On September 21, GDS-SW rose 4.3% in regular trading, trading at HK$32.54, with turnover of HK$33.91 million.

The rally is supported by the company's previously reported Q2 results showing a strong turnaround to profitability. Net profit reached RMB 838 million, compared with a net loss of RMB 70.6 million in the year-ago period. Revenue grew 6.5% year-over-year to RMB 3.088 billion. Management simultaneously raised full-year revenue guidance to RMB 12.7–13.0 billion and adjusted EBITDA guidance to RMB 5.9–6.1 billion, both above prior ranges.

Notably, management doubled the full-year new booking target from 500MW to 1GW, with total signed area reaching 784,800 square meters as of Q2-end, up 18.2% year-over-year. Reports that subsidiary DayOne has confidentially filed for a US IPO targeting up to $5 billion in proceeds provide an additional catalyst. Nomura reiterated its Buy rating with a $45.7 target, citing strong order backlog with long-term visibility, while Daiwa also maintained Buy with a HK$47 target.

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