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SHANGHAI - GDS Holdings Limited (NASDAQ:GDS; HKEX:9698), a data center operator with a market capitalization of $56.27 million and strong financial health according to InvestingPro metrics, announced today the successful completion of its China REIT (C-REIT) initial public offering on the Shanghai Stock Exchange.
The data center operator reported that the retail offering closed ahead of schedule due to high subscription levels. According to the company’s press release, the institutional order book was 166 times covered at the final offering price, while the retail offering was 456 times oversubscribed.
The C-REIT is expected to begin trading on the Shanghai Stock Exchange in early August under the fund code 508060.
GDS Holdings describes itself as a developer and operator of high-performance data centers in China with facilities strategically located near major economic hubs. The company serves various customers including cloud service providers, internet companies, financial institutions, and telecommunications carriers.
The company also holds a 35.6% non-controlling equity interest in DayOne Data Centers Limited, which operates data centers in international markets.
This information is based on a press release statement issued by GDS Holdings Limited.
In other recent news, GDS Holdings Limited has priced its China REIT initial public offering at RMB 3.00 per unit on the Shanghai Stock Exchange. The offering was notably oversubscribed, raising gross proceeds of RMB 2,400 million and allowing GDS to sell a 100% equity interest in a project company holding data center assets for an enterprise value of approximately RMB 2,319 million. GDS will retain a 20% stake in the REIT units and will continue to operate and manage the data center assets, generating recurring annual fee income. Additionally, GDS has launched a $450 million convertible senior notes offering, with proceeds earmarked for working capital and refinancing existing debt. This offering is part of a broader financial strategy, which also includes a public offering of 5.2 million American Depositary Shares (ADSs). The ADS and notes offerings are interdependent, with their completion contingent on each other. J.P. Morgan and other major banks are managing the ADS offering. These developments are part of GDS Holdings’ efforts to strengthen its financial position and support its growth in China’s data center market.
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