Haoyang Secures $590M Loan to Develop AI Data Center in Thailand

$590M Loan to Support Data Center Development

According to a November 5 filing by Zhi Sheng Group Holdings to the Hong Kong Stock Exchange, Haoyang Data Center 1 entered into financing agreements with a leading Thai commercial bank. The bank's name was not disclosed.

The financing includes a US dollar term loan of up to $590 million, with an initial term of seven years and five months. The loan will support construction and development costs for the project's first phase, including land, buildings and equipment.

Additionally, the company secured a THB610 million ($18.8 million) facility to meet working capital requirements. The availability of both facilities is subject to the conditions outlined in the financing agreement.

Project Located in Thailand's Eastern Economic Corridor

The data center project is being developed in Thailand's Eastern Economic Corridor (EEC), a key economic and industrial development region.

Thai investment authorities previously approved a proposal from Beijing Haoyang Cloud Data Technology for a 300-megawatt data center in Rayong province.

The planned facility is expected to contribute to Thailand's growing data center capacity as demand for artificial intelligence (AI), cloud computing and digital services increases across Southeast Asia.

Zhi Sheng's Acquisition Remains Incomplete

In September 2026, Zhi Sheng Group Holdings agreed to acquire the target company connected to Haoyang Data Center 1. However, the acquisition had not been completed when the financing agreement was announced.

In its filing, Zhi Sheng clarified that neither the target company nor Haoyang Data Center 1 was a subsidiary of the group at that time. The company also stated that there was no certainty that the acquisition would be completed.

Therefore, the newly secured financing directly supports Haoyang Data Center 1 and does not confirm that Zhi Sheng owns or controls the project company.

Zhi Sheng described the financing agreement as an important milestone for the project while advising shareholders and potential investors to exercise caution regarding the proposed acquisition.

Thailand Strengthens Its Data Center Infrastructure

Thailand has been attracting major investments in data centers and cloud infrastructure as technology companies seek to expand their regional operations.

The country's Board of Investment has approved several large-scale infrastructure projects, with Bangkok and the Eastern Economic Corridor emerging as important locations for data center development.

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