GDS Holdings-SW (09698.HK) shares plummeted 16.08% in intraday trading on Thursday, reflecting a sharp sell-off in the market.

The steep decline is attributed to accelerating investor concerns over its international subsidiary DayOne Data's proposed dual listing. According to market reports, DayOne is considering a listing in both Singapore and the United States, aiming to raise approximately US$5 billion at a potential valuation of US$20 billion. GDS Holdings currently holds about 24% equity in the subsidiary.

While the independent listing could unlock long-term value for the subsidiary, the market reaction indicates deep apprehension regarding the restructuring of the parent-subsidiary relationship and potential capital diversion effects. The sell-off pressure was notably concentrated, as evidenced by elevated trading volume during the session.