Chindata Group, the third largest carrier-neutral data center operator in China, today announced its Q2 2021 earnings and provided updates on its data center portfolio, utilization, contractual commitments, leasing, development pipeline, and potential geographic expansion.

Financial Performance in Q2 2021 – Chindata Group

In Q2 2021, Chindata Group reported revenue of RMB686m ($106m), a 6.7% increase quarter-over-quarter, and adjusted EBITDA of RMB338m ($52.4m), a 10.0% increase quarter-over-quarter. Therefore, the company’s EBITDA margin was 49.3% in Q2 2021, a ~150 bps improvement quarter-over-quarter.

Full-Year 2021 Guidance

For full-year 2021, Chindata projects revenue of RMB2,780m to RMB2,830m (~$429m to ~$437m). Additionally, the company forecasts adjusted EBITDA of RMB1,350m to RMB1,400m (~$208m to ~$216m). Finally, the mid-point of the company’s guidance implies a year-over-year increase of 53% and 61% in revenue and EBITDA, respectively.

Operational Performance in Q2 2021 – Chindata Group


Chindata operates 15 data centers in China and Malaysia comprising 361 megawatts of IT capacity in-service. During Q2 2021, Chindata’s in-service capacity increased by 24 megawatts, which was primarily attributable to the delivery of its CN11-B development in the Greater Beijing Area.

Geographically, the company has 14 data centers in China and one in Kuala Lumpur, Malaysia.

Chindata Group Data Center Map Q2 2021

Within China, the company’s facilities are clustered around Beijing, including the neighboring provinces of Hebei and Shanxi. Finally, the company is developing a facility in Mumbai, India.

Contracted (In-Service)

In Q2 2021, 91% or 329 megawatts, of Chindata’s data center capacity was contractually committed. This compares to 90%, or 304 megawatts, contracted in Q1 2021.


In Q2 2021, Chindata’s utilization was 251 megawatts, equivalent to a rate of 69.5%, compared to 70.6% in Q1 2021, representing a 1.1% decline.


Chindata targets hyperscale customers, with its two largest clients being ByteDance (owner of TikTok) and Wangsu, a content delivery network (CDN) in China. Additionally, in Malaysia, Chindata has secured Microsoft as a customer. Finally, during Q2 2021, Chindata signed a strategic cooperation agreement with Tencent Holdings, further broadening its customer base.

Development Pipeline

As of Q2 2021, Chindata has 9 data centers under construction comprising 217 megawatts of IT capacity, of which 77% was contracted, including indications of interest (IOIs).

During the quarter, Chindata added 3 new projects to its construction pipeline, with a total capacity of 87 megawatts, and an additional 66 megawatts of capacity with indications of interest (IOIs). New projects added to Chindata’s development pipeline during the quarter include:

  • Greater Beijing Area: CN14 with 20 megawatts of IT capacity and CN15 with 37 megawatts of IT capacity
  • Yangtze River Delta Area: CE03 with 30 megawatts of IT capacity

Of its total 217-megawatt development pipeline, the company expects to deliver 33 megawatts of IT capacity by the end of 2021. Indeed, the remaining 184 megawatts of IT capacity will be ready for service throughout 2022.

Hyperscale Data Center Market Size in Megawatts – By Region

Chindata is pursuing a robust data center development pipeline in Asia-Pacific, which is the fastest growing hyperscale market globally.

Hyperscale Data Center Market Size in 2020 in Megawatts

Delivery Time and Construction Cost

Chindata Group highlights its data center development capabilities, compared to peers:

  • Delivery Time: 6 months for Chindata to deliver a 20+ megawatt data center. Specifically, this compares to an industry average of 9 to 10 months
  • Construction Cost: $3.0m per megawatt for Chindata to construct a 36-megawatt data center. Specifically, this compares to an industry average of $7.0m to $8.0m per megawatt

Geographic Expansion

Chindata notes that it is actively looking and considering opportunities for geographic expansion into other Asia-Pacific markets. Precisely, the company highlights Thailand, Indonesia, Vietnam, and Macau as having potential for the future.

Mary Zhang covers Data Centers for Dgtl Infra, including Equinix (NASDAQ: EQIX), Digital Realty (NYSE: DLR), CyrusOne, CoreSite Realty, QTS Realty, Switch Inc, Iron Mountain (NYSE: IRM), Cyxtera (NASDAQ: CYXT), and many more. Within Data Centers, Mary focuses on the sub-sectors of hyperscale, enterprise / colocation, cloud service providers, and edge computing. Mary has over 5 years of experience in research and writing for Data Centers.


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