GDS Holdings (GDS) Company Report

Analyst Coverage

Research analysts who have asked questions during GDS Holdings earnings calls.

Frank Louthan

Raymond James

6 questions for GDS

Also covers: AKAM, ATUS, CABO +13 more

Yang Liu

Morgan Stanley

6 questions for GDS

Also covers: BILI, NTES, TCOM +3 more

Xinyi Wang

China International Capital Corporation

4 questions for GDS

Also covers: VNET

Huiqun Li

Bank of America

3 questions for GDS

Also covers: API, VNET

Edison Lee

Jefferies LLC

2 questions for GDS

Also covers: ACMR, VNET

Jonathan Atkin

RBC Capital Markets

2 questions for GDS

Also covers: AMT, CCI, DBRG +6 more

Michael Elias

TD Cowen

2 questions for GDS

Also covers: DBRG, DLR, EQIX +2 more

Sarah Wang

UBS

2 questions for GDS

Also covers: VNET

Timothy Chow

Goldman Sachs

2 questions for GDS

Yu Lee

Guggenheim Partners

2 questions for GDS

Also covers: CTSH, DAVA, INFY +3 more

Daily Lee

Bank of America Securities

1 question for GDS

Gokul Hariharan

JPMorgan Chase & Co

1 question for GDS

Also covers: 3711.TW, ASX, SIMO +2 more

Louis Tsang

Citi

1 question for GDS

Also covers: VNET

Timothy Zhao

Goldman Sachs

1 question for GDS

Also covers: BEKE, BZ, EDU +5 more

Yucen Liu

Goldman Sachs

1 question for GDS

Latest news

Recent press releases and 8-K filings for GDS.

GDS Holdings Announces US$300 Million Convertible Preferred Share Private Placement

GDS

Convertible Preferred Issuance

New Projects/Investments

GDS Holdings Limited announced a private placement of US$300 million in Series B convertible preferred shares to Huatai Capital Investment Limited on January 30, 2026.
The proceeds from this private placement will be used to fund the expansion of its data center capacity and for general corporate purposes.
The convertible preferred shares have a conversion price of approximately US$54.43 per GDS ADS, which represents a 17.5% premium above its last closing price on January 30, 2026.
These shares will accrue a minimum 3.75% p.a. dividend for the first six years, payable quarterly, with the option for GDS to pay in cash or in kind.
Upon full conversion, approximately 5,512,072 ADSs will be issued, representing 2.62% of the total outstanding shares of the Company as of the announcement date.

5 days ago

6-K

GDS Holdings Announces Private Placement of Convertible Preferred Shares

GDS

Convertible Preferred Issuance

New Projects/Investments

GDS Holdings Limited announced a private placement of US$300 million of Series B convertible preferred shares to Huatai Capital Investment Limited, with proceeds intended for data center capacity expansion and general corporate purposes.
The convertible preferred shares have a conversion price of approximately US$54.43 per GDS ADS, representing a 17.5% premium above its last closing price on January 30, 2026.
The shares accrue a minimum 3.75% p.a. dividend for the first six years, payable quarterly, and are not convertible before March 31, 2027.
Upon full conversion, the issuance will represent 2.62% of total outstanding shares of the company, with holders having voting rights equal to the number of Class A ordinary shares into which each preferred share is convertible.

5 days ago

Press Release

GDS Holdings to Vote on Proposal to Increase CEO's Voting Power

GDS

Proxy Vote Outcomes

Board Change

GDS Holdings Limited will hold a general meeting on February 24, 2026, to consider a proposal to increase the voting power attached to Class B ordinary shares held by Chairman and CEO Mr. William Wei Huang.
The proposal aims to strengthen the company's "control" by Chinese nationals to comply with evolving regulatory requirements from key customers, including financial institutions and internet platform companies, for data center services in the Chinese Mainland.
If approved, Mr. Huang's voting power on matters such as electing a majority of the company's directors and approving certain amendments to the Articles of Association would increase from approximately 36.2% (on a 1:20 basis) to 58.6% (on a 1:50 basis), based on shares as of December 31, 2025.
The Board believes this proposal is beneficial to shareholders as it would allow the company to continue servicing key customers and operating in the Chinese Mainland.
Mr. Huang and his associates, who beneficially own 2.8% of the total issued share capital as of December 31, 2025, will abstain from voting on Proposal 1.

Jan 26, 2026, 1:24 PM

6-K

GDS Holdings Sells DayOne Shares

GDS

M&A

New Projects/Investments

GDS Holdings Limited announced the sale of US$385 million worth of ordinary shares in DayOne Data Centers Limited, a company in which GDS holds a minority equity interest.
This share repurchase by DayOne allows GDS to recycle approximately 95% of its principal investment in DayOne, achieving a nearly 6.5 times multiple of money.
The transaction implies a value of over US$2.2 billion for GDS's remaining equity interest in DayOne, equivalent to US$11.18 per GDS American Depositary Share.
GDS intends to reallocate the proceeds from this sale to invest in new business opportunities within its core operations in China.

Jan 13, 2026, 11:17 AM

6-K

GDS Holdings Announces Sale of DayOne Shares

GDS

M&A

New Projects/Investments

GDS Holdings has entered into definitive agreements for DayOne Data Centers Limited to repurchase US$385 million worth of ordinary shares from GDS.
This share repurchase will allow GDS to recycle approximately 95% of its principal investment in DayOne at a nearly 6.5 times multiple of money.
GDS intends to reallocate the proceeds from this transaction to invest in new business opportunities within its core business in China.
The implied value of GDS's remaining equity interest in DayOne, based on the Series C new issue price, is over US$2.2 billion, which is equivalent to US$11.18 per GDS American Depositary Share.

Jan 13, 2026, 11:00 AM

Press Release

GDS Announces Q3 2025 Financial and Operational Results

GDS

Earnings

Guidance Update

Debt Issuance

GDS reported Q3 2025 total net revenue of Rmb 2,887.1 million ($405.6 million), an increase of 10.2% year-over-year, and Adjusted EBITDA of Rmb 1,342.2 million ($188.5 million), up 11.4% year-over-year with a 46.5% margin.
The company achieved +7,950 sqm in new net customer commitments and +22,037 sqm in additional net area utilized during Q3 2025, bringing total area utilized to 486,607 sqm with a 74.4% utilization rate.
In Q3 2025, GDS secured Rmb 5,054 million ($710 million) in new debt financing/refinancing facilities and completed a C-REIT IPO at an enterprise value of Rmb 2,400 million ($337 million).
GDS provided FY25 guidance for Total Revenue between Rmb 11,290 million and Rmb 11,590 million and Adjusted EBITDA between Rmb 5,190 million and Rmb 5,390 million. The company also reduced its Net Debt / Annualized EBITDA from 6.8x at 4Q24 to 6.0x at 3Q25.

Nov 19, 2025, 1:00 PM

Presentation

GDS Holdings Reports Q3 2025 Results and Strategic Progress

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings reported Q3 2025 revenue growth of 10.2% and adjusted EBITDA growth of 11.4% year-on-year, with pro forma adjusted EBITDA for the first nine months of 2025 growing by 15.4%.
The company achieved 75,000 sq m (240 megawatts) in new bookings for the first nine months of 2025, expecting to reach nearly 300 megawatts for the full year, with approximately 65% of 2025 bookings being AI-related.
GDS successfully completed the first IPO of a data center REIT (CREET) in China, which began trading on August 8th, providing a significant competitive advantage for accessing capital and monetizing assets. The company plans a first post-IPO asset injection of RMB 4 billion-RMB 6 billion in Q2 2026.
Organic CapEx for the first nine months of 2025 was RMB 3.8 billion, with a full-year projection of RMB 4.8 billion (or RMB 2.7 billion net of asset monetization proceeds). The net debt to last quarter annualized adjusted EBITDA improved to 6.0 times at the end of Q3 2025 from 6.8 times at the end of 2024.
GDS is on track to achieve the midpoint of its revenue guidance and at or above the top end of its EBITDA guidance for the full year 2025.

Nov 19, 2025, 1:00 PM

Transcript

GDS Holdings Limited Reports Q3 2025 Financial Results and Strategic Progress

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings Limited reported a 10.2% year-on-year revenue increase and an 11.4% year-on-year adjusted EBITDA increase for Q3 2025.
New bookings for the first nine months of 2025 totaled 75,000 sq m, or 240 megawatts, with approximately 65% being AI-related, and full-year bookings are expected to reach nearly 300 megawatts. The company has secured around 900 megawatts of powered land suitable for AI demand.
The company completed the first IPO of a data center REIT in China, with the CREET units trading 45.8% up from the IPO price as of November 18, 2025, providing a significant competitive advantage for accessing capital.
Organic CapEx for the first nine months of 2025 was RMB 3.8 billion, with a full-year expectation of RMB 4.8 billion, and the net debt to last quarter annualized adjusted EBITDA multiple decreased to 6.0 times at the end of Q3 2025.

Nov 19, 2025, 1:00 PM

Transcript

GDS Holdings Limited Reports Q3 2025 Financial Results and Strategic Progress

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings Limited reported a 10.2% year-on-year revenue increase and an 11.4% year-on-year adjusted EBITDA increase for Q3 2025. For the first nine months of 2025, pro forma adjusted EBITDA grew by 15.4%.
The company's total new bookings for the first nine months of 2025 reached 75,000 sq m or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year, of which approximately 65% are AI-related.
GDS successfully completed the first IPO of a data center REIT (CREET) in China, which is trading 45.8% above its IPO price, and plans for a post-IPO asset injection of RMB 4 billion-RMB 6 billion in Q2 2026.
The net debt to last quarter annualized adjusted EBITDA multiple improved from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, with the China business becoming almost self-funding after asset monetization.
The company is on track to achieve the midpoint of its revenue guidance and at or above the top end of its EBITDA guidance for the full year 2025, while anticipating higher bookings in 2026.

Nov 19, 2025, 1:00 PM

Transcript

GDS Holdings Reports Q3 2025 Results

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings Limited reported a 10.2% year-over-year increase in net revenue, reaching RMB2,887.1 million (US$405.6 million) for the third quarter ended September 30, 2025.
The company achieved a net income of RMB728.6 million (US$102.4 million) in Q3 2025, compared to a net loss of RMB231.1 million in the prior year, primarily driven by a RMB1,369.3 million gain on deconsolidation of subsidiaries related to the C-REIT transaction.
Adjusted EBITDA for Q3 2025 increased by 11.4% year-over-year to RMB1,342.2 million (US$188.5 million), with an Adjusted EBITDA margin of 46.5%.
As of September 30, 2025, the area utilized grew by 10.9% year-over-year to 486,607 sqm, and the utilization rate for area in service was 74.4%.
GDS confirmed its full-year 2025 guidance, projecting total revenues between RMB11,290 million and RMB11,590 million, Adjusted EBITDA between RMB5,190 million and RMB5,390 million, and capital expenditures of approximately RMB2,700 million.