Princeton Digital Group (PDG), the Singapore-based data centre operator, is working with CICC as it attempts to carve out its China assets for sale, according to four sources familiar with the matter.

The Warburg Pincus-backed company, which previously was reported to be exploring various sale options, is now prioritizing the sale of its China business first, the sources and a fifth source familiar said.

PDG owns and operates data centres in multiple Asian markets including China. Its China sites provide a combined total of 219.3 MW across multiple buildings in Greater Beijing, Foshan, Nanjing, Shanghai and Xi’an.

One of the sources said that PDG’s non-China assets will likely be bundled together for a sale in the future, noting that Southeast Asia accounts for the majority of its business outside of China.

PDG has a combined portfolio of 619 MW in Southeast Asia, namely Malaysia, Indonesia, and Singapore, representing over half of the group’s 1 GW total capacity, the company’s 24-25 sustainability report shows. Apart from China and SEA, it also has assets in India and Japan.

By selling the China business separately from other markets, PDG is trying to cater to different types of buyers for such assets, the same source noted.

The company had been weighing options for its China operations since at least March 2025, holding exploratory talks with potential investors at that time, according to a previous report by Mergermarket. FT.com reported on 22 May that PDG is starting a sale process for its China-based assets that could fetch up to USD 1bn.

Prior to PDG’s China business carve-out attempt, Bloomberg reported in April that PDG has hired Goldman Sachs for a strategic review that could lead to a stake sale.

Warburg Pincus was expected to launch a sale process for PDG by the end of 2Q26, this news service reported in May. All existing major shareholders, namely Warburg Pincus, Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, and Canadian pension fund Ontario Teachers’ Pension Plan Board (OTPP), are considering exits, according to the same report.

Goldman Sachs continues to advise PDG on strategic options, one of the five sources said. A sixth source familiar said that Goldman Sachs is helping PDG to explore options for other markets outside of China.

Recent years have seen Asia’s data centre developers split portfolios in exit processes as geopolitical uncertainties cloud foreign ownership of data infrastructure in China.

In 2022, Shanghai-based GDS Holdings spun out its international operations, DayOne, which is now reportedly seeking a public listing. Bain Capital exited its Chinese data centre portfolio through the sale of WinTriX DC Group, formerly Chindata, to a local consortium in January. The US private equity firm is currently working on a stake sale of Bridge Data Centres, the Southeast Asian arm, as reported.

CICC declined to comment. PDG, Warburg Pincus, OTPP, GS and Mubadala did not respond to requests for comment.