On June 25, GDS Holdings (09698.HK) fell 5.05% in regular trading, trading at 29.76 HKD/share, with turnover of 31.38 million HKD, extending its recent streak of consecutive declines.

On the news front, the company's Q1 net profit of 2.652 billion yuan drew market scrutiny as over 80% was attributed to one-time investment gains from DayOne equity operations. After stripping out non-recurring items, core business revenue growth decelerated to single digits, fueling ongoing profit quality controversy. Additionally, industry surveys indicate the company's occupancy rate has fallen short of expectations, while AI chip supply constraints may further delay AIDC capacity ramp-up schedules.

The broader sector remained under pressure, with peer Kingsoft Cloud declining 7.0% on the same day. Management's reiterated capital expenditure plan of 30 to 50 billion yuan over three years, combined with total liabilities of 51.693 billion yuan and shrinking operating cash flow, continues to weigh on near-term sentiment.

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