On June 18, GDS Holdings-SW fell 3.14% in regular trading, trading at 31.74 HKD/share, with turnover of approximately 12.99 million HKD. The stock resumed its downward trend after a brief rebound the previous session, extending its recent correction.

On the news front, the company's Q1 net profit of 2.652 billion RMB was heavily reliant on one-time investment gains — over 80% stemmed from the DayOne equity transaction, contributing approximately 2.136 billion RMB. Excluding this item, core business revenue growth decelerated to single digits. Meanwhile, management reaffirmed a massive 30-50 billion RMB capital expenditure plan over the next three years, while total liabilities stand at 51.693 billion RMB with operating cash flow contracting, intensifying market concerns over near-term financial strain. Goldman Sachs recently lowered its target price to 47 HKD, citing domestic chip supply constraints that have caused actual capacity expansion and customer move-in progress to lag expectations, likely dragging on short-term revenue and EBITDA performance.

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