The pricing of the offering, led by Morgan Stanley and Citigroup, values Chindata at about $4.9 billion.

Employees who worked at its Palo Alto headquarters and go to Denver, for example, must accept an 18% salary reduction.

While PC demand has seen a boost, businesses have become cautious in major data center equipment purchases.

"The general economy has not really absorbed all the gyrations yet of what’s going on.”

Its software is relevant to IT teams working from home, but some of its customers are hard hit small and mid-size businesses.

Dell's efforts to refresh its PC lineup as users do more computing at home have paid off, while the pandemic-fueled recession has reduced corporate demand for data center hardware.

The world’s second-largest economy remains tied to America despite billions invested in local chip-making know-how.

As cost-cutting measures appear to be bearing fruit, the company also has "gained momentum in key areas," CEO Antonio Neri said.

CEO pledges to reduce expenses by $1 billion through a reorganization that will include job cuts and early retirement for some workers.

NextDC, its portfolio company, has surged 83% this year amid increased demand for data storage services.