Group 1 - The core viewpoint of the news highlights a positive market reaction driven by favorable developments in US-China trade negotiations, with major US stock indices showing significant gains [1][2] - The Dow Jones Industrial Average rose by 2.44%, the Nasdaq Composite increased by 3.55%, and the S&P 500 climbed by 2.63% as of the specified time [1] - Major technology stocks experienced substantial increases, with Apple rising over 6%, Amazon up more than 7%, and Meta gaining over 5% [2] Group 2 - The Nasdaq China Golden Dragon Index surged over 5%, reflecting a strong performance among popular Chinese concept stocks [2][3] - Notable stock movements included Jia Yuda, which saw a peak increase of over 130% during trading, ultimately closing up 65.64% [2][3] - Other significant gainers in the Chinese stock market included Century Internet, which rose over 18%, and several other companies like Pinduoduo and Xpeng Motors, which saw increases exceeding 7% [4] Group 3 - The spot price of gold continued to decline, trading around $3240 per ounce, with a drop of 2.58% noted [4] - The price of gold fell below $3210 per ounce for the first time since April 14, indicating a notable downward trend [4] - Domestic gold jewelry prices also decreased, with several brands' prices falling back to around 1000 yuan [6][7]

5月12日，万国数据(GDS)开盘上涨11.47%，截至21:30，报28.37美元/股，成交415.55万美元，总市值 55.15亿美元。 5月28日，万国数据将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新的混合云管理服务平台,以及在需要时转售公有云服务。公司拥有23年安全可靠的数据中心托管及 管理服务经验,成功满足国内大型客户对于外包数据中心服务的高标准要求,目前所服务的客户主要 ...

欧洲股市周五集体收涨，德国DAX指数涨0.63%，报23499.32点；法国CAC40指数涨0.64%，报7743.75 点；英国富时100指数涨0.27%，报8554.80点。本周，欧股涨跌不一，德国DAX指数涨1.79%，法国 CAC40指数跌0.34%，英国富时100指数跌0.48%。 美股大型科技股多数收涨，特斯拉涨4.73%，苹果涨0.53%，亚马逊涨0.51%，微软涨0.13%，英伟达跌 0.61%，脸书跌0.92%，谷歌跌0.99%。 美股银行股涨跌不一，摩根大通跌0.16%，高盛涨0.21%，花旗跌0.31%，摩根士丹利跌0.15%，美国银 行涨0.47%，富国银行跌0.64%。 （原标题：美股三大股指涨跌不一！国际油价走强） 随着美国和英国达成贸易协议，投资者希望更多贸易协议达成。 在此背景下，美国三大股指多数收跌，道琼斯工业指数跌0.29%，标普500指数跌0.07%，纳斯达克指数 微涨。本周以来，标普500指数累计下跌约0.5%，纳斯达克指数跌幅约为0.3%，道琼斯工业指数则下跌 近0.2%。 欧洲股市方面，当地时间，5月9日，德国DAX指数涨0.63%，法国CAC40指数涨0.64%， ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 9, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are Alibaba Group with 3003.74 billion, Xiaomi Group with 1693.44 billion, and Pinduoduo with 1560.19 billion [3][4]. - Other notable companies in the top 10 include Meituan at 1104.71 billion, JD.com at 495.86 billion, and Baidu at 301.32 billion [4][5]. - The rankings reflect a diverse range of companies, including those in e-commerce, food delivery, and automotive sectors, indicating a broad technological landscape [5][6]. Group 2: Emerging Players - Companies like Li Auto and Kuaishou are also featured in the rankings, with market capitalizations of 291.48 billion and 286.48 billion respectively, showcasing the growth of electric vehicles and social media platforms [4][5]. - The presence of companies such as Xpeng Motors and NIO, with market caps of 186.55 billion and 89.68 billion respectively, highlights the increasing importance of the electric vehicle sector in the technology landscape [5][6]. Group 3: Overall Trends - The data indicates a strong performance of technology companies in China, with significant market capitalizations reflecting investor confidence and growth potential in the sector [1][3]. - The rankings are calculated based on the latest exchange rates, emphasizing the importance of currency fluctuations in assessing market value [6].

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） 董事會會議召開日期 本公司董事會將於2025年5月20日（香港時間）召開董事會會議，其中包括將於會 上批准本公司截至2025年3月31日止第一季度的未經審計財務業績 ...

Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, listed on NASDAQ and HKEX [4] - The company operates facilities strategically located in primary economic hubs, catering to high demand for data center services [4] - GDS data centers feature large net floor area, high power capacity, and multiple redundancies across critical systems, ensuring efficiency and reliability [4] Services Offered - GDS provides co-location services and a suite of value-added services, including managed hybrid cloud services and managed network services [4] - The company is carrier and cloud-neutral, allowing customers access to major telecommunications networks and public clouds [4] - GDS has a 24-year track record of service delivery, serving large and demanding customers in the data center outsourcing market [4] Customer Base - The customer base primarily consists of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and multinational corporations [4] - GDS also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates in international markets [4] Upcoming Financial Reporting - GDS Holdings will report its first quarter 2025 unaudited financial results on May 20, 2025, after the close of the Hong Kong market and before the U.S. market opens [1] - An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on the same day, with registration required for participants [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 2, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba ranks first with a market capitalization of $287.81 billion [3]. - Xiaomi Group follows in second place with a market capitalization of $174.25 billion [3]. - Pinduoduo is in third place with a market capitalization of $150.44 billion [3]. - Meituan ranks fourth with a market capitalization of $103.72 billion [3]. - NetEase holds the fifth position with a market capitalization of $67.61 billion [3]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) ranks eighth with a market capitalization of $48.79 billion [4]. - JD.com is in ninth place with a market capitalization of $47.74 billion [4]. - Baidu ranks eleventh with a market capitalization of $30.22 billion [4]. - Kuaishou is in twelfth place with a market capitalization of $29.56 billion [4]. - Li Auto ranks thirteenth with a market capitalization of $26.28 billion [4]. Group 3: Companies with Lower Market Capitalization - Xpeng Motors ranks seventeenth with a market capitalization of $17.77 billion [5]. - NIO is in twenty-second place with a market capitalization of $8.90 billion [5]. - Bilibili ranks twenty-fourth with a market capitalization of $7.34 billion [5]. - Kingsoft has a market capitalization of $6.98 billion, ranking twenty-fifth [5]. - 37 Interactive Entertainment ranks forty-second with a market capitalization of $4.62 billion [6].

Financial Performance - Net revenue for Q4 2024 increased by 9.1% year-over-year to RMB2,690.7 million (US$368.6 million) from RMB2,465.3 million in Q4 2023[5] - Net loss from continuing operations in Q4 2024 was RMB173.4 million (US$23.8 million), significantly improved from a loss of RMB3,074.6 million in Q4 2023[19] - Adjusted EBITDA for Q4 2024 rose by 13.9% year-over-year to RMB1,297.7 million (US$177.8 million), with an adjusted EBITDA margin of 48.2%[20][22] - Full year 2024 net revenue was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023[9] - Full year 2024 adjusted EBITDA increased by 3.0% year-over-year to RMB4,876.4 million (US$668.1 million), with an adjusted EBITDA margin of 47.2%[30][31] - Net income for Q4 2024 was RMB4,111.6 million (US$563.3 million), compared to a net loss of RMB3,164.6 million in the same period last year[38] - Net income for 2024 was RMB3,303.8 million (US$452.6 million), a significant recovery from a net loss of RMB4,285.4 million in 2023[39] - Basic and diluted income per ordinary share in Q4 2024 was RMB2.81 (US$0.39), compared to a loss of RMB2.16 in Q4 2023[39] Operational Metrics - Total area committed and pre-committed increased by 1.8% year-over-year to 629,997 sqm as of December 31, 2024[9] - Area utilized increased by 11.8% year-over-year to 453,094 sqm as of December 31, 2024, with a utilization rate of 73.8%[9] - Total area committed and pre-committed at the end of Q4 2024 was 629,997 sqm, representing a year-on-year increase of 1.8%[48] - Area in service at the end of Q4 2024 was 613,583 sqm, an increase of 11.9% year-on-year[49] - The commitment rate for area in service was 91.9% at the end of Q4 2024, slightly down from 92.5% in Q4 2023[51] Cash and Debt Management - Cash as of December 31, 2024, was RMB7,867.7 million (US$1,077.9 million)[44] - Total short-term debt was RMB4,978.4 million (US$682.0 million) as of December 31, 2024[45] - The company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations during 2024[46] - GDS Holdings reported total assets of RMB 74.45 billion as of December 31, 2023, a slight decrease from RMB 73.65 billion in 2024[79] - The company’s cash reserves increased to RMB 7.87 billion in 2024 from RMB 7.35 billion in 2023, reflecting a growth of approximately 7%[79] - Total current liabilities increased to RMB 9.08 billion in 2024 from RMB 8.31 billion in 2023, representing a rise of approximately 9%[79] - Long-term borrowings, excluding current portions, decreased to RMB 21.91 billion in 2024 from RMB 23.09 billion in 2023, a reduction of about 5%[79] - The total gross debt as of December 31, 2023, was RMB 5,169,734 thousand (approximately US$ 1,427,212 thousand)[89] Strategic Positioning and Market Outlook - GDS Holdings is strategically positioned in primary economic hubs in China, catering to high-performance data center service demands[74] - The company offers a suite of value-added services, including managed hybrid cloud services, enhancing its competitive edge in the market[74] - GDS Holdings anticipates continued growth in demand for high-performance data centers and related services in China and Southeast Asia[76] - The company expects total revenues for 2025 to be between RMB11,290 million and RMB11,590 million, indicating a year-on-year increase of approximately 9.4% to 12.3%[58] - Adjusted EBITDA for 2025 is projected to be between RMB5,190 million and RMB5,390 million, reflecting a year-on-year increase of approximately 6.4% to 10.5%[58] Research and Development - Research and development costs decreased to RMB6.9 million (US$0.9 million) in Q4 2024 from RMB12.8 million in the same period last year[17] - Research and development expenses for the year ended December 31, 2024, were RMB 36,319, reflecting a commitment to innovation[80]

DayOne Investment and Operations - As of December 31, 2024, the company holds a 35.6% equity stake in DayOne, which continues to significantly contribute to overall operational performance and shareholder value[6]. - DayOne's Series A financing was increased from $587 million to $672 million in May 2024, and the Series B financing was raised from $1 billion to $1.2 billion in December 2024[7]. - The company transitioned DayOne from a consolidated subsidiary to an equity investment as of December 31, 2024, following the dilution of its stake from 52.7%[7]. - DayOne is involved in developing and operating data centers in Southeast Asia and Northeast Asia, enhancing the company's value and operational performance[10]. - The company has ceased consolidating DayOne's operational results, which will now be reported as an equity investment[10]. - DayOne has raised a total of $1.672 billion in convertible preferred shares through A and B rounds of financing, with the company not participating in these rounds[65]. - DayOne has a total power capacity of 469 MW, with 132 MW operational and 369 MW under construction as of December 31, 2024[66]. Financial Performance and Revenue - Revenue contributions from the VIE and its subsidiaries accounted for 96.1% of total revenue in 2024, down from 97.0% in 2023[9]. - The company's consolidated financial statements for the fiscal year 2024 reflect DayOne's operations as discontinued business, with historical profits and cash flows adjusted for consistent comparison[8]. - The company’s financial performance for the fiscal year 2024 includes adjustments to reflect DayOne's operations as discontinued, ensuring clarity in financial reporting[8]. - The company's net revenue increased from RMB 9,268.1 million in 2022 to RMB 10,322.1 million in 2024, representing a growth of 5.5%[36]. - The adjusted EBITDA rose from RMB 4,333.7 million in 2022 to RMB 4,876.4 million in 2024, indicating a steady increase in operational efficiency[36]. - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[165]. - The company reported a significant increase in revenue, achieving a total of 60 million in 2024, reflecting a growth of 15% compared to the previous year[180]. VIE Structure and Regulatory Compliance - The company operates primarily through a VIE structure due to regulatory restrictions on foreign ownership in telecommunications-related businesses in China[9]. - The company relies on contractual arrangements to control its variable interest entities (VIEs) and their operations, which are consolidated in the financial statements[14]. - There is uncertainty regarding the effectiveness of the contractual arrangements in providing control over the VIEs compared to direct ownership[15]. - The company is currently operating in a sector classified as value-added telecommunications, which restricts foreign investment, raising compliance risks[17]. - Future legislative changes may require the company to take further actions regarding its contractual arrangements, potentially impacting its operations[17]. - The company may face significant penalties if its corporate structure and contractual arrangements are found to violate current or future Chinese laws[17]. - The financial performance of the VIEs and their subsidiaries may not be consolidated if the contractual arrangements are deemed non-compliant, adversely affecting the company's financial condition[17]. Data Center Operations and Capacity - The total net floor area in operation as of December 31, 2024, is 613,583 square meters, with 91.9% contracted by customers[30]. - The total net floor area under construction is 102,691 square meters, with 64.1% pre-contracted by customers[30]. - The company operates 91 self-developed data centers with a total net floor area of 608,970 square meters as of December 31, 2024[35]. - The total capacity of the company's data centers, including operational and under construction, is 716,274 square meters, with an estimated potential development area of approximately 388,922 square meters[35]. - The average power density of operational and under-construction data centers is approximately 2.2 kW/square meter, with under-construction facilities averaging 2.35 kW/square meter[55]. - The average PUE for newly operational data centers since 2020 is approximately 1.24, indicating high energy efficiency[55]. - The company operates data centers strategically located in major economic centers, focusing on high-performance services[30]. Customer Base and Retention - The company serves 926 clients, including major cloud service providers and large internet companies, with contracts typically ranging from 1 to 10 years[34]. - The average customer churn rate for 2023 and 2024 is approximately 1.4% and 1.2%, respectively[44]. - The company has a contracted area utilization rate of 91.9% as of December 31, 2024, down from 95.5% in 2022[35]. - Customer satisfaction survey conducted by NielsenIQ in December 2024 showed an average satisfaction score of 9.68 out of 10, with the net promoter score increasing from 85% in 2023 to 91% in 2024[87]. - The company reported a net profit margin of 20%, up from 18% in the previous year, reflecting improved operational efficiency[165]. - Customer retention rate improved to 85%, up from 80% last year, indicating stronger customer loyalty[165]. Regulatory Environment and Compliance - The complex regulatory environment in mainland China may lead to significant adverse changes in the company's operations and the value of its American Depositary Shares[19]. - Any changes in policies or regulatory measures could impose compliance costs on the company[19]. - The company is subject to the new cybersecurity review regulations, requiring operators with over 1 million user personal information to undergo security assessments before going public abroad[150]. - The implementation of the Data Export Security Assessment Measures mandates data processors to report to national authorities when providing important data abroad, affecting operational strategies[151]. - The evolving legal framework necessitates ongoing adjustments to the company's operational and compliance strategies to mitigate risks associated with data security[152]. - The company must navigate the evolving regulatory landscape, which includes potential uncertainties regarding the applicability of new laws and regulations to its operations[151]. Strategic Initiatives and Future Outlook - The company’s strategic focus includes market expansion and potential new product development through its equity investments[10]. - Market expansion plans include entering three new international markets by the end of the year, projected to increase user base by 30%[165]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[165]. - The company plans to enhance its marketing strategy, allocating an additional $10 million to digital marketing efforts[165]. - The company is committed to compliance with new regulatory frameworks, ensuring all operations align with the latest guidelines[180]. Environmental and Sustainability Efforts - Approximately 40% of the company's operational electricity consumption in 2024 comes from renewable energy sources[99]. - Carbon emissions have been reduced by over 1 million tons in 2024 due to various decarbonization measures[99]. - The average Power Usage Effectiveness (PUE) of self-developed data centers with an IT load rate of 30% or above is approximately 1.24[99]. - The new regulations emphasize the importance of energy consumption reduction and carbon neutrality in the development of data centers across various regions[136]. Employee and Management Structure - As of December 31, 2024, the company has 2,276 employees, with 75.5% in colocation services[102]. - Female representation among mid-level management is 27.75%, and among senior management, it is 31.58%[100]. - The employee turnover rate for the year is 13.2%[100]. - The company has a competitive compensation and benefits structure, with no significant labor disputes reported[103]. Legal Matters - The company is currently involved in a class action lawsuit in the U.S. District Court for the Central District of California, which alleges violations of the Securities Exchange Act of 1934, with a revised complaint submitted on December 18, 2023[105]. - A motion to dismiss the revised complaint was filed on February 5, 2024, with the plaintiffs opposing this motion on March 4, 2024[105]. - A preliminary approval of a settlement agreement was granted on October 9, 2024, with a final approval hearing scheduled for February 10, 2025[105].

Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, listed on NASDAQ and HKEX [3] - The company’s facilities are strategically located in primary economic hubs, catering to high demand for data center services [3] - GDS offers co-location and value-added services, including managed hybrid cloud services and managed network services [3] - The company has a 24-year track record of service delivery, serving large and demanding customers in China [3] - GDS holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates data centers in international markets [3] Recent Developments - GDS Holdings filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on April 28, 2025 [1] - The annual report is accessible on the company's investor relations website and the SEC's website [2] - Hardcopies of the annual report will be provided free of charge to shareholders and ADS holders upon request [2]