Group 1 - The Southern GDS Data Center REIT successfully completed its public offering, raising a total of 2.4 billion RMB, reflecting strong market demand with a public investor subscription multiple of 456 times and a private investor subscription multiple of 166 times [1][2] - The underlying asset of the REIT is the Kunshan Guojin Data Cloud Computing Data Center project, which has a total cabinet scale of 4,192 and an electricity capacity of 29,044 kW, with a projected PUE of 1.24 for 2024 [1] - The project operates on a wholesale business model, providing data center space and hosting services, achieving an average signing rate of 100% over the past three years, indicating strong operational performance [1] Group 2 - The successful issuance of the Southern GDS Data Center REIT is a milestone, marking the first public REIT project in China and creating a new model for private capital participation in public REITs [2] - The CEO of GDS highlighted that the successful issuance signifies a major breakthrough in capital strategy innovation and serves as a model for asset securitization in the digital infrastructure industry [2] - GDS plans to continue deepening capital innovation through the REIT platform, integrating quality assets to promote high-quality development in the digital infrastructure sector, supporting the growth of China's digital economy [2]