上交所首单！万国数据中心REIT获批拟募资19.33亿元

Core Viewpoint - The approval of the "Wanguo Data Center REIT" marks a significant advancement in China's capital market, facilitating the high-quality development of the digital economy through innovative financing solutions [1][2][3]. Group 1: Project Overview - The "Wanguo Data Center REIT" is one of the first batch of data center REITs in China, with a fundraising target of 1.933 billion yuan [1]. - The underlying asset is the Guojin Data Center located in Kunshan, Jiangsu Province, which features over 4,000 7kW cabinets and a power capacity of 29,044 kW [3]. - The project has maintained a 100% signing rate and over 92% billing rate for the past three years, indicating strong demand and operational stability [3]. Group 2: Policy and Market Context - The China Securities Regulatory Commission (CSRC) has been actively supporting the development of REITs, particularly in sectors like artificial intelligence and data centers, as part of its broader financial strategy [2]. - The approval of the Wanguo Data Center REIT is seen as a breakthrough for the capital market's role in supporting the digital economy [2]. Group 3: Financial Impact - The REIT structure allows for the separation of depreciation and amortization from the balance sheet, effectively reducing the company's debt ratio by 1.2% and increasing the return on equity (ROE) by approximately 4.4% [3]. - The net recovery funds exceeding 1 billion yuan will be used for new project investments, reinforcing the company's leading position in the industry [3]. Group 4: Industry Significance - The successful launch of the Wanguo Data Center REIT is viewed as a model for replicable financing solutions in the digital infrastructure sector, addressing the challenges of high investment costs and long return cycles [5]. - The REIT's approval is expected to provide a clear and transparent pricing anchor for the market, promoting rational investment and healthy development within the data center industry [5]. Group 5: Market Expansion - As of May 2023, the Shanghai Stock Exchange has become a major platform for REITs in China, with 44 REITs issued and a total scale of 121.6 billion yuan [6]. - The introduction of various REIT products, including the Wanguo Data Center REIT, contributes to the diversification of financing options for high-quality entities in the new infrastructure sector [6].