HTSC(SH:601688) 券商中国·2025-07-04 01:52Core Viewpoint - The first two data center REITs in China have completed their inquiry phase and are set to launch subscriptions, indicating strong interest from institutional investors and brokers, with both products being priced at the upper limit of their inquiry ranges [1][4]. Inquiry and Subscription Details - The inquiry for the Southern Runze Technology Data Center REIT received a total subscription of 350.82 billion shares, 167.06 times the initial offline issuance amount, while the Southern Wanguo Data Center REIT had a total subscription of 279.05 billion shares, 166.10 times the initial offline issuance amount [2]. - The inquiry price range for the Southern Runze Technology Data Center REIT was set between 3.020 and 4.531 yuan per share, with a final pricing of 4.5 yuan per share, aiming to raise approximately 4.5 billion yuan. The Southern Wanguo Data Center REIT had a price range of 2.014 to 3.021 yuan per share, with a final price of 3 yuan per share, targeting around 2.4 billion yuan [3]. Market Dynamics - Both REITs were priced at the upper limit of their inquiry ranges, which were already 20% higher than the proposed fundraising prices. This trend indicates a significant premium in the inquiry phase compared to historical data [4]. - The participation in the inquiry phase included 131 investors for the Southern Runze REIT and 119 for the Southern Wanguo REIT, with a high number of brokerage asset management plans involved [5]. Broker Participation - Over 40 brokerage proprietary accounts participated in the inquiry for both REITs, with major firms like CITIC Securities and Huatai Securities acting as strategic investors [6]. - Huatai Securities committed to purchasing 16.85 million shares of the Southern Runze REIT, representing 1.685% of the total issuance, highlighting the strategic interest from leading brokerages [6]. Future Outlook for Data Centers - The demand for data centers is expected to grow significantly, driven by advancements in AI and data economy, positioning them as essential infrastructure for technological innovation [7]. - The data center industry is viewed as a stable cash flow generator, making it an attractive asset class for public REITs, especially in a declining interest rate environment [8]. Comparison with Traditional REITs - Data center REITs differ from traditional property REITs in terms of operational models, revenue stability, and valuation logic, with data center assets offering more stable returns due to high customer concentration and long lease terms [9].