# Qinhuai Data

From Foil to Fiber: Listed Dongyangguang Moves to Fold a RMB 280bn Data‑centre Asset into Its Public Shell

Dongyangguang has moved to acquire control of the vehicle that holds Qinhuai Data’s China business — a RMB 280 billion asset the group helped buy in 2025 — by issuing shares and raising funds. The transaction would bring a top‑tier data‑centre operator into the listed company but raises questions about financing, leverage and governance given Dongyangguang’s heavy borrowings and high shareholder pledge ratios.