Core Insights - The approval of the Southern Universal Data Center REIT and Southern Runze Technology REIT marks a significant milestone in the financial landscape of the computing power era, being the first public REITs for data centers on the Shanghai and Shenzhen stock exchanges [2][3] - These REITs utilize mature and stable data center infrastructure projects as underlying assets, transforming heavy assets into liquid capital and promoting high-quality development in the computing power infrastructure industry [2] Group 1: REITs Overview - The Southern Universal Data REIT aims to raise funds of 1.933 billion yuan, with underlying assets located in Kunshan, Jiangsu Province, covering an area of 35,376.70 square meters and housing 4,192 cabinets with a power design capacity of 29,044 kW [2] - The project has a remaining lifespan of 37.69 years, indicating long-term viability and stability [2] Group 2: Financial Performance - The revenue for the Guojin Data Center infrastructure project from 2021 to 2023 and for the first nine months of 2024 was 175 million yuan, 173 million yuan, 168 million yuan, and 123 million yuan respectively [3] - The operating cash flow during the same periods was 133 million yuan, 124 million yuan, 136 million yuan, and 54.36 million yuan respectively, showcasing consistent cash generation [3] - Net profits for the same periods were 42.93 million yuan, 45.71 million yuan, 46.14 million yuan, and 34.99 million yuan respectively, indicating stable profitability [3] Group 3: Client Relationships - The data center operates on a non-inclusive electricity pricing model, where clients directly bear electricity costs, mitigating the impact of electricity price fluctuations on operating costs [3] - Major clients include Shanghai Telecom and Shanghai Unicom, which together accounted for 47.81% and 50.57% of revenue respectively, while another client contributed 1.62% [3] Group 4: Industry Implications - The launch of these REITs is seen as an innovative practice supporting the high-quality development of new infrastructure, potentially reshaping the development logic of data centers [3] - This development signifies a breakthrough in the asset securitization of data center construction, providing a new model for capital operations in the digital infrastructure sector [3]