Market Overview - US stock index futures rose before the market opened, with Dow futures up 0.39%, S&P 500 futures up 0.88%, and Nasdaq futures up 1.34% [1] - European indices also showed positive movement, with Germany's DAX up 0.13%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.63%, and the Euro Stoxx 50 up 0.50% [2][3] Commodity Prices - WTI crude oil increased by 0.40% to $62.09 per barrel, while Brent crude oil rose by 0.26% to $64.49 per barrel [3][4] Corporate News - Nvidia (NVDA.US) reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, with data center revenue at $39.1 billion, up 73% year-over-year [11] - Salesforce (CRM.US) exceeded Q1 expectations with revenue growth of 8% to $9.8 billion and raised its revenue guidance for FY2026 [12] - C3.ai (AI.US) reported a 26% increase in revenue to $10.87 million for Q4 FY2025, with a positive outlook for FY2026 [13] - HP (HPQ.US) lowered its full-year earnings forecast due to tariff costs and economic weakness, with Q2 revenue of $13.2 billion, exceeding expectations but EPS falling short [14] - Li Auto (LI.US) reported a net profit of 647 million RMB for Q1 2025, a 9.4% increase year-over-year, with total vehicle deliveries of 92,864 units [15] - Futu Holdings (FUTU.US) saw Q1 revenue grow by 81.1% to 4.695 billion HKD (approximately $603 million), with net profit increasing by 97.7% [16] Economic Data and Events - Upcoming economic data includes the revision of the US Q1 GDP annualized rate and initial jobless claims for the week ending May 24 [17]

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 ...

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].