TLDRs:
- ByteDance-linked data center firm Range Intelligent is exploring a secondary listing in Hong Kong.
- The move aligns with China’s push to reduce dependency on U.S. financial markets.
- Hong Kong’s data center market is booming, offering a strong incentive for expansion.
- Range Intelligent’s transformation reflects China’s tech self-sufficiency drive.
A major Chinese data center firm with ties to ByteDance is reportedly in early talks to pursue a secondary listing in Hong Kong, signaling a strategic pivot as China’s tech ecosystem seeks to deepen its regional presence and reduce exposure to Western financial scrutiny.
Range Intelligent Eyes Hong Kong
Range Intelligent Computing Technology Group Co., a Shenzhen-listed company valued at approximately US$10.3 billion, has quietly initiated discussions with potential advisers about selling shares in Hong Kong. While a final decision has yet to be made, the potential listing would come as Hong Kong’s data center sector accelerates in global relevance, buoyed by surging demand for artificial intelligence and cloud computing infrastructure.
Based in Langfang, Range Intelligent has evolved into a key player in China’s digital backbone, operating advanced data centers that support AI-heavy operations. One of its most prominent clients is ByteDance, the tech giant behind TikTok, which increasingly requires high-performance computing to fuel its expansive content and AI services.
Strategic Move Tracks Regional Financial Trends
Range Intelligent’s potential move reflects a broader trend among mainland Chinese companies pivoting toward Hong Kong to raise capital. The city has reemerged as a preferred listing destination in 2025, with 40 IPOs raising over HK$108 billion in the first half of the year. The trend is driven in part by China’s push to decouple from U.S. capital markets, reinforcing Hong Kong as a gateway for international investment without subjecting firms to Western regulatory regimes.
This shift comes in the wake of other notable cross-border listings, such as the US$5.3 billion raise by battery giant CATL. By securing a foothold in Hong Kong, Range Intelligent could increase liquidity, boost investor confidence, and position itself to expand its international footprint while maintaining alignment with domestic policy priorities.
Tapping into a Booming Data Center Market
The timing may be ideal. Hong Kong’s data center industry is projected to grow at an annualized rate of over 8 percent, reaching a total capacity of 2,100 megawatts by the end of the decade. Colocation revenue alone is expected to rise from US$1.4 billion in 2025 to more than US$2.5 billion by 2030. Much of this demand is being driven by AI and cloud adoption across the Asia-Pacific region.
Range Intelligent’s strong presence in AI data infrastructure places it in a favorable position to capitalize on this growth. In Hong Kong, areas such as Tseung Kwan O have emerged as prime locations for data centers due to their proximity to subsea cable hubs and resilient power supply. For a company focused on AI workloads, where latency and data transfer speeds are critical, expanding into this ecosystem could unlock significant growth.
Transformation Aligned with National Tech Agenda
Originally founded in 2009 as a packaging company, Range Intelligent has undergone a substantial transformation in recent years. Its pivot toward data services mirrors China’s national agenda to foster self-sufficiency in strategic technologies like AI, cloud computing, and 5G. It now operates both traditional Internet Data Centers and specialized Artificial Intelligence Data Centers tailored for machine learning and high-density computing.
Earlier this year, the firm’s stock experienced a sharp rally fueled by investor excitement around China’s DeepSeek AI initiative. Although the shares have since cooled off by nearly 40 percent from their February peak due to tempered growth forecasts, the company remains a symbol of China’s ambitions to dominate next-generation infrastructure.
