Summary of Key Points from the Conference Call Industry Overview - The China data center sector is positioned as a crucial component in the AI ecosystem, benefiting from increased investments by internet companies in AI applications and infrastructure [1][9] - Anticipated dual-track expansion in chip supply, computing power demand, and regional capacity across East and West China [1][13] Core Insights - Order volume for China data center stocks is expected to be a primary focus for investors in 4Q25 and into 2026, with potential for earlier and larger demand due to the bidding process by internet hyperscalers [2][9] - GDS and VNET are projected to see significant growth in adjusted EBITDA, with GDS expected to grow by 12% and VNET by 23% year-over-year in 2027 [2][9] - DayOne, partially owned by GDS, is expanding its capacity with a total of 1.8GW secured by the end of 2025, including a mezzanine financing facility of €500 million to support its developments in Finland [3][9] Financial Projections - GDS's revenue is projected to reach Rmb 11.5 billion in 2025E, with an EBITDA of Rmb 5.4 billion [11][70] - VNET's revenue is expected to be Rmb 9.9 billion in 2025E, with an EBITDA of Rmb 2.9 billion [11][70] - SUNeVision's revenue is forecasted at Rmb 3.3 billion in 2025E, with an EBITDA of Rmb 2.4 billion [11][70] Capital Expenditure and Financing - GDS's organic capex is expected to reach Rmb 7 billion in 2026E, while VNET's capex is projected to exceed Rmb 8 billion [43][44] - Both companies are leveraging favorable financing channels, including private REITs, to support their capital expenditures [43][44] Market Dynamics - The data center market is expected to see a 14% CAGR in live capacity from 2025 to 2028, driven by demand from internet, cloud, and AI sectors [54][59] - Wholesale demand is projected to grow at a 19% CAGR, while retail demand is expected to grow at a lower rate due to physical constraints [54][59] Competitive Landscape - GDS and VNET are expected to account for approximately 13% of China's data center live demand by 2028, indicating ongoing industry consolidation [56][66] - The competitive environment may intensify as companies prioritize operational efficiency and wallet share in the face of rising demand [13][43] Additional Insights - The approval of Nvidia H200 chips for import into China could significantly impact the data center bidding process and chip supply dynamics [13][35] - The utilization rates of data centers are expected to improve, particularly in regions with lower power costs and favorable government incentives [43][56] Conclusion - The China data center sector is poised for growth driven by AI investments, favorable financing conditions, and increasing demand from cloud and internet services. GDS and VNET are well-positioned to capitalize on these trends, with significant projected revenue and EBITDA growth in the coming years [1][2][9][54]

Group 1 - The stock of GDS Holdings Limited (09698.HK) increased by over 3%, specifically by 3.3%, reaching a price of 43.18 HKD [2] - The trading volume amounted to 47.1347 million HKD at the time of reporting [2]

Group 1 - The core point of the article is that 21Vianet Group, Inc. (万国数据-SW) has announced a share buyback agreement with DayOne Data Centers Limited, which will allow the company to recover approximately 95% of its investment in DayOne, with an expected return on investment of nearly 6.5 times [1][1][1] - The buyback involves a total value of $385 million for DayOne common stock, with the buyback price per share aligned with the recently announced price of over $2 billion for DayOne's Series C convertible preferred stock [1][1][1] - Following the buyback, the remaining equity held by 21Vianet in DayOne is valued at over $2.2 billion, equating to approximately $11.18 per American depositary share of 21Vianet [1][1][1] Group 2 - 21Vianet intends to reallocate the proceeds from the share buyback to invest in emerging opportunities within its core business in China that have significant return potential [1][1][1]

Market Overview - The Hong Kong stock market opened higher on January 14, with the Hang Seng Index rising by 0.46% to 26,971.97 points, the Hang Seng Tech Index up by 0.42% to 5,894.63 points, the State-Owned Enterprises Index increasing by 0.46% to 9,328.05 points, and the Red Chip Index gaining 0.25% to 4,156.46 points [1] Company News - Q Technology (01478.HK) expects a net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - China Coal Energy (01898.HK) anticipates a 10.2% decrease in coal sales volume to approximately 256 million tons for 2025, with December sales down by 23% year-on-year to 21.88 million tons [2] - Zhixing Technology (01274.HK) has been selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - Country Garden (00832.HK) projects a total property contract sales amount of 8.467 billion yuan for 2025, a decrease of 16.3% year-on-year [3] - Hopson Development (00754.HK) expects total contract sales of approximately 15.607 billion yuan for 2025, down 6.15% year-on-year [4] - Chuangjie Tong (01588.HK) anticipates a profit attributable to the parent company between 76 million and 85 million yuan for 2025, representing a year-on-year increase of 127% to 154% [4] - SUTENG (02498.HK) forecasts laser radar product sales of approximately 912,000 units for 2025 [5] - Xiaocaiyuan (00999.HK) plans to establish a joint venture to develop an online mall and "community ready-to-eat stores" [6] - GDS Holdings (09698.HK) has recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - China Biologic Products (01177.HK) intends to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of its siRNA liver delivery platform [7] - Innovent Biologics (02696.HK) has had its Biologics License Application for Hanbeitai® (Bevacizumab Injection) accepted by the FDA [7] - Xiaomi Group (01810.HK) repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - Tencent Holdings (00700.HK) repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - Sunny Optical Technology (02382.HK) repurchased 640,000 shares for 41.7878 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - Dongwu Securities suggests that the window for the Federal Reserve to cut interest rates this year is limited, and the impact of fiscal policies on the economy is still forthcoming. If the Fed does not cut rates in the first quarter, the rebound pace of the Hong Kong stock market will depend more on fundamental factors. The overall allocation strategy for Hong Kong stocks remains a barbell strategy, recommending a controlled allocation while waiting for more news [11] - Wanlian Securities highlights that policy opinions indicate a push to accelerate the industrialization and commercialization of brain-computer interfaces. The global competitive landscape in this sector shows the U.S. leading in invasive methods while China leads in non-invasive methods, focusing on key elements such as electrodes, chips, and algorithms [11][12]

Core Viewpoint - The company, GDS Holdings Limited (万国数据-SW), has entered into a final agreement with DayOne Data Centers Limited for the repurchase of $385 million worth of DayOne common stock, which will allow the company to recover approximately 95% of its investment principal in DayOne, yielding a return on investment of nearly 6.5 times [1] Group 1 - The repurchase price per share of common stock is aligned with the recently announced issuance price of over $2 billion in Series C convertible preferred stock by DayOne [1] - Following the repurchase, the remaining equity held by the company in DayOne is valued at over $2.2 billion, equating to $11.18 per American depositary share of the company [1] - The company intends to reallocate the proceeds from the stock repurchase to invest in emerging opportunities within its core business in China that have significant return potential [1]

Group 1 - The company, GDS Holdings Limited, has entered into a final agreement with DayOne Data Centers Limited to repurchase $385 million worth of DayOne common stock [1] - The repurchase price per share is aligned with the recently announced price of DayOne's new issuance of over $2 billion in Series C convertible preferred stock [1] - This repurchase will allow the company to recover approximately 95% of its investment principal in DayOne, achieving a return on investment of nearly 6.5 times [1] Group 2 - Based on the new issuance price from the Series C round, the remaining equity held by the company in DayOne is valued at over $2.2 billion, equating to $11.18 per American Depositary Share of the company [1] - The company intends to reallocate the proceeds from the stock repurchase to invest in emerging opportunities within its core business in China that have significant return potential [1]

Core Viewpoint - The company, GDS Holdings Limited (09698.HK), has entered into a final agreement with DayOne Data Centers Limited for the repurchase of common shares valued at $385 million [1] Group 1 - DayOne will repurchase common shares from the company at a price equivalent to the recently announced issuance of over $2 billion in Series C convertible preferred shares [1]

Core Viewpoint - The company, GDS Holdings Limited, has entered into a final agreement with DayOne Data Centers Limited to repurchase $385 million worth of DayOne common shares, indicating a significant return on investment and strategic repositioning of funds for future opportunities [1] Group 1: Financial Details - The repurchase price per common share is aligned with the recently announced issuance price of over $2 billion in Series C convertible preferred shares by DayOne [1] - The repurchase will allow GDS to recover approximately 95% of its initial investment in DayOne, achieving a return on investment of nearly 6.5 times [1] - The remaining equity held by GDS in DayOne is valued at over $2.2 billion, equating to $11.18 per American Depositary Share of GDS [1] Group 2: Strategic Intent - GDS intends to reallocate the proceeds from the share repurchase to invest in emerging opportunities within its core business in China that have significant return potential [1]

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。 承董事會命 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） 自願公告 本公告由萬國數據控股有限公司（「本公司」或「萬國數據」，連同其附屬公司統稱 「本集團」）自願作出。 本公司宣佈，其已與DayOne Data ...

Core Viewpoint - GDS Holdings Limited has entered into definitive agreements with DayOne Data Centers Limited for a share repurchase valued at US$385 million, allowing GDS to recycle a significant portion of its investment in DayOne at a high multiple [1][2]. Group 1: Share Repurchase Details - The share repurchase will enable GDS to recycle approximately 95% of its principal invested in DayOne at a nearly 6.5 times multiple of money [2]. - The repurchase price per ordinary share is aligned with DayOne's recent Series C convertible preferred share issuance, which is over US$2.0 billion [1]. - GDS's remaining equity interest in DayOne, as implied by the Series C new issue price, is over US$2.2 billion, equivalent to US$11.18 per GDS American Depositary Share [2]. Group 2: Future Investment Plans - GDS intends to reallocate the proceeds from the share repurchase to invest in new business opportunities with attractive return potential in its core business in China [2]. Group 3: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in key demand hubs [3]. - The company has a 25-year track record of service delivery, catering to large customers including hyperscale cloud service providers and multinational corporations [3]. - GDS's data centers are characterized by large net floor area, high power capacity, and multiple redundancies, making them carrier and cloud-neutral [3].