GDS Holdings Ltd (GDS) saw its stock price plummet 5.46% during intraday trading on Thursday, extending losses from the previous session.

The decline was driven by investor concerns over a major board reshuffle, with Mr. Lim Ah Doo resigning as independent director and Chairman of the Audit Committee after 11 years of service, creating governance uncertainty. Additionally, the company reaffirmed its full-year revenue guidance that trails analyst consensus estimates, overshadowing stronger-than-expected first-quarter earnings driven by robust AI-related data center demand.

The combination of leadership changes and a conservative outlook has unsettled market participants, despite positive quarterly performance metrics.