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    Xinyi Wang • China International Capital Corporation

    Xinyi Wang's questions to GDS Holdings Ltd (GDS) leadership

    Xinyi Wang's questions to GDS Holdings Ltd (GDS) leadership • Q2 2025

    Question

    Xinyi Wang from UBS Group asked for details on the customer profile and workload types (CPU vs. GPU) for the quarter's new orders and move-ins, and whether this indicated progress in domestic chip substitution. She also followed up on MSR trends, questioning why it remained stable despite renewing contracts from a higher-priced era.

    Answer

    CEO William Huang stated that new orders came from a mix of traditional internet and cloud service providers with hybrid GPU and CPU workloads. CFO Daniel Newman addressed MSR trends, noting that market prices have stabilized. He explained that past MSR declines were due to both price resets and a mix shift to edge-of-town campuses, and he expects low single-digit declines to continue for a few more quarters before stabilizing.

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    Xinyi Wang's questions to GDS Holdings Ltd (GDS) leadership • Q1 2025

    Question

    Xinyi Wang from UBS asked for a comparison of the investment return profiles, specifically IRR and EBITDA yield, for DayOne's international projects versus its assets in China.

    Answer

    CFO Dan Newman, clarifying the question was about the DayOne international business, explained that development yields for its projects are in the low-teens, which is currently higher than in China. He noted this reflects a different supply-demand balance and expressed hope that rising AI demand could lead to better yields in China as well.

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    Xinyi Wang's questions to GDS Holdings Ltd (GDS) leadership • Q4 2024

    Question

    Xinyi Wang from UBS asked if the 2025 CapEx guidance is based solely on existing orders, including the recent 150MW win, and how to forecast new orders for the year. She also questioned if the utilization ramp-up for existing vacant capacity is driven by non-AI demand, given AI inference requires large-scale projects.

    Answer

    CEO William Huang confirmed the CapEx includes the announced deal and that while the pipeline is strong, GDS is cautiously monitoring the chip supply situation before committing to more deals. He explained that the current demand wave is for AI inferencing, which fits GDS's Tier 1 resources perfectly and drives utilization for existing capacity.

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    Xinyi Wang's questions to GDS Holdings Ltd (GDS) leadership • Q2 2024

    Question

    Xinyi Wang inquired about the future financing plans for GDS's international business to support its significant CapEx requirements, asking about both near-term and mid-term strategies.

    Answer

    CEO William Huang noted that financing is driven by the goal of delivering the current order book within three years. CFO Dan Newman elaborated that the company has initiated a Series B equity round targeting $600M-$800M, expected to close by year-end. Subsequent financing may include mezzanine debt, alongside ongoing project-level senior debt facilities, such as a large syndicated loan for its Malaysian operations.

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    Xinyi Wang's questions to VNET Group Inc (VNET) leadership

    Xinyi Wang's questions to VNET Group Inc (VNET) leadership • Q1 2025

    Question

    Xinyi Wang of UBS Group noted the wholesale delivery plan extends into Q1 2026 and asked if this provides visibility into utilization ramp-up for next year, seeking an outlook on the utilization rate for the next several quarters.

    Answer

    A company Moderator confirmed that strong client demand is driving rapid move-ins, which hit a record high for newly utilized capacity in the quarter. Based on firm client communications and move-in schedules, management is confident in a 'very pleasant move in rhythm' and continued ramp-up over the next three to four quarters.

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    Xinyi Wang's questions to VNET Group Inc (VNET) leadership • Q4 2024

    Question

    Xinyi Wang of UBS inquired about the 64-megawatt joint venture project with Changzhou Gaoxin Group, asking how it would be reflected in VNET's revenue and CapEx guidance. She also asked for management's perspective on supply-demand dynamics, particularly the confidence in a future supply shortage given China's efficient supply chain and potential new market entrants.

    Answer

    CFO Qiyu Wang explained that the JV is an asset-light model where VNET holds 13% equity. Consequently, the 64 MW order is not included in VNET's balance sheet or CapEx guidance; instead, VNET will earn management and capital operation fees. Regarding market dynamics, he stated that third-party research aligns with their internal view, predicting a supply shortage in the Greater Beijing area by 2025 and the Yangtze River Delta by 2026. He added that many domestic peers are currently prioritizing overseas markets, resulting in less concentrated competition for VNET's domestic projects.

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    Xinyi Wang's questions to VNET Group Inc (VNET) leadership • Q3 2024

    Question

    Xinyi Wang inquired about the drivers behind the quarter's diverse new order wins, questioning if AI computing remains the primary catalyst. She also asked about the pricing and return profile of these new orders amid rising competitor CapEx, and the potential margin impact from the new Ulanqab green energy project.

    Answer

    Executive Vice President Ju Ma confirmed that the 84 MW in new orders were predominantly for AI workloads, noting a rising trend in demand for inference services. Rotating President Chenggang Shen added that pricing is stable with an upward bias, and ROI is increasing due to economies of scale and lower costs. Executive Qi Yang explained the Ulanqab project will supply 700 million kWh of green power annually, which is expected to improve margins for that campus.

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