On June 15, GDS Holdings (09698.HK) fell 3.02% in regular trading, trading at 31.46 HKD/share, with turnover of approximately 45.8 million HKD.

On the news front, the company's Q1 net profit of 2.652 billion RMB has drawn persistent market scrutiny, as over 80% stemmed from a one-time investment gain of 2.136 billion RMB arising from DayOne equity operations. Excluding this non-recurring item, core business revenue growth decelerated to single digits, fueling ongoing profit quality concerns. Additionally, management reiterated a massive capital expenditure plan of 30-50 billion RMB over the next three years, while operating cash flow has contracted and total liabilities stand at 51.693 billion RMB under a high-leverage structure, sustaining market anxiety over near-term financial pressure.

Furthermore, Goldman Sachs recently noted that actual capacity expansion and customer move-in progress have been slower than expected due to seasonal factors and domestic chip supply constraints, weighing on short-term revenue and EBITDA outlook. Goldman lowered its target price to 47 HKD while maintaining a Buy rating.

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