Up 192% this year! Yueneng Holdings plans to invest 1.1 billion yuan to increase capital in computing power company

Yunnan Energy Holdings plans to invest 1.1 billion yuan to increase capital in Chuantian Computing Power and indirectly hold shares in Zhengzhou Heying.

On the evening of March 20, Yunnan Energy Holdings (001896) announced that the company and its controlling shareholder, Henan Investment Group, will jointly increase capital in Chuantian Computing Power. Yunnan Energy Holdings will contribute 1.1 billion yuan from its own funds, holding a 42.29% stake; Henan Investment Group will invest 1.4 billion yuan, holding a 57.71% stake.

Chuantian Computing Power intends to acquire a total of 91.2% equity in Zhengzhou Heying either independently or jointly with other investors, with a transaction price of 9.412 billion yuan. The equity acquired by Chuantian Computing Power will not be less than 55% of Zhengzhou Heying’s total equity. After the transaction, Henan Investment Group will remain the controlling shareholder of Chuantian Computing Power, and the company will become a shareholder of Chuantian Computing Power, which will hold a controlling stake in Zhengzhou Heying.

Yunnan Energy Holdings is the only provincial-level comprehensive energy listed company in Henan Province, integrating thermal power, new energy, energy storage (pumped storage), coal trade logistics, and integrated energy services. On the morning of February 11, after the company disclosed a preliminary announcement about planning to invest in shares and related-party transactions, its stock price surged significantly, reaching seven consecutive daily limit-ups. Since the beginning of this year, the stock price has increased by 192%, and the company has issued multiple announcements regarding abnormal stock movements. On March 21, Yunnan Energy Holdings closed at 15.22 yuan per share, with a total market value of 23.2 billion yuan.

The announcement shows that Zhengzhou Heying mainly engages in third-party ultra-large-scale data center services. Its data centers are mainly located in Huailai County, Zhangjiakou City, Hebei Province, and Langfang City, situated at the Beijing-Tianjin-Hebei node, serving the real-time computing power needs of the capital and surrounding areas. The company has deployed new green computing clusters in Huailai County’s Heyi Data (Huailai) Science and Technology Industrial Park, Sangyuan Town’s Heyi Data (Huailai) Wisdom Valley Computing Power Industrial Park, and Langfang’s Heyi Data (Langfang) Airport Economic Zone Big Data Industrial Park.

Yunnan Energy Holdings stated that by investing in Chuantian Computing Power, the company aims to develop computing infrastructure, streamline the “generation—sale—use” electricity supply chain, effectively hedge against fluctuations in electricity volume and prices, and achieve efficient coordination between its main power generation business and load side. The company will only hold shares in Chuantian Computing Power and will not consolidate its financial statements or participate in its operational management. After the transaction, the company’s main business remains thermal power generation, and its fundamentals and core operations will not undergo significant changes.

The recent 2025 performance forecast disclosed by the company predicts a net profit attributable to the parent of 305 million to 391 million yuan during the reporting period, compared to a loss of 121 million yuan in the same period last year. The company stated that the increase in net profit is mainly due to lower generation costs and improved thermal power operations.

It is worth noting that this transaction does not include performance commitments or performance bets. Yunnan Energy Holdings indicated that due to industry policy changes and market demand fluctuations, Zhengzhou Heying may face certain operational risks and the potential risk of not meeting investment expectations.

Additionally, Yunnan Energy Holdings reminded that Zhengzhou Heying’s operational projects have been completed and delivered over the past two years, but customer server deployment is still in the ramp-up phase, and whether the expected deployment rate can be achieved remains uncertain. Zhengzhou Heying’s customer concentration is high, and there is uncertainty regarding the development of new customers with certain demand scales during this period.

(Source: Securities Times)