Precise(SZ:300442) Zheng Quan Ri Bao Wang·2025-08-08 03:44Core Insights - The Southern Runze Technology Data Center REIT, a significant milestone in China's data center industry, will be listed on the Shenzhen Stock Exchange on August 8, 2025, with a total issuance of 1 billion shares and a fundraising scale of 4.5 billion yuan, marking a new phase of asset securitization in the sector [1] - The A-18 data center, located in Langfang, Hebei, serves as the underlying asset for the REIT, benefiting from its strategic location and achieving a 100% signing rate and over 99% shelf rate since its operation began in December 2020 [2] Asset Logic - The core value of the Southern Runze Technology REIT lies in the A-18 data center, which has a unique geographical advantage, fulfilling the high demands for low latency and reliability from clients in the Beijing area [2] - The A-18 data center features 5,897 cabinets and a total power of 42.5 MW, positioning it as a leading project in the domestic market [2] Innovative Model - The REIT's success is attributed to its unique "data center + green electricity" model, which addresses the funding challenges faced by traditional heavy asset models in the data center industry [3] - By securitizing the A-18 data center at a valuation of 3.725 billion yuan, the company has created a virtuous cycle of investment, operation, securitization, and reinvestment, allowing for accelerated national computing network layout without significantly increasing debt [3] Industry Significance - The introduction of REITs provides a solution to the long-standing dilemma of "scale expansion vs. funding constraints" in the data center industry, enabling the transformation of illiquid fixed assets into tradable standardized products [4] - The company's practices offer a replicable model for the industry, with plans for further asset securitization of its upcoming projects [4] Policy and Market Resonance - The successful listing of the Southern Runze Technology REIT is supported by a favorable policy environment, including recent measures from the National Development and Reform Commission and the China Securities Regulatory Commission to promote REITs in the technology sector [5] - The REIT's launch enhances the multi-tiered capital market system in China, with a total of 68 public REITs issued by mid-2025, expanding the asset spectrum to include technology-intensive assets [6] Valuation Logic Transformation - The emergence of REITs introduces a shift in valuation methods for data center companies from PE (Price-to-Earnings) to NAV (Net Asset Value), promoting a focus on asset operational efficiency and cash flow stability [7] New Opportunities in Asset Securitization - The listing of the Southern Runze Technology REIT signifies the beginning of data center asset securitization, facilitating a capital cycle that supports the construction of digital infrastructure in China [8] - The successful issuance of data center REITs is expected to foster healthy development across the industry, with companies possessing core location advantages and technological leadership likely to achieve higher asset premiums [9]