Data center operator Leon Technology Co., Ltd. (300603.SZ) is seeking to strengthen its computing power business footprint in the Yangtze River Delta region. On the evening of September 15, the company announced that its subsidiary Kunshan Cloud Data plans to acquire 100% equity of Boxi Data from Bosheng Data for 193 million yuan. Upon completion of the transaction, Boxi Data would become a subsidiary under Leon Technology.
According to the announcement data, Boxi Data, established just over a year ago, has yet to generate any revenue. In response, Leon Technology stated that the target company is currently in its project construction phase, and therefore has not produced operating income yet.
The acquisition target appears to be connected to Bohao Data, a leading intelligent computing center service provider in China. Since March this year, Boxi Data has obtained multiple new administrative permits, all related to the Bohao Kunshan Computing Power Center project — one of Bohao Data's key initiatives in the Yangtze River Delta. The project is located on an industrial plot south of Xingpu Road and east of Wangxing Road in Lujia Town, Kunshan City, which matches the geographic location of Boxi Data's core assets as disclosed in Leon Technology's announcement.
Information from the Kunshan municipal government website indicates that the Bohao Kunshan Computing Power Center project underwent capacity expansion in August 2025, and once operational, its business capabilities could radiate from Kunshan across the entire Yangtze River Delta region.
Additional links appear to exist between Boxi Data and Bohao Data. The counterparty in this transaction, Bosheng Data, is wholly owned by BHDS HOLDING (HONG KONG) LIMITED — the same shareholder behind Bohao Data Information Technology (Guangzhou) Co., Ltd., which is registered under Fan Bin, the legal representative of Bohao Data. Furthermore, Boxi Data and Bohao Data Information Technology (Guangzhou) share the same corporate phone number, and the legal representative of Boxi Data, Peng Jun, shares the same name as the vice president of Bohao Data Group.
Whether Leon Technology's proposed acquisition of Boxi Data is specifically aimed at securing the Bohao Kunshan Computing Power Center project remains an open question. When contacted after market close on September 16, a company representative stated: "Everything should be based on the company's official announcements."
Notably, director Ge Liangdi cast a dissenting vote against the resolution to acquire 100% of Boxi Data. According to Wind data, beyond her directorship at Leon Technology, Ge Liangdi also serves as vice president of the China Women Entrepreneurs Association, vice president of the Beijing Women Entrepreneurs Association, vice president of the Beijing Chaoyang District Women's and Children's Public Welfare Charity Promotion Association, and as a member of the Women Directors Professional Committee of the China Association for Public Companies.
Ge's stated reasons for opposing the acquisition were that the board failed to provide directors with essential materials for reviewing the proposal, including information on Boxi Data's actual controller, the financial due diligence report from BDO China, and Leon Technology's project feasibility analysis. She argued that the absence of key decision-making information made it impossible to adequately evaluate the project's viability and associated risks.
Leon Technology, however, maintains that it provided all directors with the necessary reference materials for reviewing the proposal and responded to and clarified directors' requests for supplementary information. The company argues that this transaction does not fall under circumstances where relevant laws and regulations mandate an audit of the target, and that a due diligence report is not a statutory requirement for board review of such investment matters under applicable regulations. The company stated it had conducted prudent verification work on the target company.
Lawyer Zhao Jingguo of Shanghai Xinben Law Firm believes Ge Liangdi's grounds for opposition are fundamentally valid. The target company is an under-construction computing power project company with no revenue and net assets of approximately 193 million yuan, and since the seller is wholly owned by BHDS HOLDING (HONG KONG) LIMITED, the actual control structure, the BDO financial due diligence report, and the project feasibility analysis all constitute critical decision-making information. The director's dissenting vote on grounds of "missing key decision-making information" is substantively reasonable.
Regarding the company's response, Zhao noted that while Leon Technology's procedural response appears compliant, its statement that it had "already provided relevant reference materials" was overly general — failing to specify what was provided and when, and not addressing the absence of information regarding Boxi Data's actual controller or the feasibility analysis. Therefore, the company cannot demonstrate that it has met its duty of diligence.
This is not the first time Leon Technology has drawn regulatory attention over acquisition matters. According to a company disclosure from February 2023, the Xinjiang Securities Regulatory Bureau ordered Leon Technology to take corrective measures following its acquisitions of Hangzhou Wochi Technology Co., Ltd. and Guangzhou Dayi Internet Network Technology Co., Ltd., citing the company's failure to fully grasp the specific business operations of the two subsidiaries and its lack of effective management control and integration.