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 ...

Core Viewpoint - GDS Holdings Limited is initiating a proposed offering of convertible senior notes totaling US$450 million, with the aim of addressing working capital needs and refinancing existing debt [1][2]. Group 1: Notes Offering Details - The offering consists of convertible senior notes with a principal amount of US$450 million, maturing on June 1, 2032, and may include an additional US$50 million option for initial purchasers [1][2]. - The net proceeds from the offering will be used for working capital and refinancing existing indebtedness, including potential repurchases of convertible bonds due 2029 [2]. - The notes will be senior unsecured obligations of the company and will be convertible under specific conditions starting December 1, 2031 [3]. Group 2: Redemption and Repurchase Conditions - The company may redeem the notes for cash under certain conditions, including tax law changes or if less than 10% of the original principal remains outstanding [4]. - Holders can require the company to repurchase their notes on June 1, 2029, or upon a "fundamental change" [5]. Group 3: Market Activities and ADS Offerings - Certain purchasers may establish short positions in the company's American depositary shares (ADSs) in connection with the notes offering, potentially affecting market prices [6]. - The company has also announced a separate public offering of borrowed ADSs to facilitate derivative transactions for some note holders [7]. - Additionally, a primary offering of 5,200,000 ADSs is planned, with underwriters having a 30-day option to purchase an additional 780,000 ADSs [8]. Group 4: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [11]. - 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 [11].

Core Viewpoint - GDS Holdings Limited is initiating 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 [1][2][3]. Group 1: Primary ADSs Offering - The company plans to offer 5,200,000 ADSs, each representing eight Class A ordinary shares, with an underwriters' option for an additional 780,000 ADSs [1]. - The net proceeds from the Primary ADSs Offering will be used for general corporate purposes, working capital needs, and refinancing existing indebtedness, including potential repurchases of convertible bonds due in 2029 [2]. Group 2: Notes Offering - GDS Holdings is also proposing a private offering of convertible senior notes totaling US$450 million, due in 2032, with an option for initial purchasers to buy an additional US$50 million [3]. - This offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act [3]. Group 3: Delta Placement of Borrowed ADSs - The company will conduct a separate registered public offering of borrowed ADSs to facilitate derivative transactions for holders of the notes [4]. - The proceeds from the sale of the borrowed ADSs will go to the ADS Borrower, while GDS will receive a nominal lending fee [4]. Group 4: Underwriters and Advisors - J.P. Morgan, BofA Securities, Morgan Stanley, and UBS Investment Bank are acting as joint book-running managers for the Primary ADSs Offering, with China Galaxy International and Guotai Junan International serving as financial advisors [6]. Group 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].

Core Viewpoint - GDS Holdings Limited is initiating multiple offerings, including a public offering of American Depositary Shares (ADSs) and a private offering of convertible senior notes, to raise capital and facilitate derivative transactions for investors [1][3][5]. Offering Details - The company is proposing a registered public offering of ADSs, with each ADS representing eight Class A ordinary shares, which will be loaned to an affiliate of the underwriter [1]. - The ADS Borrower will receive all proceeds from the sale of the Borrowed ADSs, while the company will not receive any proceeds from the ADS offering but will earn a nominal lending fee [2]. - A separate offering of convertible senior notes is planned, with an aggregate principal amount of US$450 million due in 2032, subject to market conditions [3]. - The company is also conducting a public offering of 5,200,000 ADSs, with an option for underwriters to purchase an additional 780,000 ADSs within 30 days [4]. Delta Placement of Borrowed ADSs - Concurrently with the Notes Offering, an affiliate of the ADS Borrower will sell the Borrowed ADSs, which are expected to facilitate privately negotiated derivative transactions for investors [5]. - The number of Borrowed ADSs will be determined at the time of pricing and is intended to allow investors to hedge their investments in the Notes [5]. Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary 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].

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 23, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Xiaomi Group ranks 4th with a market capitalization of 1754.49 billion [3]. - Pinduoduo follows in 5th place with a market capitalization of 1700.74 billion [3]. - Meituan is ranked 6th with a market capitalization of 1086.84 billion [3]. - JD.com holds the 8th position with a market capitalization of 485.64 billion [4]. - Dongfang Caifu is in 9th place with a market capitalization of 468.01 billion [4]. - SMIC (Semiconductor Manufacturing International Corporation) ranks 10th with a market capitalization of 428.82 billion [4]. Group 2: Additional Notable Companies - Li Auto is ranked 11th with a market capitalization of 306.9 billion [4]. - Baidu is in 12th place with a market capitalization of 289.01 billion [4]. - Kuaishou is ranked 13th with a market capitalization of 268.52 billion [4]. - Tencent Music holds the 14th position with a market capitalization of 262.23 billion [4]. - Beike ranks 15th with a market capitalization of 219.97 billion [4]. - XPeng Motors is in 16th place with a market capitalization of 195.11 billion [4]. Group 3: Lower Rankings - 36Kr Holdings is ranked 21st with a market capitalization of 99.46 billion [5]. - NIO is in 22nd place with a market capitalization of 87.87 billion [5]. - New Oriental Education ranks 23rd with a market capitalization of 76.79 billion [5]. - Bilibili is in 24th place with a market capitalization of 76.7 billion [5]. - Vipshop is ranked 25th with a market capitalization of 74.92 billion [5]. - Kingsoft is in 26th place with a market capitalization of 69.3 billion [5].

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and adjusted EBITDA exceeding expectations, driven by order backlog delivery and new order acceleration [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.723 billion yuan, a year-on-year increase of 12.0%, and adjusted EBITDA of 1.324 billion yuan, up 16.1% [1]. - The net profit for the quarter was 411 million yuan, influenced by asset disposal gains of 1.057 billion yuan from the first ABS project [1]. - The adjusted EBITDA margin improved to 48.6%, reflecting a 0.4 percentage point increase due to reduced operating costs [2]. Group 2: Operational Metrics - As of the end of Q1 2025, the company operated in an area of 610,685 square meters, a 14.6% year-on-year growth, with an operational IT scale of approximately 1,313 MW [2]. - The cabinet utilization rate reached 75.7%, a 1.9 percentage point increase, indicating a recovery in domestic data center demand [2]. - The overseas business signed contracts totaling 537 MW, with an operational scale of 143 MW, generating revenue of 0.66 million USD and adjusted EBITDA of 0.21 million USD in Q1 2025 [2]. Group 3: Future Outlook - The company maintains its 2025 revenue guidance of 11.29 to 11.59 billion yuan, representing a year-on-year growth of 9.4% to 12.3%, and adjusted EBITDA of 5.19 to 5.39 billion yuan, a growth of 6.4% to 10.5% [3]. - The net debt to adjusted EBITDA ratio decreased to 6.6 times in Q1 2025, down from 7.7 times in Q1 2024, indicating improved leverage [3]. - The company plans to continue advancing public REITs issuance, which is expected to further reduce leverage and interest expenses, enhancing performance [3]. Group 4: Valuation - The company adjusted its 2025 EV/EBITDA target valuation from 15 times to 16 times, reflecting improved cash flow from increased cabinet utilization and REITs projects [3]. - The target price based on the SOTP valuation method is set at 40.47 HKD per share, up from the previous 36.37 HKD per share, maintaining a "buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 40.47 [6][7]. Core Insights - The company reported a revenue of RMB 2.723 billion for Q1 2025, a year-on-year increase of 12.0%, and an adjusted EBITDA of RMB 1.324 billion, up 16.1%, exceeding Bloomberg consensus expectations [1]. - The growth in adjusted EBITDA is attributed to the delivery of backlog orders and the rapid advancement of new orders, alongside the completion of the first ABS project, which confirmed asset disposal gains of RMB 1.057 billion [1]. - The report highlights the potential for valuation improvement and performance enhancement driven by the growth in AI inference demand as domestic AI applications flourish [1]. Summary by Sections Financial Performance - As of Q1 2025, the company operated in an area of 610,685 square meters, with an IT capacity of approximately 1,313 MW, and a cabinet utilization rate of 75.7%, reflecting a 1.9 percentage point increase [2]. - The adjusted EBITDA margin improved to 48.6%, primarily due to a decrease in operating costs [2]. - The company expects total revenue for 2025 to be between RMB 11.29 billion and RMB 11.59 billion, representing a year-on-year growth of 9.4% to 12.3% [3]. Debt and Leverage - The net debt to adjusted EBITDA ratio decreased to 6.6 times in Q1 2025 from 7.7 times in Q1 2024, indicating a gradual reduction in leverage following the completion of the ABS project [3]. - The company plans to actively promote the issuance of public REITs, which is expected to further lower leverage and reduce interest expenses, thereby improving performance [3]. Long-term Outlook - The report maintains profit forecasts, projecting adjusted EBITDA for 2025 to be between RMB 5.19 billion and RMB 5.39 billion, with expected growth rates of 6.4% to 10.5% [4]. - The SOTP valuation method was used, adjusting the 2025 EV/EBITDA target valuation from 15 times to 16 times for domestic operations, reflecting improved cash flow from increased cabinet utilization and REIT projects [4]. - The target price of HKD 40.47 per share is based on a total equity value of RMB 57.562 billion, considering both domestic and international business valuations [11].

香港恒生指数收涨0.62% 恒生科技指数涨0.51% 智通财经5月21日电，香港恒生指数收涨0.62%，恒生科技指数涨0.51%。美图公司涨超18%，赤峰黄金 涨超13%，宁德时代、万国数据涨超10%；毛戈平、中通快递跌超5%。 ...

万国数据，是一家高性能数据中心开发商及运营商，主要业务包括规划和寻找新的数据中心并开发这些 设施，为客户提供托管及管理云等IT服务。旗下数据中心主要位于北京、上海等多个国内一线大城市。 同时，为了更好地适应全球市场变化，公司在东南亚等地也有布局。 财报显示，今年一季度，万国数据实现营收27.23亿元（单位人民币，下同），同比增长12%，延续了 去年的增长态势。这主要是由于数据中心的持续增长。 当地时间5月20日，美股的万国数据（GDS.US）早盘冲高，一度涨逾8.4%，最终收涨1.85%，报27.58港 元/股。 5月21日，港股的万国数据（09698.HK）同样大幅高开，截至发稿涨幅为13.56%，报28.9港元/股。 股价攀升的背后，或与万国数据最新发布的一季度业绩有关。 近些年，随着人工智能、云计算、大数据、自动驾驶等新兴技术的兴起，数据中心行业搭上了发展快 车，万国数据也因此吃上了时代红利。 盈利能力方面，今年一季度，万国数据毛利率为23.7%，较上年同期增加2.3个百分点；归属于万国数据 普通股股东的净利润为7.50亿元，而去年同期亏损为3.59亿元，同比实现扭亏为盈。 本文源自：财华网 众所周知， ...