Computing Power

Caixin 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, into Xiantian Computing Power (Henan) Technology Co., Ltd. (“Xiantian Computing Power”), to indirectly acquire shares in Zhengzhou Heying.

From the initial strategic concept to the disclosure of details, this process has taken over a month. This announcement marks a significant step for this traditional thermal power company into the field of computing infrastructure.

Earlier this week, Caixin reporters contacted the company as investors to inquire about the progress of related business. 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 plans to invest 1.1 billion yuan of its own funds to increase capital in Xiantian Computing Power, while Henan Investment Group will invest 1.4 billion yuan. After the capital increase, Henan Investment Group 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, at a transaction price of 9.412 billion yuan. After the transaction, Henan Investment Group will remain the controlling shareholder of Xiantian Computing Power, and Yunnan Energy Holdings will become a shareholder, with Xiantian Computing Power holding Zhengzhou Heying.

On the evening of February 10, Yunnan Energy Holdings announced its plan to jointly increase capital in Xiantian Computing Power with Henan Investment Group, and to acquire Zhengzhou Heying’s controlling stake through it. At that time, the transaction was still in planning, with key details such as the amount of capital increase and shareholding ratio yet to be determined. Subsequently, the company’s stock price began a continuous rise, 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 includes three major new green computing clusters in the Beijing-Tianjin-Hebei core demand area. The company has an IT capacity of approximately 1,262 MW in operation and planning, with 579 MW delivered by the end of February 2024. The on-shelf rate has steadily increased from 27% in 2024 to 79%, and is expected to reach a guaranteed on-shelf rate ceiling of 93% by 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 of customer servers and the fact that data center operating costs are mostly fixed, the net profits of the target company in 2024 and 2025 have not yet reached stable profitability levels.

For traditional thermal power companies like Yunnan Energy Holdings, investing in IDC enterprises has clear industry synergy logic. As of the mid-2025 semi-annual report, the company’s thermal power installed capacity accounted for 91.3% of total capacity. Its main business remains thermal power generation, with wind and solar power gradually increasing. However, uncertainties in power consumption and electricity prices pose industry development challenges. The company believes that future power consumption and electricity price trends face significant uncertainty, and there is an urgent need to extend downstream to the load side to cultivate a stable electricity demand 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 for computing operations, effectively hedge against fluctuations in power volume and electricity prices, and achieve efficient coordination between the main power business and load side development.

However, Yunnan Energy Holdings also noted that the company is only a shareholder in Xiantian Computing Power, not involved in its specific operations, nor does it 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 to the listed company within the next 36 months. After the transaction, the company’s main business will remain thermal power generation, with no significant changes.