On May 22, GDS Holdings-SW declined 3.15% in regular trading, trading at HK$33.22/share, with trading volume of HK$112 million, extending its recent weakness since May 15.

The continued slide is driven by multiple negative catalysts. The company's Q1 results showed core revenue of RMB 2.9 billion, up only approximately 8% year-over-year after stripping out one-time investment gains, with actual move-in area and delivery volume falling below expectations. Goldman Sachs noted revenue came in 1-2% below both its estimate and market consensus. Additionally, management announced a massive capital expenditure plan of RMB 30-50 billion over the next three years, raising concerns over short-term cash flow and profitability despite adjusted EBITDA growing 47.2% year-over-year.

Further weighing on sentiment, the company's international subsidiary DayOne is reportedly pursuing a dual listing in Singapore and the United States to raise approximately $5 billion at a potential $200 billion valuation. While long-term value unlocking is possible, markets remain concerned about fund diversion and parent-subsidiary restructuring implications.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)