Chindata Group Holdings Limited (Nasdaq: CD), the third largest carrier-neutral data center operator in China, today announced its Chief Executive Officer (CEO), Mr. Jing Ju, effective immediately, would no longer serve in the CEO position, or member of the Company’s Compensation Committee and the Corporate Governance and Nominating Committee. After this change, each of the Compensation Committee and the Nominating and Corporate Governance Committee will now have two members.
The Board of Directors thanks Mr. Ju for his contributions and dedication to the Company. Chindata Group remains committed to providing innovative, industry-leading data center solutions, and contributing to the important infrastructure of the data center economy in China and other emerging markets in the Asia-Pacific region.
Mr. Fei Xu will serve as the interim CEO, while the search for a permanent CEO will commence immediately. Mr. Xu is currently an Executive Vice President and a member of the Portfolio Group for Bain Capital Private Equity, with extensive experience with Industrial and TMT sectors in developing China growth strategy as well as managing post-merger integrations.
Dgtl Infra – Commentary
As of early Friday (12/3) trading, Chindata’s stock price was down 25%+ on the news. Also, check-out Dgtl Infra’s coverage of Chindata’s Q3 2021 earnings here.
Financial Performance in Q3 2021 – Chindata Group
In Q3 2021, Chindata Group reported revenue of RMB741m ($115m), a 7.9% increase quarter-over-quarter, and adjusted EBITDA of RMB368m ($57.2m), an 8.8% increase quarter-over-quarter. Therefore, the company’s EBITDA margin was 49.7% in Q3 2021, a ~40 bps improvement quarter-over-quarter.
Full-Year 2021 Outlook – Reiterated Guidance
For full-year 2021, Chindata projects revenue of RMB2,780m to RMB2,830m ($431m to $439m). Additionally, the company forecasts adjusted EBITDA of RMB1,350m to RMB1,400m ($210m to $217m). Finally, the mid-point of the company’s guidance implies a year-over-year increase of 53% and 61% in revenue and EBITDA, respectively.