SHANGHAI, China, July 02, 2025 – GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698), a prominent developer and operator of high-performance data centers in China, today confirmed the final offering price for its previously announced China REIT (C-REIT) initial public offering (IPO) on the Shanghai Stock Exchange. The price has been set at RMB 3.00 per unit, following an institutional bookbuilding process that was oversubscribed by 166 times. The C-REIT is poised to issue a total of 800,000,000 units, constituting 100% of units in issue upon the IPO’s completion. This offering is projected to generate gross proceeds of RMB 2,400 million for the C-REIT.

Based on this final offering price, the C-REIT’s implied Enterprise Value (EV) to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) ratio is 16.9 times, calculated from a projected 2026 EBITDA of RMB 141.8 million as detailed in the offering memorandum. Furthermore, the implied dividend yield per unit stands at 5.2 percent, based on the projected cash flow available for distribution in 2026, which is RMB 124.8 million, also outlined in the offering memorandum.

GDS is set to finalize an agreement to divest a 100% equity interest in a project company, which encompasses stabilized data center assets, to the C-REIT. This transaction is valued at an approximate total enterprise value of RMB 2,319 million. Upon the sale’s completion, GDS anticipates receiving approximately RMB 2,111 million in total net cash proceeds, which accounts for equity consideration and dividends from existing cash, net of taxes and various transaction costs. Additionally, GDS will remove approximately RMB 62 million in net debt and other liabilities from its balance sheet. Concurrently, GDS plans to reinvest RMB 480 million by subscribing to 20% of the units issued by the C-REIT in the IPO.

Under a services agreement with the project company transferred to the C-REIT, GDS will continue to operate and manage these underlying data center assets. This arrangement is expected to generate recurring annual fee income of approximately RMB 5 million for GDS.

About GDS Holdings Limited

GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) stands as a premier developer and operator of high-performance data centers across China. Its facilities are strategically situated within and around key economic hubs, where the demand for advanced data center services is most concentrated. GDS data centers are characterized by their expansive net floor area, high power capacity, density, efficiency, and robust multiple redundancies across all critical systems. Adhering to a carrier and cloud-neutral approach, GDS empowers its clientele to access major telecommunications networks alongside prominent PRC and global public clouds, many of which are hosted within its facilities. The Company provides co-location services and a comprehensive suite of value-added offerings, including managed hybrid cloud services via direct private connections to leading public clouds, managed network services, and, where appropriate, the resale of public cloud services. With a distinguished 24-year history of service delivery, GDS has consistently met the stringent requirements of some of China’s largest and most demanding customers for outsourced data center services. Its diverse customer base primarily comprises hyperscale cloud service providers, major internet companies, financial institutions, telecommunications carriers, IT service providers, and substantial domestic private sector and multinational corporations. Furthermore, the Company maintains a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which focuses on developing and operating data centers in international markets.

For investor and media inquiries, please contact:

GDS Holdings Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email:

Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email:

Brandi Piacente
Phone: +1 (212) 481-2050
Email:

GDS Holdings Limited