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Bain’s 2024 search for new backers was a preliminary effort involving selected Chindata data centers, not a completed sale. The story later shifted to a proposed sale of all of WinTriX’s China operations: Bain announced a binding agreement in September 2025, but the sources available through September 27, 2026 do not establish that the transaction closed.
What Bain was considering in 2024
Bloomberg, in a report republished by Data Center Knowledge on March 28, 2024, said Bain Capital was working with advisers to find partners for some of Chindata’s data centers. The contemplated arrangement could involve selling ownership rights in selected facilities while charging fees to maintain and operate them. The report described discussions as preliminary and said no final decision had been made. Bain declined to comment.
That structure would have brought in capital at the asset level without being the same as selling the entire company. Data Center Knowledge’s account of the Bloomberg report said mainland China generated about 90% of Chindata’s revenue and cited expected EBITDA of about US$600 million. Those figures describe the 2024 reporting, not a later audited result. The proposed partner search should therefore be understood as a possible capital-recycling step, not evidence that a transaction had occurred.
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How Chindata became a Bain-owned platform
Bain launched Bridge Data Centres in 2017. In April 2019, it acquired Chindata and merged it with Bridge Data Centres to create a pan-Asian hyperscale data-center platform. The combined company completed an IPO in 2020, according to Bain’s 2023 privatization announcement.
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In 2023, Bain agreed to take Nasdaq-listed Chindata private for US$4.30 per ordinary share, or US$8.60 per American depositary share (ADS). Reuters later described the take-private as a US$3.16 billion transaction. Bain’s announcement cited Chindata’s first-quarter 2023 results: 537MW of utilized data-center capacity and RMB1.44 billion in quarterly revenue. Those operating figures are for that quarter, not current capacity or revenue.
Why the story changed from partners to a full China-business sale
By May 2025, Reuters was reporting a sale process for WinTriX’s China business, formerly Chindata. The process could value the business at more than US$4 billion, according to people cited by Reuters, who also estimated 2025 EBITDA at close to 4 billion yuan. These were source-based estimates during a sale process, not a confirmed purchase price or reported final earnings.
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Bloomberg reported on August 29, 2025 that local bidders, including Range Intelligent Computing Technology Group, had submitted binding bids for the China assets. On September 10, Bain announced that WinTriX had entered a binding agreement to sell 100% of its China operations to a consortium led by Shenzhen Dongyangguang Industry Co., Ltd. (HEC), with institutional investors that included insurance companies and local government funds.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsBain put the agreed transaction value at US$4 billion and called it the largest M&A deal in China’s data-center industry. Reuters’ earlier figure was a possible valuation above US$4 billion; Bain’s later figure was the announced value of the binding agreement. Neither should be mistaken for proof that the sale has closed. The reported 2025 EBITDA estimate and announced transaction value also use different measures and should not be treated as a simple price-to-earnings comparison.
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The change in scope matters: the 2024 report concerned potential partners for selected facilities, whereas the 2025 agreement covers all of WinTriX’s China operations. Bain’s announcement described Chindata as having evolved into a leading China digital-infrastructure platform. Reporting linked rising valuations to demand for data-center capacity associated with AI, but that market context does not establish the buyer’s specific investment rationale.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who owns the China data centers now?
The latest ownership event established by the sources cited here is the binding sale agreement announced by Bain on September 10, 2025. It names an HEC-led consortium as the buyer, but a signed agreement is not the same as a completed transfer. Those sources do not confirm whether closing or any subsequent change in ownership occurred by September 27, 2026, so the consortium should be described as the agreed buyer, not asserted as the confirmed current owner.
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The announced transaction covers WinTriX’s China operations. It does not, on the information Bain announced, establish a sale of Bridge Data Centres’ separate Southeast Asia and India footprint. The distinction is important because Chindata and Bridge Data Centres had once been combined into a pan-Asian platform.
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