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    Huiqun Li • Bank of America

    Huiqun Li's questions to GDS Holdings Ltd (GDS) leadership

    Huiqun Li's questions to GDS Holdings Ltd (GDS) leadership • Q1 2025

    Question

    Huiqun Li from Bank of America asked for details on the client mix for DayOne's recent new orders and inquired about the progress and expected timeline for the C-REIT issuance.

    Answer

    CEO William Huang reiterated that DayOne's client base is a mix of international and Chinese customers, with deployments supporting e-commerce and media, primarily using CPUs. CFO Dan Newman detailed the C-REIT progress, noting the application is now with the CSRC and Shanghai Stock Exchange. He expressed hope to complete the offering and list the C-REIT before the end of the year.

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    Huiqun Li's questions to GDS Holdings Ltd (GDS) leadership • Q4 2024

    Question

    Huiqun Li from Bank of America Securities inquired about the anticipated valuation range and yield for future C-REIT issuances. She also asked about the move-in pace for the China market, questioning if the recent rush for AI capacity would lead to a faster ramp-up in the coming quarters.

    Answer

    CFO Dan Newman provided context on C-REIT valuations, noting that comparable listed C-REITs trade at a dividend yield around 5%, implying an attractive valuation multiple for GDS above the 13x achieved in the ABS transaction. CEO William Huang confirmed that the move-in pace for new orders has significantly improved, citing a 6-month move-in schedule for the latest large deal.

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    Huiqun Li's questions to GDS Holdings Ltd (GDS) leadership • Q2 2024

    Question

    Huiqun Li asked for the outlook on the 'area in service' growth trend for the international business in the upcoming Q3 and Q4, seeking clarity on absolute values or growth rates.

    Answer

    CFO Dan Newman reiterated guidance that the vast majority of the 280 MW backlog will be delivered and revenue-generating within 24 months, leading to a 3.5x increase in utilized capacity. He specified that the increase in the second half of 2024 will be relatively small, with a much more substantial ramp-up expected throughout 2025.

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    Huiqun Li's questions to VNET Group Inc (VNET) leadership

    Huiqun Li's questions to VNET Group Inc (VNET) leadership • Q4 2024

    Question

    Huiqun Li of Bank of America Securities asked about the long-term growth outlook for VNET's wholesale business. Considering the strong new orders and the aggressive delivery plan for 2025, she inquired about management's expectations for revenue and new order pipelines in 2026 and 2027.

    Answer

    CFO Qiyu Wang stated that the company has a five-year plan based on strong, sustained AI-driven demand. He confirmed that after the significant CapEx in 2025, VNET will continue to invest heavily in 2026 and 2027 to meet market requirements. He emphasized that CapEx is driven by signed contracts, providing high certainty for future growth. He also noted the typical project timeline, explaining that EBITDA growth will naturally lag CapEx growth due to the 6-9 month construction phase followed by a 6-12 month customer move-in period.

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    Huiqun Li's questions to Agora Inc (API) leadership

    Huiqun Li's questions to Agora Inc (API) leadership • Q3 2024

    Question

    Huiqun Li of Bank of America inquired about the key drivers behind the stronger Q4 revenue guidance, seeking more detail on demand in Mainland China versus overseas. She also asked about the progress of collaborations with domestic Chinese large language models and the differing application trends between China and OpenAI.

    Answer

    Executive Jingbo Wang explained that the sequential revenue growth guidance is driven by demand in both international markets and China. Internationally, growth is seen in live shopping and the creator economy, with recovery in Southeast Asia and the Middle East. In China, growth is attributed to IoT, digital transformation, and market share gains. Executive Bin Zhao addressed the AI question, stating that collaborations with domestic models are mostly in an experimental, POC stage. He noted that key use cases like customer service, education, and IoT are being explored, but the technology from domestic partners needs more time to mature for real-time applications.

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