Hong Kong-listed hyperscale data center developer and operator Zhi Sheng Group Holdings Limited today announced that a member of its target acquisition group, Haoyang Data Centre 1 (Thailand) Limited (“HYDC1”), has secured a seven-year US$590 million loan from a Thai bank to fund the construction of its hyperscale AI data center in Thailand’s Eastern Economic Corridor.
HYDC1 occupies a land parcel of approximately 140,302 square metres with first-phase completion targeted within the next six months, paving the way for phased delivery in 2027.
In July 2026, HYDC1 entered into a 10-year data centre colocation services agreement with a leading internet company, representing a contract value of approximately US$1.6 billion (excluding electricity charges). The contract is estimated to account for approximately one-third of the total rental revenue expected upon full completion of the project, said a statement from the firm.
Lai Ningning, CEO and Executive of Zhi Sheng Group, said, “We are honoured to secure this major financing facility and to team up with Mr. Chatchaval as our trusted partner in Thailand. His extensive business acumen and deep local network are invaluable in expanding our business and driving project localisation, enabling us to deliver a world-class AI data centre tailored for the Thai market. As we advance towards first-phase delivery, we remain fully focused on execution to generate sustainable cash flows and long-term value for our partners and shareholders.”
Chatchaval Jiaravanon, a strategic partner of Zhi Sheng Group and Chairman of HYDC1, said, “This milestone financing is a strong testament to our project’s solid fundamentals, rigorous compliance, and execution capability. As we accelerate towards first-phase delivery within six months, this backing reinforces our shared commitment with Zhi Sheng Group to capture Asia’s booming AI computing demand through high-performance data centre infrastructure.”
Chatchaval is a key member of the family that controls Charoen Pokphand Group (CP Group), one of Asia’s largest diversified conglomerates, and the owner of Fortune magazine. He is also one of the Group’s largest shareholders and a strategic partner to the Group’s Thailand data center project.
Zhi Sheng Group has footprint spanning mainland China and Southeast Asia, with computing campuses in Hohhot and Xilin Gol, Inner Mongolia, and in Rayong, Thailand.