Group 1: Hong Kong IPO Market - The total scale of Hong Kong IPOs in 2025 has reached $9.8 billion, nearing the total of $11.3 billion for the entire year of 2024 [3] - New stock placement financing has totaled $14.9 billion, approaching the combined total for the years 2022 to 2024, indicating high activity in the Hong Kong market [3] - The trend of "A+H" listings is on the rise, with 23 A-share companies planning to list in Hong Kong, covering various industries including new energy and biomedicine [3][4] Group 2: Market Dynamics and Regulatory Changes - Since 2019, the Hong Kong Stock Exchange has continuously optimized trading rules, enhancing market vitality and facilitating faster new stock issuances [5] - The simplification of the refinancing process for overseas-listed companies has significantly improved the convenience of refinancing in Hong Kong [5][6] - The flexibility of the Hong Kong market has increased, allowing companies to manage their market value and capital planning more effectively [6] Group 3: Return of Chinese Companies - The return of Chinese companies to Hong Kong is driven by geopolitical uncertainties, with many choosing to issue stocks solely in Hong Kong for refinancing [8][9] - The liquidity in the Hong Kong market has surpassed that of the U.S. market, making it a more attractive option for companies listed in both regions [9][10] - The valuation of companies in the Hong Kong market is becoming increasingly competitive, especially for those seeking financing [11] Group 4: M&A Activity - UBS's Asia-Pacific M&A business has ranked first globally, with a significant increase in M&A activity driven by geopolitical factors and policy support [12][13] - The "six guidelines for mergers and acquisitions" introduced at the end of 2024 have simplified processes and accelerated approval speeds, aligning with the needs of the Chinese economy [13] - As the number of quality companies that have completed IPOs increases, the demand for refinancing is expected to rise, potentially surpassing IPO volumes in some years [14]

Monetary Policy - The People's Bank of China will reduce the reserve requirement ratio for auto finance and financial leasing companies from 5% to 0% to enhance credit capacity and business expansion opportunities [1][2] Industry Standards - The Ministry of Industry and Information Technology is soliciting opinions on the mandatory national standard for automotive door handles, focusing on hidden door handles and emergency access requirements [3][4] Smart Manufacturing - The National Bureau of Statistics emphasizes the development of smart connected new energy vehicles and intelligent manufacturing equipment as part of the "Digital China Construction 2025 Action Plan" [5][6] Government Procurement - The Central Committee and State Council have revised regulations to prioritize the procurement of domestic new energy vehicles for government use [7][8] Trade Policies - The Ministry of Commerce is promoting more foreign trade enterprises in sectors like automotive to participate in "trade-in" programs to boost domestic consumption [9][10] Cybersecurity - The Central Cyberspace Affairs Commission is launching a special action to address issues related to malicious online attacks on enterprises [11][13] Market Dynamics - Beijing allocated 118,400 new energy vehicle indicators for families, significantly responding to public demand and stimulating consumption [14][15] Automotive Exhibition - The 2025 Shanghai International Auto Show showcased 1,366 vehicles, with over 70% being new energy vehicles, highlighting the strong consumer vitality in the Chinese automotive market [17][18] Export Performance - In the first four months, China's exports of mechanical and electrical products reached 5.04 trillion yuan, with automotive exports growing by 4% [19][20] Production and Sales - In the first four months, China's automotive production and sales exceeded 10 million units for the first time, with year-on-year growth of 12.9% and 10.8% respectively [21][22] Charging Infrastructure - Over 6,500 highway service areas in China have established charging parking spaces, significantly alleviating charging difficulties for new energy vehicle owners [23][24] Battery Standards - The China Society of Automotive Engineers released a group standard for all-solid-state batteries, clarifying definitions and testing methods [25][26] EU Regulations - The EU's battery supply chain due diligence and carbon footprint reporting deadlines have been postponed, providing a buffer for Chinese lithium battery exports [27][28] Corporate Developments - Panasonic plans to lay off 10,000 employees globally as part of its restructuring efforts, while its battery division remains unaffected [29][30] - Chinese automakers Great Wall and GAC are expanding their presence in Brazil with local production and investment plans [31][32] - Nissan announced a global layoff of 20,000 employees amid significant financial losses, indicating a major restructuring [33][34] - Honda is reducing its electric vehicle investment while strengthening its hybrid lineup due to market uncertainties [35][36] - Mercedes-Benz is establishing its North American headquarters in Atlanta to enhance operational and R&D capabilities [37][38] - Stellantis announced a new CEO, emphasizing the need for revitalization [39] - Elon Musk is leaving the Trump administration to return to Tesla, easing investor concerns [40][41] Company Strategies - Changan Automobile is taking legal action against misinformation regarding its corporate structure [43][44] - Geely plans to fully merge with Zeekr, aiming for resource integration [45][46] - Geely has implemented a rotating presidency system to enhance management efficiency [47][48] - China National Heavy Duty Truck Corporation announced a new leadership team to drive innovation [49][50] - BYD established its European headquarters in Hungary, marking a significant step in its internationalization [51][52] - CATL successfully listed on the Hong Kong Stock Exchange, bolstering its global strategy [53] - Xiaomi unveiled its second car model, the YU7, amidst public scrutiny [54][55] - Middle Eastern capital has taken over HiPhi Automotive, indicating a cross-border investment trend [56][57]

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 內幕消息 完成發售550百萬美元可轉換優先債券及 與出借的美國存託股對沖配售及 發售的美國存託股相關的 發售美國存託股 悉數行使購買額外債券及額外原美國存託股 的選 ...

Core Insights - Both Century Internet and GDS Services reported significant growth in their Q1 2025 financial results, driven by the increasing demand for computing power due to AIGC [2][3][4] - Despite the growth, challenges remain in the commercialization transformation of IDC service providers in China [2][8] Century Internet Financial Performance - Century Internet's total revenue for Q1 2025 increased by 18.3% year-on-year, reaching 2.25 billion RMB; adjusted EBITDA grew by 26.4% to 682 million RMB, with an EBITDA margin improvement of 1.9 percentage points to 30.4% [3][4] - The operational capacity of base IDC increased by 18.1% quarter-on-quarter, adding approximately 88 MW to reach 573 MW, while the rack capacity grew by 23.9% to 437 MW, marking a historical high of 84 MW in new rack capacity [3][6] - The monthly recurring revenue per cabinet in urban IDC facilities rose to 8,898 RMB, with a slight increase in the rack utilization rate to 63.7% [3][6] GDS Services Financial Performance - GDS Services reported a net income of 2.7232 billion RMB (375.3 million USD) for Q1 2025, reflecting a year-on-year growth of 12.0%; adjusted EBITDA reached 1.3238 billion RMB (182.4 million USD), up by 16.1%, with an EBITDA margin of 48.6% [4] - The total usage area of GDS data centers grew by 14.6% year-on-year, with an additional 18,687 square meters, bringing the total usage area to 462,423 square meters and a utilization rate of 75.7% [4] Strategic Focus and Differentiation - Century Internet is focusing on domestic base IDC business, while GDS Services is expanding its international presence through its newly established entity, DayOne, which aims to leverage its domestic experience to enter Southeast Asia and Japan [6][7] - DayOne has made significant progress, securing new data center contracts in Thailand and Finland, with a total expected capacity exceeding 220 MW, aiming for a total pre-signed capacity of over 750 MW by the end of 2025 [7] Commercialization Challenges - The IDC service industry in China is facing challenges in its traditional business model, with increasing price sensitivity among users leading to declining cabinet prices [8] - Both Century Internet and GDS Services are exploring new business models, including the establishment of a Pre-REITs fund by Century Internet and the issuance of asset-backed securities by GDS Services [8][9] - The potential for REITs in the data center sector remains uncertain, with experts expressing skepticism about the ability to generate attractive returns for investors in the domestic market [10][11]

Core Viewpoint - GDS Holdings Limited has announced a public offering of 6,000,000 American Depositary Shares (ADSs) at a price of US$24.50 per ADS, which will be loaned to an affiliate of the underwriter, with the company not receiving any proceeds from this offering [1][2][3]. Offering Details - The Delta Placement of Borrowed ADSs involves 6,000,000 ADSs, each representing eight Class A ordinary shares, priced at US$24.50 per ADS [1]. - The company will receive a nominal lending fee from the ADS Borrower, which will be used to pay for the underlying Class A ordinary shares [2]. - The Borrowed ADSs will not be considered outstanding for earnings per ADS calculations, implying no dilution for existing shareholders [2]. Concurrent Offerings - The Borrowed ADSs will be sold alongside a Notes Offering of US$500 million in 2.25% convertible senior notes due 2032, which was increased from an initial offering size of US$450 million [4]. - The Notes Offering includes an option for initial purchasers to buy an additional US$50 million in notes within a 13-day period [4]. - A separate registered public offering of 5,200,000 Primary ADSs at the same price of US$24.50 per ADS has also been announced, with underwriters granted a 30-day option to purchase up to 780,000 additional Primary ADSs [5]. Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [9]. - The company offers co-location and value-added services, including managed hybrid cloud services, and has a diverse customer base including hyperscale cloud service providers and large internet companies [9]. - GDS Holdings has a 24-year track record in service delivery and holds a 35.6% equity interest in Day One Data Centers Limited, which operates data centers in international markets [9].

Core Viewpoint - GDS Holdings Limited is conducting multiple offerings, including a public offering of American Depositary Shares (ADSs) and a private offering of convertible senior notes, to raise capital for general corporate purposes and refinancing existing debt. Group 1: Primary ADSs Offering - GDS Holdings announced a public offering of 5,200,000 ADSs at a price of US$24.50 per ADS, with an expected closing date of May 30, 2025 [1] - The estimated net proceeds from this offering will be approximately US$123 million, or US$141.6 million if the underwriters fully exercise their option for additional ADSs [2] - The proceeds will be used for general corporate purposes, working capital needs, and refinancing existing indebtedness, including potential repurchases of convertible bonds due 2029 [2] Group 2: Notes Offering - The company is also offering US$500 million in 2.25% convertible senior notes due 2032, up from an initial offering size of US$450 million [3] - An option for initial purchasers to buy an additional US$50 million in notes is included, exercisable within a 13-day period after issuance [3] Group 3: Delta Placement of Borrowed ADSs - GDS Holdings is conducting a separate offering of 6,000,000 borrowed ADSs at the same price of US$24.50, which will be lent to an affiliate to facilitate derivative transactions for hedging purposes [4] - The company will not receive proceeds from the sale of these borrowed ADSs but will charge a nominal lending fee [4] Group 4: Company Overview - GDS Holdings is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [9] - The company offers co-location and value-added services, including managed hybrid cloud services, and has a diverse customer base including hyperscale cloud service providers and large corporations [9] - GDS Holdings has a 24-year track record in service delivery and holds a 35.6% equity interest in DayOne Data Centers Limited, which operates internationally [9]

Core Viewpoint - GDS Holdings Limited has announced the pricing of a $500 million offering of 2.25% convertible senior notes due in 2032, increasing the initial offering size from $450 million, with expected net proceeds of approximately $486.1 million after expenses [1][2]. Group 1: Notes Offering Details - The offering consists of 2.25% convertible senior notes with an aggregate principal amount of $500 million, due in 2032, and is being offered to qualified institutional buyers [1]. - The company has granted initial purchasers an option to buy an additional $50 million in notes, with the offering expected to close around May 30, 2025 [1]. - The net proceeds will be used for working capital and refinancing existing debt, including potential repurchases of convertible bonds due in 2029 [2]. Group 2: Notes Characteristics - The notes will bear interest at 2.25% per year, payable semiannually, and will mature on June 1, 2032 [3]. - The initial conversion rate is set at 30.2343 American depositary shares (ADSs) per $1,000 principal amount, equating to a conversion price of approximately $33.08 per ADS, representing a 35% premium over the ADS public offering price of $24.50 [4]. - The notes are convertible under specific conditions, with holders able to convert them into cash, ADSs, or a combination thereof starting December 1, 2031 [5]. Group 3: Redemption and Repurchase Options - The company may redeem the notes under certain conditions, including tax law changes or if less than 10% of the original principal remains outstanding [6]. - Holders can require the company to repurchase their notes on June 1, 2029, or upon a "fundamental change" [7][8]. Group 4: Market Impact and Additional Offerings - The company anticipates that some purchasers may establish short positions in its ADSs, which could affect the market price of both the ADSs and the notes [9]. - GDS Holdings has also priced a separate public offering of 6,000,000 ADSs to facilitate derivative transactions related to the notes offering [10]. - Additionally, a public offering of 5,200,000 ADSs has been announced, with underwriters granted a 30-day option for additional purchases [11].

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 內幕消息 發售500百萬美元可轉換優先債券的定價及 與出借的美國存託股對沖配售及 發售的美國存託股的定價相關的 發售美國存託股的定價 本公告根據香港聯合交易所有限公 ...

Group 1 - The company plans to issue convertible preferred bonds totaling $450 million, maturing in 2032, with a potential additional $50 million option for initial purchasers [1] - The net proceeds from the bond issuance will be used for working capital needs and refinancing existing debt, including potential repurchases or redemptions of convertible bonds maturing in 2029 [1][3] - The bonds will be unsecured senior obligations of the company and are expected to be privately placed with qualified institutional buyers under Rule 144A of the Securities Act of 1933 [1] Group 2 - Concurrently, the company intends to register a public offering of American Depositary Shares (ADS), with plans to lend ADS to underwriters for hedging purposes [2] - The number of ADS to be lent will be determined at the time of pricing the hedging placement, and it is expected to be sold simultaneously with the bond and original ADS offerings [2] - The company will receive the net proceeds from the ADS offering, which will also be used for general corporate purposes, working capital needs, and refinancing existing debt [3]

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 內幕消息 擬定發售450百萬美元的可轉換優先債券及 與出借的美國存託股對沖配售及 擬定發售的美國存託股相關的 擬定發售美國存託股 本公告根據香港聯合交易所有限公司證 ...