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 ...

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 Viewpoint - Goldman Sachs economists predict that the RMB/USD exchange rate will reach 7.20, 7.10, and 7.00 in three, six, and twelve months respectively, indicating a potential appreciation of 3% over the next twelve months [1] Group 1: Companies Likely to Benefit from RMB Appreciation - The list of Hong Kong-listed companies that may benefit from RMB appreciation includes: GDS Holdings Limited (09698), Zijin Mining Group (02899), China Jinmao Holdings Group (00817), Dongyue Group (00189), China Southern Airlines (01055), Baidu Group (09888), China Feihe (06186), and Tencent Holdings (00700) [1] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume (ADVT) exceeding $5 million 2) Industries reliant on USD imports, such as aviation, petrochemicals, construction, staple foods, and tourism, or having over 20% of debt in USD 3) Overseas revenue exposure below 30% 4) No foreign exchange gains during the RMB depreciation period in 2024 5) Low correlation of returns with exchange rate fluctuations [1] Group 2: Companies Likely to Underperform in RMB Appreciation - The list of Hong Kong-listed companies that may underperform during RMB appreciation includes: Haier Smart Home (06690), PetroChina Company Limited (00857), WuXi AppTec (03933), ASMPT Limited (00522), Yue Yuen Industrial Holdings (00551), Sinotruk (Hong Kong) Limited (03808), Shenzhou International Group Holdings Limited (02313), and Minth Group Limited (00425) [2] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume exceeding $5 million 2) Overseas revenue exposure exceeding 30% 3) USD debt level below 5% 4) No foreign exchange losses during the RMB depreciation period in 2024 5) High correlation of returns with exchange rate fluctuations [2]