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 本公告根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及第 13.10B條以及《證券及期貨條例》（香港法例第571章）第XIVA部刊發 ...

Core Viewpoint - GDS Holdings Limited has received approval from the China Securities Regulatory Commission and Shanghai Stock Exchange to launch an initial public offering for its China REIT, which will involve the sale of stabilized data center assets [1][2]. Group 1: IPO Details - The transaction includes the sale of 100% equity interest in a project company that holds stabilized data center assets to a newly formed C-REIT [2]. - GDS will subscribe for 20% of the units issued by the C-REIT, while 80% will be subscribed by institutional and retail investors [2]. - 50% of the units have been pre-placed with cornerstone institutional investors, who have lock-up commitments ranging from one to three years [2]. Group 2: Valuation and Offering Process - The appraised valuation of the underlying data center assets for the C-REIT is approximately RMB 1,933 million [3]. - The final offering price for the C-REIT units will be determined after the institutional bookbuilding process, expected to conclude in about one week [3]. - The transaction is anticipated to close within the next few weeks, subject to certain closing conditions [3]. Group 3: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary economic hubs [4]. - The company offers co-location and a suite of value-added services, including managed hybrid cloud services and managed network services [4]. - GDS has a 24-year track record of service delivery, catering to a diverse customer base that includes hyperscale cloud service providers, large internet companies, and financial institutions [4].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 20, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $900.00 billion 3. Baidu: $290.62 billion [3][4]. - Other notable companies in the top 10 include: - Kuaishou: $308.94 billion - Semiconductor Manufacturing International Corporation (SMIC): $403.59 billion - JD.com: $459.34 billion [3][4]. Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Ideal Automotive: $282.81 billion - Beike: $217.69 billion - Xpeng Motors: $177.13 billion [3][4]. - The rankings continue with companies like: - New Oriental: $76.78 billion - Vipshop: $75.79 billion - Kingsoft: $70.42 billion [4][5]. Group 3: Valuation Trends - The article indicates a competitive landscape among Chinese tech firms, with significant valuations reflecting their market positions and growth potential [1]. - The data is based on the latest exchange rates, converting values from Hong Kong dollars to US dollars [5].

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） 年度股東大會使用的委託投票說明書╱通函 謹附上本公司股東將於2025年6月26日下午四時正（中國標準時間）舉行的年度股東 大會（「大會」）的委託投票說明書，其中載述將在大會上審議的事項。根據香港聯合 交易所有限公司證券上市規則第13.73條，該委託投票說明書亦將作為通函提供予 本公司普通股及A系列可轉換優先股持有人。該委託投票說明書亦可於本公司網站 http://www.gds-services.com 上 ...

（股份代號：9698） 年度股東大會通告 謹附上本公司年度股東大會（「大會」）通告，該通告為根據香港聯合交易所有限公 司證券上市規則第13.71條要求發出的年度股東大會通告。本通告亦於本公司網站 http://www.gds-services.com 上供公眾閱覽。大會將於2025年6月26日下午四時正（中 國標準時間）假座中國上海市浦東新區洲海路999號森蘭國際大廈C座5樓北京會議廳舉 行，以處理下列事項： 呈交本公司於2025年4月28日發佈的20-F表格年報及本公司香港年報中所載的本公司 截至2024年12月31日止年度的財務報表。 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 ...

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].