Bain is reportedly seeking a buyer for data center firm ChinData’s Chinese business.

Citing people familiar with the matter, Bloomberg reports the China data center business owned by Bain Capital’s Chindata Group Holdings Ltd., has drawn interest from local bidders.

Range Intelligent Computing Technology Group Co., a Chinese data center services provider, is reportedly among the firms that have recently submitted binding bids for the assets.

Other contenders in the running to acquire the assets are said to include Guangdong HEC Technology Holding Co., Youzu Interactive Co., state-backed investment firm Beijing Capital Group Co. and Inesa Group Co., a Shanghai state-owned firm providing smart city solutions.

Any deal could value Chindata’s China business at about 30 billion yuan ($4.2 billion). No final decisions have been made.

The above companies didn’t provide a comment to Bloomberg.

ChinData operates more than 17 data centers across China, Malaysia, and Thailand, with its non-Chinese facilities operated by subsidiary Bridge Data Centres.

Founded in 2015, ChinData was purchased by Bain in 2019 from Wangsu Science & Technology Co. and merged with Bridge Data Centres, which was already part of the Bain portfolio. The combined company went public in 2020, with Bain retaining a 42 percent stake, and other companies, including SK Holdings buying in.

However, Bain took ChinData private again in 2023 in a $3.16bn merger deal. ChinData was in demand at the time, with local operators GDS and EQT-backed EdgeConneX said to have been considering offers, while state-back China Merchants had a $3.4 bn bid for the company rebuffed.

Reports that Bain was seeking outside investment in ChinData surfaced last year.

TikTok-owner ByteDance is a major client of ChinData and its international sister company Bridge DC.