On August 27, GDS-SW rose 3.1% in regular trading, trading at HK$33.2/share, with turnover of HK$35.77 million. The stock continued its upward momentum driven by a cluster of positive developments.

On the news front, GDS recently signed a cooperation agreement with the Hohhot Municipal Government, planning to invest approximately RMB 20 billion over five years to develop an integrated green advanced data industrial park in the Helinger New District, significantly expanding its domestic computing infrastructure footprint. Daiwa maintained a Buy rating on the company with a target price of HK$47.

The rally also builds on strong Q2 earnings released on August 13, in which GDS reported net profit of RMB 838 million, swinging from a net loss of RMB 70.6 million year-over-year. Revenue rose 6.5% to RMB 3.088 billion. The company raised its full-year revenue guidance to RMB 12.7-13.0 billion and adjusted EBITDA guidance to RMB 5.9-6.1 billion. Additionally, subsidiary DayOne reportedly filed confidentially for a US IPO targeting up to US$5 billion in proceeds.

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