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天使没有翅膀
2020-11-02
[666]
GDS-SW HKEx opened 0.15% higher at HK$81 for the first time
天使没有翅膀
2020-04-07
[微笑]
@智堡Wisburg:通脹三部曲之一：哄搶衛生紙對通脹的影響大嗎？
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","listText":"[666] ","text":"[666]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/306363959","repostId":"1146924454","repostType":4,"repost":{"id":"1146924454","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1604280115,"share":"https://ttm.financial/m/news/1146924454?lang=en_US&edition=fundamental","pubTime":"2020-11-02 09:21","market":"hk","language":"zh","title":"GDS-SW HKEx opened 0.15% higher at HK$81 for the first time","url":"https://stock-news.laohu8.com/highlight/detail?id=1146924454","media":"老虎资讯综合","summary":"11月2日，万国数据-SW在港交所首日挂牌交易，高开0.15%，报81港元，市值1192亿港元。万国数据今日回港二次上市：明星股东背书，预计募资129.4亿港元优质美股中概股回港二次上市热度未减，中国","content":"<p>On November 2,<a href=\"https://laohu8.com/S/09698\">GDS-SW</a>On the first day of trading on the Hong Kong Stock Exchange, it opened 0.15% higher at HK$ 81, with a market value of HK$ 119.2 billion.</p><p><img src=\"https://static.tigerbbs.com/12281cf30d49822c0cb065fc80f31172\" tg-width=\"1242\" tg-height=\"2586\"></p><p><b><a href=\"https://laohu8.com/S/GDS\">GDS</a>Return to Hong Kong for Secondary Listing Today: Star Shareholders Endorse, Estimated to Raise HK$12.94 Billion</b></p><p>The popularity of high-quality Chinese stocks returning to Hong Kong for the secondary listing has not decreased. Wanguo Data, the largest neutral third-party data center service provider in China and one of the global IDC (Internet Data Center) leaders, will be the eighth Chinese stock to choose to return to Hong Kong's capital market.</p><p>A few days ago, GDS announced that the final offer price of the International Offering and the Hong Kong Public Offering was determined at HK$80.88 per share, subject to the approval of the Hong Kong Stock Exchange,<b>The Company's Class A ordinary shares are expected to commence trading on the Main Board of the Hong Kong Stock Exchange today under the stock code \"9698\"</b>Total proceeds raised from the Global Offering (before underwriting fees and offering expenses)<b>Estimated to be approximately HK$12.94 billion</b>(assuming the Over-allotment Option is not exercised),<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Bank of America Merrill Lynch,<a href=\"https://laohu8.com/S/03908\">CICC</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Act as a joint sponsor of this Global Offering.</p><p>As another Chinese stock that chose to return to Hong Kong's capital market this year, GDS landed on Nasdaq in the United States as early as 2016. Since the listing of the US stock market, IWC's data business has grown rapidly, and its market value has risen as a result, and it has become the third largest data center service provider in the world by market value.</p><p><b>\"Moat\" is becoming more and more stable</b></p><p>According to public information, GDS was established in 2001 and is a neutral third-party data center operator. Data centers, as the name implies, are born for data, so the underlying logic of IDC's growth must be an increase in data traffic.</p><p>As the head enterprise of IDC industry, GDS has nearly 20 years of experience in safe and reliable data center hosting and management services, and has established an industry-leading operation management system. Its geographical location, number of cabinets, future reserves and customer structure have become the most stable \"moat\".</p><p>According to the prospectus of IWC, the company's IDC focuses on the high-end demand of first-tier cities. The existing and planned IDC projects are mainly concentrated in four major domestic economic regions such as Beijing, Shanghai, Guangzhou-Shenzhen and Chengdu, and a large-scale contiguous data center industrial cluster has been formed. As of the first half of 2020, GDC's resources in first-tier regions such as Beishang, Guangdong-Hong Kong-Macao Greater Bay Area (including Hong Kong), Chengdu and Chongqing accounted for nearly 90% of the total area.</p><p><b>With its resource advantages in core cities, GDS has become the third-party IDC center with the highest market share in Beijing, Shanghai, Guangzhou and Shenzhen.</b>According to the calculation by the research department of CICC based on the number of cabinets, the market share of GDS in Beijing, Shanghai, Guangzhou and Shenzhen in 2019 totaled 15.8%, compared with<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/600845\">Baoxin Software</a>、<a href=\"https://laohu8.com/S/300383\">Halo New Network</a>、<a href=\"https://laohu8.com/S/603881\">Dataports</a>The total market share is still high, and the market leading position is prominent.</p><p>Behind the scale of the cabinet is the expansion ability of IWC's leading industry.</p><p>According to the calculation of 2.5 square meters of a single cabinet, from 2016 to 2019, the average annual compound growth rate of the number of IWC data cabinets was as high as 54.68%. In 2016, the number of GDS cabinets was only 24,400, ranking behind 21Vianet; By 2017, the scale of GDS had surpassed that of 21Vianet.</p><p>In addition, future reserves are also very critical.</p><p>At present, GDS as a whole is in a stage of rapid development. As of June 30, 2020, GDS operated 42 self-developed data centers and 17 data centers under self-development. From the perspective of area, for the self-developed data center, the total net computer room area in operation is 25.68 square meters, the total net computer room area under construction is 13.32 square meters, and the developable net computer room area is estimated to be about 32.30 square meters, which can meet the future sales demand.</p><p>Based on the geographical advantages and qualifications of databases, GDC's database services have gained a large number of high-quality core users. As of June 30, 2020, GDS served more than 670 customers, including large cloud service providers, large Internet companies, financial institutions, telecom operators and IT service providers, as well as large domestic enterprises and multinational companies, including Alibaba,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>ByteDance,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Meituan, Didi, Ping An Technology and other major cloud service providers and leading Internet companies.</p><p><img src=\"https://static.tigerbbs.com/4a711d5534dc8b3d8f500992ad12e312\" tg-width=\"640\" tg-height=\"300\"></p><p>It is worth mentioning that,<b>Large Internet customers and financial institution customers with which GDS has deep cooperation are all leading companies on their respective tracks, leading the trend of digitalization.</b>These head Internet companies, which are applicable to the law of \"the strong is always strong\", occupy the vast majority of user traffic.</p><p>Under this influence, the signing rate of new users of GDS is constantly improving. At the same time, its user churn rate is declining. According to its prospectus, in 2017, 2018, 2019 and the first half of 2020, the average user churn rate of GDS was 2.1%, 0.9%, 0.6% and 0.5% respectively.</p><p>Due to the continuous expansion of business scale, GDC's market position continues to rise. According to iResearch data, GDS is the largest neutral third-party data center service provider in China, with a market share of 21.9% in terms of revenue in 2019.</p><p><b>Rapid performance growth and outstanding growth attributes</b></p><p>Core resources, large scale and large customers have made the total revenue of GDS grow in the past three years.</p><p>According to its financial report, from 2017 to 2019, the operating income of GDS was 1.616 billion yuan, 2.792 billion yuan and 4.122 billion yuan respectively, with an average compound annual growth rate of nearly 60%; Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was RMB512 million, RMB1.047 billion and RMB1.824 billion, respectively, representing a CAGR of 88.75%.</p><p>In the first half of 2020, despite the impact of the pandemic, we achieved rapid growth against the trend. According to its financial report, as of June 30, 2020,<b>The company achieved net income of 2.583 billion yuan, up 37.59% year-on-year</b>； Adjusted EBITDA was 1.205 billion yuan, representing a year-on-year increase of approximately 48.52%.</p><p>Some investors in the market are worried about the net profit of GDS-while the revenue continues to grow, GDS continues to be in a state of net loss. In the three years from 2017 to 2019, GDS continued to lose money, with losses of 327 million yuan, 430 million yuan and 442 million yuan respectively. In the first half of this year, there was a loss of 193 million yuan, which was narrower than the net loss of 230 million yuan in the same period last year.</p><p>It is worth mentioning that the performance of net profit is mainly dragged down by high depreciation and amortization expenses, which is the inevitable result of high-speed expansion.<b>However, the provision of high depreciation and amortization expenses mainly affects the accounting profit, but it neither affects the cash flow nor the real operating results.</b>Investors in the U.S. stock market have a more mature analysis system for IDC, and have paid more attention to EBITDA over the years.</p><p><img src=\"https://static.tigerbbs.com/46c4811805c3eaf320a90ca0efa8b8f3\" tg-width=\"900\" tg-height=\"506\"></p><p>In addition, the three major factors to measure IDC's revenue are cabinet size, shelf rate and cabinet price.</p><p>From the perspective of cabinet size, according to<a href=\"https://laohu8.com/S/601066\">CITIC Construction Investment</a>It is estimated that from 2016 to 2019, the number of IWC data cabinets is 24,400, 40,500, 64,100 and 90,300 respectively, with an average annual compound growth rate of 54.68%, which is second to none in the industry. At present, the reserves are sufficient, and it is expected to further accelerate;</p><p>From the perspective of listing rate, the current listing rate of cabinets in IDC industry is between 40% and 55%. In 2019, the average listing rate of GDS was 69.0%, ranking among the best in the industry. In addition, the pre-signing rate of GDS is high. As of the first half of 2020, 94.1% of the total net computer room area in operation has been signed by customers, and 62.3% of the total net computer room area under construction has been pre-signed by customers. It is certain that the listing rate will climb in the future;</p><p>From the perspective of cabinet price, the demand for IDC in first-tier cities is strong, so the pricing is stable. The cabinet resources of GDS are highly concentrated in first-tier cities, and the downside risk is expected to be small.</p><p>Driven by the three factors, GWD has both high growth and high certainty, and its growth attributes are outstanding. It is expected that GWD will be in the fast lane of growth for a long time. Under this premise, GWD has been recognized by many top investment institutions.</p><p><b>Recognized by top investment institutions</b></p><p>According to the prospectus disclosure, the shareholder lineup of GDS<a href=\"https://laohu8.com/S/DLX\">luxury</a>Including Hillhouse Capital, STT GDC, a subsidiary of Singapore's sovereign wealth fund Temasek,<a href=\"https://laohu8.com/S/02318\">Ping An of China</a>SoftBank Group and other well-known investment institutions.</p><p>In March 2019,<a href=\"https://laohu8.com/S/601318\">Ping An of China</a>US$150 million equity investment in GDS in the form of convertible preferred shares; In the second quarter of 2020, GDS obtained an investment of approximately US$505 million from Hillhouse Capital and STT GDC, a subsidiary of Temasek in Singapore, through private placement. With a strong shareholder background, GDS will help provide financial guarantee for the subsequent project expansion of GDS, and enhance the company's sustainable investment ability and core competitive advantages.</p><p>With the gradual recognition of IDC's asset value by domestic mainstream banking institutions, GDS has obtained intentional credit support from many mainstream banking institutions.</p><p>In the second quarter of this year, GDS successively obtained<a href=\"https://laohu8.com/S/00998\">China CITIC Bank</a>10 billion yuan strategic customer intention credit of the head office, 5 billion yuan credit line provided by Shanghai Rural Commercial Bank in the next five years, and China<a href=\"https://laohu8.com/S/01398\">ICBC</a>6 billion yuan is intended to grant credit. These funds will support the company's medium and long-term capital expenditure, which will be used for the company's future data center construction and acquisition, and further improve the layout in the core economic regions of the country.</p><p><img src=\"https://static.tigerbbs.com/ae68a20009a9210edca87da7976993f6\" tg-width=\"603\" tg-height=\"300\"></p><p>In addition, under the national policy call of \"new infrastructure\", the development of 5G, artificial intelligence and industrial Internet is in full swing, and IDC is officially an important guarantee for these industries to carry digital computing power and information systems of various industries. This specialized service reduces the investment of enterprise resources, thus lowering the threshold of traditional enterprise Internet development, so it is greatly welcomed by enterprises and supported by policies.</p><p>Therefore,<b>IDC has become another big outlet of economic development in the current environment</b>With information technology driving industrialization and injecting new momentum into economic growth, the development prospect is very broad.</p><p>According to the statistics of Forward-looking Industry Research Institute, China's IDC market reached 122.8 billion yuan in 2018, a substantial increase of 30% year-on-year, and the growth rate is much higher than the global level. It is expected that China's IDC market will continue to grow in the next five years, and the market size will double to 255.8 billion yuan by 2024.</p><p>It is predictable that GDS, China's leading neutral data center operator, is expected to bring a high-growth investment target to Hong Kong stock investors under the wave of China's digital transformation, emerging technology application and \"new infrastructure\" construction.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GDS-SW HKEx opened 0.15% higher at HK$81 for the first time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGDS-SW HKEx opened 0.15% higher at HK$81 for the first time\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2020-11-02 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On November 2,<a href=\"https://laohu8.com/S/09698\">GDS-SW</a>On the first day of trading on the Hong Kong Stock Exchange, it opened 0.15% higher at HK$ 81, with a market value of HK$ 119.2 billion.</p><p><img src=\"https://static.tigerbbs.com/12281cf30d49822c0cb065fc80f31172\" tg-width=\"1242\" tg-height=\"2586\"></p><p><b><a href=\"https://laohu8.com/S/GDS\">GDS</a>Return to Hong Kong for Secondary Listing Today: Star Shareholders Endorse, Estimated to Raise HK$12.94 Billion</b></p><p>The popularity of high-quality Chinese stocks returning to Hong Kong for the secondary listing has not decreased. Wanguo Data, the largest neutral third-party data center service provider in China and one of the global IDC (Internet Data Center) leaders, will be the eighth Chinese stock to choose to return to Hong Kong's capital market.</p><p>A few days ago, GDS announced that the final offer price of the International Offering and the Hong Kong Public Offering was determined at HK$80.88 per share, subject to the approval of the Hong Kong Stock Exchange,<b>The Company's Class A ordinary shares are expected to commence trading on the Main Board of the Hong Kong Stock Exchange today under the stock code \"9698\"</b>Total proceeds raised from the Global Offering (before underwriting fees and offering expenses)<b>Estimated to be approximately HK$12.94 billion</b>(assuming the Over-allotment Option is not exercised),<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Bank of America Merrill Lynch,<a href=\"https://laohu8.com/S/03908\">CICC</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Act as a joint sponsor of this Global Offering.</p><p>As another Chinese stock that chose to return to Hong Kong's capital market this year, GDS landed on Nasdaq in the United States as early as 2016. Since the listing of the US stock market, IWC's data business has grown rapidly, and its market value has risen as a result, and it has become the third largest data center service provider in the world by market value.</p><p><b>\"Moat\" is becoming more and more stable</b></p><p>According to public information, GDS was established in 2001 and is a neutral third-party data center operator. Data centers, as the name implies, are born for data, so the underlying logic of IDC's growth must be an increase in data traffic.</p><p>As the head enterprise of IDC industry, GDS has nearly 20 years of experience in safe and reliable data center hosting and management services, and has established an industry-leading operation management system. Its geographical location, number of cabinets, future reserves and customer structure have become the most stable \"moat\".</p><p>According to the prospectus of IWC, the company's IDC focuses on the high-end demand of first-tier cities. The existing and planned IDC projects are mainly concentrated in four major domestic economic regions such as Beijing, Shanghai, Guangzhou-Shenzhen and Chengdu, and a large-scale contiguous data center industrial cluster has been formed. As of the first half of 2020, GDC's resources in first-tier regions such as Beishang, Guangdong-Hong Kong-Macao Greater Bay Area (including Hong Kong), Chengdu and Chongqing accounted for nearly 90% of the total area.</p><p><b>With its resource advantages in core cities, GDS has become the third-party IDC center with the highest market share in Beijing, Shanghai, Guangzhou and Shenzhen.</b>According to the calculation by the research department of CICC based on the number of cabinets, the market share of GDS in Beijing, Shanghai, Guangzhou and Shenzhen in 2019 totaled 15.8%, compared with<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/600845\">Baoxin Software</a>、<a href=\"https://laohu8.com/S/300383\">Halo New Network</a>、<a href=\"https://laohu8.com/S/603881\">Dataports</a>The total market share is still high, and the market leading position is prominent.</p><p>Behind the scale of the cabinet is the expansion ability of IWC's leading industry.</p><p>According to the calculation of 2.5 square meters of a single cabinet, from 2016 to 2019, the average annual compound growth rate of the number of IWC data cabinets was as high as 54.68%. In 2016, the number of GDS cabinets was only 24,400, ranking behind 21Vianet; By 2017, the scale of GDS had surpassed that of 21Vianet.</p><p>In addition, future reserves are also very critical.</p><p>At present, GDS as a whole is in a stage of rapid development. As of June 30, 2020, GDS operated 42 self-developed data centers and 17 data centers under self-development. From the perspective of area, for the self-developed data center, the total net computer room area in operation is 25.68 square meters, the total net computer room area under construction is 13.32 square meters, and the developable net computer room area is estimated to be about 32.30 square meters, which can meet the future sales demand.</p><p>Based on the geographical advantages and qualifications of databases, GDC's database services have gained a large number of high-quality core users. As of June 30, 2020, GDS served more than 670 customers, including large cloud service providers, large Internet companies, financial institutions, telecom operators and IT service providers, as well as large domestic enterprises and multinational companies, including Alibaba,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>ByteDance,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Meituan, Didi, Ping An Technology and other major cloud service providers and leading Internet companies.</p><p><img src=\"https://static.tigerbbs.com/4a711d5534dc8b3d8f500992ad12e312\" tg-width=\"640\" tg-height=\"300\"></p><p>It is worth mentioning that,<b>Large Internet customers and financial institution customers with which GDS has deep cooperation are all leading companies on their respective tracks, leading the trend of digitalization.</b>These head Internet companies, which are applicable to the law of \"the strong is always strong\", occupy the vast majority of user traffic.</p><p>Under this influence, the signing rate of new users of GDS is constantly improving. At the same time, its user churn rate is declining. According to its prospectus, in 2017, 2018, 2019 and the first half of 2020, the average user churn rate of GDS was 2.1%, 0.9%, 0.6% and 0.5% respectively.</p><p>Due to the continuous expansion of business scale, GDC's market position continues to rise. According to iResearch data, GDS is the largest neutral third-party data center service provider in China, with a market share of 21.9% in terms of revenue in 2019.</p><p><b>Rapid performance growth and outstanding growth attributes</b></p><p>Core resources, large scale and large customers have made the total revenue of GDS grow in the past three years.</p><p>According to its financial report, from 2017 to 2019, the operating income of GDS was 1.616 billion yuan, 2.792 billion yuan and 4.122 billion yuan respectively, with an average compound annual growth rate of nearly 60%; Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was RMB512 million, RMB1.047 billion and RMB1.824 billion, respectively, representing a CAGR of 88.75%.</p><p>In the first half of 2020, despite the impact of the pandemic, we achieved rapid growth against the trend. According to its financial report, as of June 30, 2020,<b>The company achieved net income of 2.583 billion yuan, up 37.59% year-on-year</b>； Adjusted EBITDA was 1.205 billion yuan, representing a year-on-year increase of approximately 48.52%.</p><p>Some investors in the market are worried about the net profit of GDS-while the revenue continues to grow, GDS continues to be in a state of net loss. In the three years from 2017 to 2019, GDS continued to lose money, with losses of 327 million yuan, 430 million yuan and 442 million yuan respectively. In the first half of this year, there was a loss of 193 million yuan, which was narrower than the net loss of 230 million yuan in the same period last year.</p><p>It is worth mentioning that the performance of net profit is mainly dragged down by high depreciation and amortization expenses, which is the inevitable result of high-speed expansion.<b>However, the provision of high depreciation and amortization expenses mainly affects the accounting profit, but it neither affects the cash flow nor the real operating results.</b>Investors in the U.S. stock market have a more mature analysis system for IDC, and have paid more attention to EBITDA over the years.</p><p><img src=\"https://static.tigerbbs.com/46c4811805c3eaf320a90ca0efa8b8f3\" tg-width=\"900\" tg-height=\"506\"></p><p>In addition, the three major factors to measure IDC's revenue are cabinet size, shelf rate and cabinet price.</p><p>From the perspective of cabinet size, according to<a href=\"https://laohu8.com/S/601066\">CITIC Construction Investment</a>It is estimated that from 2016 to 2019, the number of IWC data cabinets is 24,400, 40,500, 64,100 and 90,300 respectively, with an average annual compound growth rate of 54.68%, which is second to none in the industry. At present, the reserves are sufficient, and it is expected to further accelerate;</p><p>From the perspective of listing rate, the current listing rate of cabinets in IDC industry is between 40% and 55%. In 2019, the average listing rate of GDS was 69.0%, ranking among the best in the industry. In addition, the pre-signing rate of GDS is high. As of the first half of 2020, 94.1% of the total net computer room area in operation has been signed by customers, and 62.3% of the total net computer room area under construction has been pre-signed by customers. It is certain that the listing rate will climb in the future;</p><p>From the perspective of cabinet price, the demand for IDC in first-tier cities is strong, so the pricing is stable. The cabinet resources of GDS are highly concentrated in first-tier cities, and the downside risk is expected to be small.</p><p>Driven by the three factors, GWD has both high growth and high certainty, and its growth attributes are outstanding. It is expected that GWD will be in the fast lane of growth for a long time. Under this premise, GWD has been recognized by many top investment institutions.</p><p><b>Recognized by top investment institutions</b></p><p>According to the prospectus disclosure, the shareholder lineup of GDS<a href=\"https://laohu8.com/S/DLX\">luxury</a>Including Hillhouse Capital, STT GDC, a subsidiary of Singapore's sovereign wealth fund Temasek,<a href=\"https://laohu8.com/S/02318\">Ping An of China</a>SoftBank Group and other well-known investment institutions.</p><p>In March 2019,<a href=\"https://laohu8.com/S/601318\">Ping An of China</a>US$150 million equity investment in GDS in the form of convertible preferred shares; In the second quarter of 2020, GDS obtained an investment of approximately US$505 million from Hillhouse Capital and STT GDC, a subsidiary of Temasek in Singapore, through private placement. With a strong shareholder background, GDS will help provide financial guarantee for the subsequent project expansion of GDS, and enhance the company's sustainable investment ability and core competitive advantages.</p><p>With the gradual recognition of IDC's asset value by domestic mainstream banking institutions, GDS has obtained intentional credit support from many mainstream banking institutions.</p><p>In the second quarter of this year, GDS successively obtained<a href=\"https://laohu8.com/S/00998\">China CITIC Bank</a>10 billion yuan strategic customer intention credit of the head office, 5 billion yuan credit line provided by Shanghai Rural Commercial Bank in the next five years, and China<a href=\"https://laohu8.com/S/01398\">ICBC</a>6 billion yuan is intended to grant credit. These funds will support the company's medium and long-term capital expenditure, which will be used for the company's future data center construction and acquisition, and further improve the layout in the core economic regions of the country.</p><p><img src=\"https://static.tigerbbs.com/ae68a20009a9210edca87da7976993f6\" tg-width=\"603\" tg-height=\"300\"></p><p>In addition, under the national policy call of \"new infrastructure\", the development of 5G, artificial intelligence and industrial Internet is in full swing, and IDC is officially an important guarantee for these industries to carry digital computing power and information systems of various industries. This specialized service reduces the investment of enterprise resources, thus lowering the threshold of traditional enterprise Internet development, so it is greatly welcomed by enterprises and supported by policies.</p><p>Therefore,<b>IDC has become another big outlet of economic development in the current environment</b>With information technology driving industrialization and injecting new momentum into economic growth, the development prospect is very broad.</p><p>According to the statistics of Forward-looking Industry Research Institute, China's IDC market reached 122.8 billion yuan in 2018, a substantial increase of 30% year-on-year, and the growth rate is much higher than the global level. It is expected that China's IDC market will continue to grow in the next five years, and the market size will double to 255.8 billion yuan by 2024.</p><p>It is predictable that GDS, China's leading neutral data center operator, is expected to bring a high-growth investment target to Hong Kong stock investors under the wave of China's digital transformation, emerging technology application and \"new infrastructure\" construction.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"09698":"万国数据-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146924454","content_text":"11月2日，万国数据-SW在港交所首日挂牌交易，高开0.15%，报81港元，市值1192亿港元。万国数据今日回港二次上市：明星股东背书，预计募资129.4亿港元优质美股中概股回港二次上市热度未减，中国最大的中立第三方数据中心服务商、全球IDC（互联网数据中心）龙头之一万国数据将是第八只选择回归香港资本市场的中概股。日前，万国数据宣布，国际发售及香港公开发售的最终发售价格确定为每股80.88港元，待香港联交所批准后，公司A类普通股预期将于今日在香港联交所主板以股份代号“9698”开始交易，全球发售募集资金总额(扣除承销费用及发售开支前)预计约为129.4亿港元(假设超额配股权未获行使)，摩根大通、美银美林、中金公司和海通国际担任本次全球发售的联席保荐人。作为今年又一只选择回归香港资本市场的中概股，万国数据早在2016年就已经登陆美国纳斯达克。而自美股上市以来，万国数据业务飞速成长，市值因此水涨船高，也已成为全球市值第三的数据中心服务商。“护城河”愈发稳固公开资料显示，万国数据成立于2001年，是一家中立第三方数据中心运营商。数据中心，顾名思义，是为数据而生，因此IDC增长的底层逻辑必然是数据流量的增加。万国数据作为IDC行业的头部企业，时至今日，已拥有近20年安全可靠的数据中心托管及管理服务经验，并建立了行业领先的运营管理体系，其地理位置、机柜数量及未来储备、客户结构已经成为了最稳固的“护城河”。据万国数据招股书显示，公司的IDC聚焦一线城市高端需求，现有及规划中IDC项目主要集中在北京、上海、广深、成都等国内四大经济区域，已形成规模连片的数据中心产业集群。截至2020年上半年，万国数据在北上、粤港澳大湾区（包括香港）、成都重庆等一线地区的资源占总面积比近九成。凭借在核心城市的资源优势，万国数据成为北上广深市占率最高的第三方IDC中心。根据中金公司研究部按机柜数测算，2019年万国数据在北上广深的市占率合计15.8%，比世纪互联、宝信软件、光环新网、数据港的市占率总和还高，市场领先地位凸显。一骑绝尘的机柜规模背后，是万国数据领先行业的扩张能力。按单机柜2.5平方米测算，2016年至2019年，万国数据机柜数量的年平均复合增长率高达54.68%。2016年，万国数据的机柜数仅为2.44万个，居于世纪互联之后；到了2017年，万国数据的规模已反超世纪互联。另外，未来储备也非常关键。目前，万国数据整体处于高速发展阶段。截至2020年6月30日，万国数据运营了42个自主开发的数据中心，还有17个处于自主开发中的数据中心。从面积的角度看，针对自主开发的数据中心，运营中的总净机房面积为25.68平方米，在建总净机房面积为13.32平方米，可开发净机房面积估计约为32.30平方米，可满足未来的销售需求。基于数据库的地域优势及资质，万国数据的数据库服务获得了大量优质核心用户。截至2020年6月30日，万国数据服务超过670家客户，包括大型云服务供应商、大型互联网公司、金融机构、电信运营商与IT服务提供商，以及国内大型企业和跨国公司，包括阿里、腾讯、百度、网易、微软、字节跳动、京东、美团、滴滴、平安科技等各大云服务商及头部互联网企业。值得一提的是，万国数据深度合作的大型互联网客户和金融机构客户，都是各自赛道上的头部公司，引领着数字化潮流。这些适用于“强者恒强”定律的头部互联网公司，占据着绝大部分的用户流量。在此此影响下，万国数据的新用户签约率正在不断提升。与此同时，其用户流失率却在不断下降，据其招股书显示，在2017年、2018年、2019年、2020年上半年，万国数据的平均用户流失率分别为2.1%、0.9%、0.6%和0.5%。由于业务规模不断扩大，万国数据的市场地位不断攀升。据艾瑞咨询数据显示，万国数据是中国最大的中立第三方数据中心服务提供商，按收入计算，在2019年中立第三方数据中心的市占率为21.9%。业绩快速增长 成长属性突出核心资源、规模庞大、坐拥大客户，这使得万国数据总营收在过去三年不断增长。据其财报显示，2017年至2019年，万国数据的营业收入分别为16.16亿、27.92亿、41.22亿元人民币，平均年复合增长率接近60%；调整后EBITDA（税息折旧及摊销前利润）分别为5.12亿元、10.47亿元、18.24亿元，复合年增长率高达88.75%。2020年上半年，在疫情影响之下依然实现了逆势快速增长。据其财报显示，截至2020年6月30日，公司取得净收入为25.83亿元，同比增37.59%；调整后EBITDA为12.05亿元，同比增长约48.52%。而市场上有投资者担心万国数据的净利润情况——在营收持续增长的同时，万国数据持续处于净亏损状态。在2017年至2019年三年里，万国数据持续亏损，亏损额分别是3.27亿元、4.30亿元、4.42亿元，今年上半年出现1.93亿元的亏损额，比去年同期的净亏损2.30亿元收窄。值得一提的是，净利润的表现主要受高额的折旧摊销费用拖累，这是高速扩张带来的必然结果。而计提高额的折旧摊销费用，主要是对会计上的利润造成影响，但既不影响现金流，也不影响真实的运营成果。美股市场的投资者针对IDC的分析体系更为成熟，历年来更重视EBITDA这一指标。此外，衡量IDC收入的三大因素，分别是机柜规模、上架率、机柜价格。从机柜规模来看，按中信建投测算，2016年至2019年，万国数据机柜数量分别为2.44万个、4.05万个、6.41万个、9.03万个，年平均复合增长率高达54.68%，行业首屈一指，目前储备充足，预计会进一步提速；从上架率来看，当前IDC行业的机柜上架率在40％至55％之间，2019年万国数据的平均上架率为69.0%，在行业中名列前茅，另外，万国数据预签约率较高，截至2020年上半年，94.1%的运营中总净机房面积已经获得客户签约，62.3%的在建总净机房面积获客户预先签约，未来上架率爬坡确定性强；从机柜价格来看，一线城市IDC需求旺盛，因此定价稳定，万国数据的机柜资源高度集中于一线城市，预计下行风险较小。三因素共同驱使，万国数据兼备高增长性和高确定性，成长属性突出，预计万国数据会长期处于增长快车道，在此前提下，万国数据受到了多家顶级投资机构的认可。连获顶级投资机构认可根据招股书披露，万国数据的股东阵容豪华，包括高瓴资本、新加坡主权财富基金淡马锡旗下的STT GDC、中国平安、软银集团等知名投资机构。2019年3月，中国平安以可转换优先股的形式对万国数据进行1.5亿美元股权投资；2020年二季度，万国数据以定向增发的方式，获取高瓴资本和新加坡淡马锡旗下STT GDC约5.05亿美元的投资，拥有强大的股东背景，有助于为万国数据后续的项目扩张提供资金保障，提升公司持续投资能力和核心竞争优势。伴随著国内主流银行机构对IDC资产价值的逐步认可，万国数据获得多家主流银行机构的意向授信支持。在今年二季度，万国数据先后获得中信银行总行100亿元战略客户意向授信、上海农商银行未来5年内提供的50亿元授信额度，以及中国工商银行60亿元意向授信，这些资金将支撑公司中长期的资本开支，用于公司未来的数据中心建设和收购，进一步完善在全国核心经济区域的布局。此外，在国家“新基建”的政策号召下，5G、人工智能和工业互联网的发展如火如荼，而IDC正式是这些行业背后承载数字计算力、各行业信息系统的重要保障。这种专业化的服务减少了企业资源的投入，从而降低了传统企业互联网发展的门槛，因此大受企业欢迎和政策支持。因此，IDC已在当前大环境下成为经济发展的另一个大风口，以信息化带动工业化，为经济增长注入新动能，发展前景十分广阔。据前瞻产业研究院统计，2018年中国IDC市场规模达1228亿元人民币，同比大幅增长30%，增速远高于全球水平，预计未来五年，中国IDC市场将持续增长，至2024年市场规模翻倍达2558亿元。可以预见的是，这家中国领先的中立数据中心运营商——万国数据，有望在中国数字化转型、新兴技术应用以及“新基建”建设浪潮之下，为港股投资者带来一个高成长投资标的。","news_type":1,"symbols_score_info":{"09698":0.9}},"isVote":1,"tweetType":1,"viewCount":2411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":921842879,"gmtCreate":1586250076791,"gmtModify":1705300398847,"author":{"id":"3522536347126876","authorId":"3522536347126876","name":"天使没有翅膀","avatar":"https://static.tigerbbs.com/391299cd4a26091557cc75525087d41e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3522536347126876","idStr":"3522536347126876"},"themes":[],"htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/921842879","repostId":"921824935","repostType":1,"repost":{"id":921824935,"gmtCreate":1586246148726,"gmtModify":1705300372652,"author":{"id":"111627092873022","authorId":"111627092873022","name":"智堡Wisburg","avatar":"https://static.tigerbbs.com/1fa61a5562d461e95ab404c4b9a389dd","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"111627092873022","idStr":"111627092873022"},"themes":[],"title":"通脹三部曲之一：哄搶衛生紙對通脹的影響大嗎？","htmlText":"“家用紙製品”在CPI中的權重是0.221%。我並不知道其中“衛生紙”佔比是多少，但美國勞工統計局大概會使用前一個月的價格來估計這個CPI項目的價格。 本文由智堡翻譯，翻譯行爲獲得了原作者授權，內容僅代表作者觀點，不代表智堡的立場和觀點，譯文僅供教育及學術交流目的使用。 原文標題：Using US CPI weights to help assess the macroeconomic impact of the COVID 19 response or:\"What happens to the CPI when there is no toilet paper?\" 作者：Peter Stella，發表日期：2020年3月，原文鏈接：https://www.centralbankarchaeology.com/，譯者：張潔羽 物價指數，比如美國的消費者物價指數（CPI），是基於對“普通家庭”消費的數千種商品和服務的月度調查得出的。CPI被廣泛應用於掛鉤各種支出，比如社會保障，還可以反映整體“生活成本”的增減情況，也有助於建立工資談判的基準。 計算CPI需要2步操作。 首先是確定普通家庭的“一籃子消費”併爲籃子中的每一項都賦予權重。每個單獨的權重都等於在這一個單獨的項目（商品或服務）上的消費佔總消費的比例。 每年都會對那些被認爲具有代表性的家庭部門樣本進行一次消費普查。普查可以確定一個“普通”家庭在較爲寬泛的各個消費子項上的消費佔比。在美國，最主要的消費構成可以被分爲“食物和飲料”、“住房”、“交通運輸”、“醫療”、“服裝”、“休閒活動”、“教育及通訊”還有“其他”。 這些比較寬泛的分類可以再細分爲更小的成分，比如，“蘋果”、“麪包，蛋糕，杯子蛋糕和餅乾”是“食物和飲料”的一部分，“汽油”、“汽車修理”、“輪胎”以及“公共市內交通”是“交通運輸”的一部分；“音樂課程”、“活動","listText":"“家用紙製品”在CPI中的權重是0.221%。我並不知道其中“衛生紙”佔比是多少，但美國勞工統計局大概會使用前一個月的價格來估計這個CPI項目的價格。 本文由智堡翻譯，翻譯行爲獲得了原作者授權，內容僅代表作者觀點，不代表智堡的立場和觀點，譯文僅供教育及學術交流目的使用。 原文標題：Using US CPI weights to help assess the macroeconomic impact of the COVID 19 response or:\"What happens to the CPI when there is no toilet paper?\" 作者：Peter Stella，發表日期：2020年3月，原文鏈接：https://www.centralbankarchaeology.com/，譯者：張潔羽 物價指數，比如美國的消費者物價指數（CPI），是基於對“普通家庭”消費的數千種商品和服務的月度調查得出的。CPI被廣泛應用於掛鉤各種支出，比如社會保障，還可以反映整體“生活成本”的增減情況，也有助於建立工資談判的基準。 計算CPI需要2步操作。 首先是確定普通家庭的“一籃子消費”併爲籃子中的每一項都賦予權重。每個單獨的權重都等於在這一個單獨的項目（商品或服務）上的消費佔總消費的比例。 每年都會對那些被認爲具有代表性的家庭部門樣本進行一次消費普查。普查可以確定一個“普通”家庭在較爲寬泛的各個消費子項上的消費佔比。在美國，最主要的消費構成可以被分爲“食物和飲料”、“住房”、“交通運輸”、“醫療”、“服裝”、“休閒活動”、“教育及通訊”還有“其他”。 這些比較寬泛的分類可以再細分爲更小的成分，比如，“蘋果”、“麪包，蛋糕，杯子蛋糕和餅乾”是“食物和飲料”的一部分，“汽油”、“汽車修理”、“輪胎”以及“公共市內交通”是“交通運輸”的一部分；“音樂課程”、“活動","text":"“家用紙製品”在CPI中的權重是0.221%。我並不知道其中“衛生紙”佔比是多少，但美國勞工統計局大概會使用前一個月的價格來估計這個CPI項目的價格。 本文由智堡翻譯，翻譯行爲獲得了原作者授權，內容僅代表作者觀點，不代表智堡的立場和觀點，譯文僅供教育及學術交流目的使用。 原文標題：Using US CPI weights to help assess the macroeconomic impact of the COVID 19 response or:\"What happens to the CPI when there is no toilet paper?\" 作者：Peter Stella，發表日期：2020年3月，原文鏈接：https://www.centralbankarchaeology.com/，譯者：張潔羽 物價指數，比如美國的消費者物價指數（CPI），是基於對“普通家庭”消費的數千種商品和服務的月度調查得出的。CPI被廣泛應用於掛鉤各種支出，比如社會保障，還可以反映整體“生活成本”的增減情況，也有助於建立工資談判的基準。 計算CPI需要2步操作。 首先是確定普通家庭的“一籃子消費”併爲籃子中的每一項都賦予權重。每個單獨的權重都等於在這一個單獨的項目（商品或服務）上的消費佔總消費的比例。 每年都會對那些被認爲具有代表性的家庭部門樣本進行一次消費普查。普查可以確定一個“普通”家庭在較爲寬泛的各個消費子項上的消費佔比。在美國，最主要的消費構成可以被分爲“食物和飲料”、“住房”、“交通運輸”、“醫療”、“服裝”、“休閒活動”、“教育及通訊”還有“其他”。 這些比較寬泛的分類可以再細分爲更小的成分，比如，“蘋果”、“麪包，蛋糕，杯子蛋糕和餅乾”是“食物和飲料”的一部分，“汽油”、“汽車修理”、“輪胎”以及“公共市內交通”是“交通運輸”的一部分；“音樂課程”、“活動","images":[{"img":"https://static.tigerbbs.com/21aaaabfe29a6f15567cad7152f76ad4"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/921824935","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":306363959,"gmtCreate":1604290533871,"gmtModify":1704955388410,"author":{"id":"3522536347126876","authorId":"3522536347126876","name":"天使没有翅膀","avatar":"https://static.tigerbbs.com/391299cd4a26091557cc75525087d41e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3522536347126876","authorIdStr":"3522536347126876"},"themes":[],"htmlText":"[666] ","listText":"[666] ","text":"[666]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/306363959","repostId":"1146924454","repostType":4,"repost":{"id":"1146924454","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1604280115,"share":"https://ttm.financial/m/news/1146924454?lang=en_US&edition=fundamental","pubTime":"2020-11-02 09:21","market":"hk","language":"zh","title":"GDS-SW HKEx opened 0.15% higher at HK$81 for the first time","url":"https://stock-news.laohu8.com/highlight/detail?id=1146924454","media":"老虎资讯综合","summary":"11月2日，万国数据-SW在港交所首日挂牌交易，高开0.15%，报81港元，市值1192亿港元。万国数据今日回港二次上市：明星股东背书，预计募资129.4亿港元优质美股中概股回港二次上市热度未减，中国","content":"<p>On November 2,<a href=\"https://laohu8.com/S/09698\">GDS-SW</a>On the first day of trading on the Hong Kong Stock Exchange, it opened 0.15% higher at HK$ 81, with a market value of HK$ 119.2 billion.</p><p><img src=\"https://static.tigerbbs.com/12281cf30d49822c0cb065fc80f31172\" tg-width=\"1242\" tg-height=\"2586\"></p><p><b><a href=\"https://laohu8.com/S/GDS\">GDS</a>Return to Hong Kong for Secondary Listing Today: Star Shareholders Endorse, Estimated to Raise HK$12.94 Billion</b></p><p>The popularity of high-quality Chinese stocks returning to Hong Kong for the secondary listing has not decreased. Wanguo Data, the largest neutral third-party data center service provider in China and one of the global IDC (Internet Data Center) leaders, will be the eighth Chinese stock to choose to return to Hong Kong's capital market.</p><p>A few days ago, GDS announced that the final offer price of the International Offering and the Hong Kong Public Offering was determined at HK$80.88 per share, subject to the approval of the Hong Kong Stock Exchange,<b>The Company's Class A ordinary shares are expected to commence trading on the Main Board of the Hong Kong Stock Exchange today under the stock code \"9698\"</b>Total proceeds raised from the Global Offering (before underwriting fees and offering expenses)<b>Estimated to be approximately HK$12.94 billion</b>(assuming the Over-allotment Option is not exercised),<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Bank of America Merrill Lynch,<a href=\"https://laohu8.com/S/03908\">CICC</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Act as a joint sponsor of this Global Offering.</p><p>As another Chinese stock that chose to return to Hong Kong's capital market this year, GDS landed on Nasdaq in the United States as early as 2016. Since the listing of the US stock market, IWC's data business has grown rapidly, and its market value has risen as a result, and it has become the third largest data center service provider in the world by market value.</p><p><b>\"Moat\" is becoming more and more stable</b></p><p>According to public information, GDS was established in 2001 and is a neutral third-party data center operator. Data centers, as the name implies, are born for data, so the underlying logic of IDC's growth must be an increase in data traffic.</p><p>As the head enterprise of IDC industry, GDS has nearly 20 years of experience in safe and reliable data center hosting and management services, and has established an industry-leading operation management system. Its geographical location, number of cabinets, future reserves and customer structure have become the most stable \"moat\".</p><p>According to the prospectus of IWC, the company's IDC focuses on the high-end demand of first-tier cities. The existing and planned IDC projects are mainly concentrated in four major domestic economic regions such as Beijing, Shanghai, Guangzhou-Shenzhen and Chengdu, and a large-scale contiguous data center industrial cluster has been formed. As of the first half of 2020, GDC's resources in first-tier regions such as Beishang, Guangdong-Hong Kong-Macao Greater Bay Area (including Hong Kong), Chengdu and Chongqing accounted for nearly 90% of the total area.</p><p><b>With its resource advantages in core cities, GDS has become the third-party IDC center with the highest market share in Beijing, Shanghai, Guangzhou and Shenzhen.</b>According to the calculation by the research department of CICC based on the number of cabinets, the market share of GDS in Beijing, Shanghai, Guangzhou and Shenzhen in 2019 totaled 15.8%, compared with<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/600845\">Baoxin Software</a>、<a href=\"https://laohu8.com/S/300383\">Halo New Network</a>、<a href=\"https://laohu8.com/S/603881\">Dataports</a>The total market share is still high, and the market leading position is prominent.</p><p>Behind the scale of the cabinet is the expansion ability of IWC's leading industry.</p><p>According to the calculation of 2.5 square meters of a single cabinet, from 2016 to 2019, the average annual compound growth rate of the number of IWC data cabinets was as high as 54.68%. In 2016, the number of GDS cabinets was only 24,400, ranking behind 21Vianet; By 2017, the scale of GDS had surpassed that of 21Vianet.</p><p>In addition, future reserves are also very critical.</p><p>At present, GDS as a whole is in a stage of rapid development. As of June 30, 2020, GDS operated 42 self-developed data centers and 17 data centers under self-development. From the perspective of area, for the self-developed data center, the total net computer room area in operation is 25.68 square meters, the total net computer room area under construction is 13.32 square meters, and the developable net computer room area is estimated to be about 32.30 square meters, which can meet the future sales demand.</p><p>Based on the geographical advantages and qualifications of databases, GDC's database services have gained a large number of high-quality core users. As of June 30, 2020, GDS served more than 670 customers, including large cloud service providers, large Internet companies, financial institutions, telecom operators and IT service providers, as well as large domestic enterprises and multinational companies, including Alibaba,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>ByteDance,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Meituan, Didi, Ping An Technology and other major cloud service providers and leading Internet companies.</p><p><img src=\"https://static.tigerbbs.com/4a711d5534dc8b3d8f500992ad12e312\" tg-width=\"640\" tg-height=\"300\"></p><p>It is worth mentioning that,<b>Large Internet customers and financial institution customers with which GDS has deep cooperation are all leading companies on their respective tracks, leading the trend of digitalization.</b>These head Internet companies, which are applicable to the law of \"the strong is always strong\", occupy the vast majority of user traffic.</p><p>Under this influence, the signing rate of new users of GDS is constantly improving. At the same time, its user churn rate is declining. According to its prospectus, in 2017, 2018, 2019 and the first half of 2020, the average user churn rate of GDS was 2.1%, 0.9%, 0.6% and 0.5% respectively.</p><p>Due to the continuous expansion of business scale, GDC's market position continues to rise. According to iResearch data, GDS is the largest neutral third-party data center service provider in China, with a market share of 21.9% in terms of revenue in 2019.</p><p><b>Rapid performance growth and outstanding growth attributes</b></p><p>Core resources, large scale and large customers have made the total revenue of GDS grow in the past three years.</p><p>According to its financial report, from 2017 to 2019, the operating income of GDS was 1.616 billion yuan, 2.792 billion yuan and 4.122 billion yuan respectively, with an average compound annual growth rate of nearly 60%; Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was RMB512 million, RMB1.047 billion and RMB1.824 billion, respectively, representing a CAGR of 88.75%.</p><p>In the first half of 2020, despite the impact of the pandemic, we achieved rapid growth against the trend. According to its financial report, as of June 30, 2020,<b>The company achieved net income of 2.583 billion yuan, up 37.59% year-on-year</b>； Adjusted EBITDA was 1.205 billion yuan, representing a year-on-year increase of approximately 48.52%.</p><p>Some investors in the market are worried about the net profit of GDS-while the revenue continues to grow, GDS continues to be in a state of net loss. In the three years from 2017 to 2019, GDS continued to lose money, with losses of 327 million yuan, 430 million yuan and 442 million yuan respectively. In the first half of this year, there was a loss of 193 million yuan, which was narrower than the net loss of 230 million yuan in the same period last year.</p><p>It is worth mentioning that the performance of net profit is mainly dragged down by high depreciation and amortization expenses, which is the inevitable result of high-speed expansion.<b>However, the provision of high depreciation and amortization expenses mainly affects the accounting profit, but it neither affects the cash flow nor the real operating results.</b>Investors in the U.S. stock market have a more mature analysis system for IDC, and have paid more attention to EBITDA over the years.</p><p><img src=\"https://static.tigerbbs.com/46c4811805c3eaf320a90ca0efa8b8f3\" tg-width=\"900\" tg-height=\"506\"></p><p>In addition, the three major factors to measure IDC's revenue are cabinet size, shelf rate and cabinet price.</p><p>From the perspective of cabinet size, according to<a href=\"https://laohu8.com/S/601066\">CITIC Construction Investment</a>It is estimated that from 2016 to 2019, the number of IWC data cabinets is 24,400, 40,500, 64,100 and 90,300 respectively, with an average annual compound growth rate of 54.68%, which is second to none in the industry. At present, the reserves are sufficient, and it is expected to further accelerate;</p><p>From the perspective of listing rate, the current listing rate of cabinets in IDC industry is between 40% and 55%. In 2019, the average listing rate of GDS was 69.0%, ranking among the best in the industry. In addition, the pre-signing rate of GDS is high. As of the first half of 2020, 94.1% of the total net computer room area in operation has been signed by customers, and 62.3% of the total net computer room area under construction has been pre-signed by customers. It is certain that the listing rate will climb in the future;</p><p>From the perspective of cabinet price, the demand for IDC in first-tier cities is strong, so the pricing is stable. The cabinet resources of GDS are highly concentrated in first-tier cities, and the downside risk is expected to be small.</p><p>Driven by the three factors, GWD has both high growth and high certainty, and its growth attributes are outstanding. It is expected that GWD will be in the fast lane of growth for a long time. Under this premise, GWD has been recognized by many top investment institutions.</p><p><b>Recognized by top investment institutions</b></p><p>According to the prospectus disclosure, the shareholder lineup of GDS<a href=\"https://laohu8.com/S/DLX\">luxury</a>Including Hillhouse Capital, STT GDC, a subsidiary of Singapore's sovereign wealth fund Temasek,<a href=\"https://laohu8.com/S/02318\">Ping An of China</a>SoftBank Group and other well-known investment institutions.</p><p>In March 2019,<a href=\"https://laohu8.com/S/601318\">Ping An of China</a>US$150 million equity investment in GDS in the form of convertible preferred shares; In the second quarter of 2020, GDS obtained an investment of approximately US$505 million from Hillhouse Capital and STT GDC, a subsidiary of Temasek in Singapore, through private placement. With a strong shareholder background, GDS will help provide financial guarantee for the subsequent project expansion of GDS, and enhance the company's sustainable investment ability and core competitive advantages.</p><p>With the gradual recognition of IDC's asset value by domestic mainstream banking institutions, GDS has obtained intentional credit support from many mainstream banking institutions.</p><p>In the second quarter of this year, GDS successively obtained<a href=\"https://laohu8.com/S/00998\">China CITIC Bank</a>10 billion yuan strategic customer intention credit of the head office, 5 billion yuan credit line provided by Shanghai Rural Commercial Bank in the next five years, and China<a href=\"https://laohu8.com/S/01398\">ICBC</a>6 billion yuan is intended to grant credit. These funds will support the company's medium and long-term capital expenditure, which will be used for the company's future data center construction and acquisition, and further improve the layout in the core economic regions of the country.</p><p><img src=\"https://static.tigerbbs.com/ae68a20009a9210edca87da7976993f6\" tg-width=\"603\" tg-height=\"300\"></p><p>In addition, under the national policy call of \"new infrastructure\", the development of 5G, artificial intelligence and industrial Internet is in full swing, and IDC is officially an important guarantee for these industries to carry digital computing power and information systems of various industries. This specialized service reduces the investment of enterprise resources, thus lowering the threshold of traditional enterprise Internet development, so it is greatly welcomed by enterprises and supported by policies.</p><p>Therefore,<b>IDC has become another big outlet of economic development in the current environment</b>With information technology driving industrialization and injecting new momentum into economic growth, the development prospect is very broad.</p><p>According to the statistics of Forward-looking Industry Research Institute, China's IDC market reached 122.8 billion yuan in 2018, a substantial increase of 30% year-on-year, and the growth rate is much higher than the global level. It is expected that China's IDC market will continue to grow in the next five years, and the market size will double to 255.8 billion yuan by 2024.</p><p>It is predictable that GDS, China's leading neutral data center operator, is expected to bring a high-growth investment target to Hong Kong stock investors under the wave of China's digital transformation, emerging technology application and \"new infrastructure\" construction.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GDS-SW HKEx opened 0.15% higher at HK$81 for the first time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGDS-SW HKEx opened 0.15% higher at HK$81 for the first time\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2020-11-02 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On November 2,<a href=\"https://laohu8.com/S/09698\">GDS-SW</a>On the first day of trading on the Hong Kong Stock Exchange, it opened 0.15% higher at HK$ 81, with a market value of HK$ 119.2 billion.</p><p><img src=\"https://static.tigerbbs.com/12281cf30d49822c0cb065fc80f31172\" tg-width=\"1242\" tg-height=\"2586\"></p><p><b><a href=\"https://laohu8.com/S/GDS\">GDS</a>Return to Hong Kong for Secondary Listing Today: Star Shareholders Endorse, Estimated to Raise HK$12.94 Billion</b></p><p>The popularity of high-quality Chinese stocks returning to Hong Kong for the secondary listing has not decreased. Wanguo Data, the largest neutral third-party data center service provider in China and one of the global IDC (Internet Data Center) leaders, will be the eighth Chinese stock to choose to return to Hong Kong's capital market.</p><p>A few days ago, GDS announced that the final offer price of the International Offering and the Hong Kong Public Offering was determined at HK$80.88 per share, subject to the approval of the Hong Kong Stock Exchange,<b>The Company's Class A ordinary shares are expected to commence trading on the Main Board of the Hong Kong Stock Exchange today under the stock code \"9698\"</b>Total proceeds raised from the Global Offering (before underwriting fees and offering expenses)<b>Estimated to be approximately HK$12.94 billion</b>(assuming the Over-allotment Option is not exercised),<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Bank of America Merrill Lynch,<a href=\"https://laohu8.com/S/03908\">CICC</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Act as a joint sponsor of this Global Offering.</p><p>As another Chinese stock that chose to return to Hong Kong's capital market this year, GDS landed on Nasdaq in the United States as early as 2016. Since the listing of the US stock market, IWC's data business has grown rapidly, and its market value has risen as a result, and it has become the third largest data center service provider in the world by market value.</p><p><b>\"Moat\" is becoming more and more stable</b></p><p>According to public information, GDS was established in 2001 and is a neutral third-party data center operator. Data centers, as the name implies, are born for data, so the underlying logic of IDC's growth must be an increase in data traffic.</p><p>As the head enterprise of IDC industry, GDS has nearly 20 years of experience in safe and reliable data center hosting and management services, and has established an industry-leading operation management system. Its geographical location, number of cabinets, future reserves and customer structure have become the most stable \"moat\".</p><p>According to the prospectus of IWC, the company's IDC focuses on the high-end demand of first-tier cities. The existing and planned IDC projects are mainly concentrated in four major domestic economic regions such as Beijing, Shanghai, Guangzhou-Shenzhen and Chengdu, and a large-scale contiguous data center industrial cluster has been formed. As of the first half of 2020, GDC's resources in first-tier regions such as Beishang, Guangdong-Hong Kong-Macao Greater Bay Area (including Hong Kong), Chengdu and Chongqing accounted for nearly 90% of the total area.</p><p><b>With its resource advantages in core cities, GDS has become the third-party IDC center with the highest market share in Beijing, Shanghai, Guangzhou and Shenzhen.</b>According to the calculation by the research department of CICC based on the number of cabinets, the market share of GDS in Beijing, Shanghai, Guangzhou and Shenzhen in 2019 totaled 15.8%, compared with<a href=\"https://laohu8.com/S/VNET\">21Vianet</a>、<a href=\"https://laohu8.com/S/600845\">Baoxin Software</a>、<a href=\"https://laohu8.com/S/300383\">Halo New Network</a>、<a href=\"https://laohu8.com/S/603881\">Dataports</a>The total market share is still high, and the market leading position is prominent.</p><p>Behind the scale of the cabinet is the expansion ability of IWC's leading industry.</p><p>According to the calculation of 2.5 square meters of a single cabinet, from 2016 to 2019, the average annual compound growth rate of the number of IWC data cabinets was as high as 54.68%. In 2016, the number of GDS cabinets was only 24,400, ranking behind 21Vianet; By 2017, the scale of GDS had surpassed that of 21Vianet.</p><p>In addition, future reserves are also very critical.</p><p>At present, GDS as a whole is in a stage of rapid development. As of June 30, 2020, GDS operated 42 self-developed data centers and 17 data centers under self-development. From the perspective of area, for the self-developed data center, the total net computer room area in operation is 25.68 square meters, the total net computer room area under construction is 13.32 square meters, and the developable net computer room area is estimated to be about 32.30 square meters, which can meet the future sales demand.</p><p>Based on the geographical advantages and qualifications of databases, GDC's database services have gained a large number of high-quality core users. As of June 30, 2020, GDS served more than 670 customers, including large cloud service providers, large Internet companies, financial institutions, telecom operators and IT service providers, as well as large domestic enterprises and multinational companies, including Alibaba,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>ByteDance,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Meituan, Didi, Ping An Technology and other major cloud service providers and leading Internet companies.</p><p><img src=\"https://static.tigerbbs.com/4a711d5534dc8b3d8f500992ad12e312\" tg-width=\"640\" tg-height=\"300\"></p><p>It is worth mentioning that,<b>Large Internet customers and financial institution customers with which GDS has deep cooperation are all leading companies on their respective tracks, leading the trend of digitalization.</b>These head Internet companies, which are applicable to the law of \"the strong is always strong\", occupy the vast majority of user traffic.</p><p>Under this influence, the signing rate of new users of GDS is constantly improving. At the same time, its user churn rate is declining. According to its prospectus, in 2017, 2018, 2019 and the first half of 2020, the average user churn rate of GDS was 2.1%, 0.9%, 0.6% and 0.5% respectively.</p><p>Due to the continuous expansion of business scale, GDC's market position continues to rise. According to iResearch data, GDS is the largest neutral third-party data center service provider in China, with a market share of 21.9% in terms of revenue in 2019.</p><p><b>Rapid performance growth and outstanding growth attributes</b></p><p>Core resources, large scale and large customers have made the total revenue of GDS grow in the past three years.</p><p>According to its financial report, from 2017 to 2019, the operating income of GDS was 1.616 billion yuan, 2.792 billion yuan and 4.122 billion yuan respectively, with an average compound annual growth rate of nearly 60%; Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was RMB512 million, RMB1.047 billion and RMB1.824 billion, respectively, representing a CAGR of 88.75%.</p><p>In the first half of 2020, despite the impact of the pandemic, we achieved rapid growth against the trend. According to its financial report, as of June 30, 2020,<b>The company achieved net income of 2.583 billion yuan, up 37.59% year-on-year</b>； Adjusted EBITDA was 1.205 billion yuan, representing a year-on-year increase of approximately 48.52%.</p><p>Some investors in the market are worried about the net profit of GDS-while the revenue continues to grow, GDS continues to be in a state of net loss. In the three years from 2017 to 2019, GDS continued to lose money, with losses of 327 million yuan, 430 million yuan and 442 million yuan respectively. In the first half of this year, there was a loss of 193 million yuan, which was narrower than the net loss of 230 million yuan in the same period last year.</p><p>It is worth mentioning that the performance of net profit is mainly dragged down by high depreciation and amortization expenses, which is the inevitable result of high-speed expansion.<b>However, the provision of high depreciation and amortization expenses mainly affects the accounting profit, but it neither affects the cash flow nor the real operating results.</b>Investors in the U.S. stock market have a more mature analysis system for IDC, and have paid more attention to EBITDA over the years.</p><p><img src=\"https://static.tigerbbs.com/46c4811805c3eaf320a90ca0efa8b8f3\" tg-width=\"900\" tg-height=\"506\"></p><p>In addition, the three major factors to measure IDC's revenue are cabinet size, shelf rate and cabinet price.</p><p>From the perspective of cabinet size, according to<a href=\"https://laohu8.com/S/601066\">CITIC Construction Investment</a>It is estimated that from 2016 to 2019, the number of IWC data cabinets is 24,400, 40,500, 64,100 and 90,300 respectively, with an average annual compound growth rate of 54.68%, which is second to none in the industry. At present, the reserves are sufficient, and it is expected to further accelerate;</p><p>From the perspective of listing rate, the current listing rate of cabinets in IDC industry is between 40% and 55%. In 2019, the average listing rate of GDS was 69.0%, ranking among the best in the industry. In addition, the pre-signing rate of GDS is high. As of the first half of 2020, 94.1% of the total net computer room area in operation has been signed by customers, and 62.3% of the total net computer room area under construction has been pre-signed by customers. It is certain that the listing rate will climb in the future;</p><p>From the perspective of cabinet price, the demand for IDC in first-tier cities is strong, so the pricing is stable. The cabinet resources of GDS are highly concentrated in first-tier cities, and the downside risk is expected to be small.</p><p>Driven by the three factors, GWD has both high growth and high certainty, and its growth attributes are outstanding. It is expected that GWD will be in the fast lane of growth for a long time. Under this premise, GWD has been recognized by many top investment institutions.</p><p><b>Recognized by top investment institutions</b></p><p>According to the prospectus disclosure, the shareholder lineup of GDS<a href=\"https://laohu8.com/S/DLX\">luxury</a>Including Hillhouse Capital, STT GDC, a subsidiary of Singapore's sovereign wealth fund Temasek,<a href=\"https://laohu8.com/S/02318\">Ping An of China</a>SoftBank Group and other well-known investment institutions.</p><p>In March 2019,<a href=\"https://laohu8.com/S/601318\">Ping An of China</a>US$150 million equity investment in GDS in the form of convertible preferred shares; In the second quarter of 2020, GDS obtained an investment of approximately US$505 million from Hillhouse Capital and STT GDC, a subsidiary of Temasek in Singapore, through private placement. With a strong shareholder background, GDS will help provide financial guarantee for the subsequent project expansion of GDS, and enhance the company's sustainable investment ability and core competitive advantages.</p><p>With the gradual recognition of IDC's asset value by domestic mainstream banking institutions, GDS has obtained intentional credit support from many mainstream banking institutions.</p><p>In the second quarter of this year, GDS successively obtained<a href=\"https://laohu8.com/S/00998\">China CITIC Bank</a>10 billion yuan strategic customer intention credit of the head office, 5 billion yuan credit line provided by Shanghai Rural Commercial Bank in the next five years, and China<a href=\"https://laohu8.com/S/01398\">ICBC</a>6 billion yuan is intended to grant credit. These funds will support the company's medium and long-term capital expenditure, which will be used for the company's future data center construction and acquisition, and further improve the layout in the core economic regions of the country.</p><p><img src=\"https://static.tigerbbs.com/ae68a20009a9210edca87da7976993f6\" tg-width=\"603\" tg-height=\"300\"></p><p>In addition, under the national policy call of \"new infrastructure\", the development of 5G, artificial intelligence and industrial Internet is in full swing, and IDC is officially an important guarantee for these industries to carry digital computing power and information systems of various industries. This specialized service reduces the investment of enterprise resources, thus lowering the threshold of traditional enterprise Internet development, so it is greatly welcomed by enterprises and supported by policies.</p><p>Therefore,<b>IDC has become another big outlet of economic development in the current environment</b>With information technology driving industrialization and injecting new momentum into economic growth, the development prospect is very broad.</p><p>According to the statistics of Forward-looking Industry Research Institute, China's IDC market reached 122.8 billion yuan in 2018, a substantial increase of 30% year-on-year, and the growth rate is much higher than the global level. It is expected that China's IDC market will continue to grow in the next five years, and the market size will double to 255.8 billion yuan by 2024.</p><p>It is predictable that GDS, China's leading neutral data center operator, is expected to bring a high-growth investment target to Hong Kong stock investors under the wave of China's digital transformation, emerging technology application and \"new infrastructure\" construction.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"09698":"万国数据-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146924454","content_text":"11月2日，万国数据-SW在港交所首日挂牌交易，高开0.15%，报81港元，市值1192亿港元。万国数据今日回港二次上市：明星股东背书，预计募资129.4亿港元优质美股中概股回港二次上市热度未减，中国最大的中立第三方数据中心服务商、全球IDC（互联网数据中心）龙头之一万国数据将是第八只选择回归香港资本市场的中概股。日前，万国数据宣布，国际发售及香港公开发售的最终发售价格确定为每股80.88港元，待香港联交所批准后，公司A类普通股预期将于今日在香港联交所主板以股份代号“9698”开始交易，全球发售募集资金总额(扣除承销费用及发售开支前)预计约为129.4亿港元(假设超额配股权未获行使)，摩根大通、美银美林、中金公司和海通国际担任本次全球发售的联席保荐人。作为今年又一只选择回归香港资本市场的中概股，万国数据早在2016年就已经登陆美国纳斯达克。而自美股上市以来，万国数据业务飞速成长，市值因此水涨船高，也已成为全球市值第三的数据中心服务商。“护城河”愈发稳固公开资料显示，万国数据成立于2001年，是一家中立第三方数据中心运营商。数据中心，顾名思义，是为数据而生，因此IDC增长的底层逻辑必然是数据流量的增加。万国数据作为IDC行业的头部企业，时至今日，已拥有近20年安全可靠的数据中心托管及管理服务经验，并建立了行业领先的运营管理体系，其地理位置、机柜数量及未来储备、客户结构已经成为了最稳固的“护城河”。据万国数据招股书显示，公司的IDC聚焦一线城市高端需求，现有及规划中IDC项目主要集中在北京、上海、广深、成都等国内四大经济区域，已形成规模连片的数据中心产业集群。截至2020年上半年，万国数据在北上、粤港澳大湾区（包括香港）、成都重庆等一线地区的资源占总面积比近九成。凭借在核心城市的资源优势，万国数据成为北上广深市占率最高的第三方IDC中心。根据中金公司研究部按机柜数测算，2019年万国数据在北上广深的市占率合计15.8%，比世纪互联、宝信软件、光环新网、数据港的市占率总和还高，市场领先地位凸显。一骑绝尘的机柜规模背后，是万国数据领先行业的扩张能力。按单机柜2.5平方米测算，2016年至2019年，万国数据机柜数量的年平均复合增长率高达54.68%。2016年，万国数据的机柜数仅为2.44万个，居于世纪互联之后；到了2017年，万国数据的规模已反超世纪互联。另外，未来储备也非常关键。目前，万国数据整体处于高速发展阶段。截至2020年6月30日，万国数据运营了42个自主开发的数据中心，还有17个处于自主开发中的数据中心。从面积的角度看，针对自主开发的数据中心，运营中的总净机房面积为25.68平方米，在建总净机房面积为13.32平方米，可开发净机房面积估计约为32.30平方米，可满足未来的销售需求。基于数据库的地域优势及资质，万国数据的数据库服务获得了大量优质核心用户。截至2020年6月30日，万国数据服务超过670家客户，包括大型云服务供应商、大型互联网公司、金融机构、电信运营商与IT服务提供商，以及国内大型企业和跨国公司，包括阿里、腾讯、百度、网易、微软、字节跳动、京东、美团、滴滴、平安科技等各大云服务商及头部互联网企业。值得一提的是，万国数据深度合作的大型互联网客户和金融机构客户，都是各自赛道上的头部公司，引领着数字化潮流。这些适用于“强者恒强”定律的头部互联网公司，占据着绝大部分的用户流量。在此此影响下，万国数据的新用户签约率正在不断提升。与此同时，其用户流失率却在不断下降，据其招股书显示，在2017年、2018年、2019年、2020年上半年，万国数据的平均用户流失率分别为2.1%、0.9%、0.6%和0.5%。由于业务规模不断扩大，万国数据的市场地位不断攀升。据艾瑞咨询数据显示，万国数据是中国最大的中立第三方数据中心服务提供商，按收入计算，在2019年中立第三方数据中心的市占率为21.9%。业绩快速增长 成长属性突出核心资源、规模庞大、坐拥大客户，这使得万国数据总营收在过去三年不断增长。据其财报显示，2017年至2019年，万国数据的营业收入分别为16.16亿、27.92亿、41.22亿元人民币，平均年复合增长率接近60%；调整后EBITDA（税息折旧及摊销前利润）分别为5.12亿元、10.47亿元、18.24亿元，复合年增长率高达88.75%。2020年上半年，在疫情影响之下依然实现了逆势快速增长。据其财报显示，截至2020年6月30日，公司取得净收入为25.83亿元，同比增37.59%；调整后EBITDA为12.05亿元，同比增长约48.52%。而市场上有投资者担心万国数据的净利润情况——在营收持续增长的同时，万国数据持续处于净亏损状态。在2017年至2019年三年里，万国数据持续亏损，亏损额分别是3.27亿元、4.30亿元、4.42亿元，今年上半年出现1.93亿元的亏损额，比去年同期的净亏损2.30亿元收窄。值得一提的是，净利润的表现主要受高额的折旧摊销费用拖累，这是高速扩张带来的必然结果。而计提高额的折旧摊销费用，主要是对会计上的利润造成影响，但既不影响现金流，也不影响真实的运营成果。美股市场的投资者针对IDC的分析体系更为成熟，历年来更重视EBITDA这一指标。此外，衡量IDC收入的三大因素，分别是机柜规模、上架率、机柜价格。从机柜规模来看，按中信建投测算，2016年至2019年，万国数据机柜数量分别为2.44万个、4.05万个、6.41万个、9.03万个，年平均复合增长率高达54.68%，行业首屈一指，目前储备充足，预计会进一步提速；从上架率来看，当前IDC行业的机柜上架率在40％至55％之间，2019年万国数据的平均上架率为69.0%，在行业中名列前茅，另外，万国数据预签约率较高，截至2020年上半年，94.1%的运营中总净机房面积已经获得客户签约，62.3%的在建总净机房面积获客户预先签约，未来上架率爬坡确定性强；从机柜价格来看，一线城市IDC需求旺盛，因此定价稳定，万国数据的机柜资源高度集中于一线城市，预计下行风险较小。三因素共同驱使，万国数据兼备高增长性和高确定性，成长属性突出，预计万国数据会长期处于增长快车道，在此前提下，万国数据受到了多家顶级投资机构的认可。连获顶级投资机构认可根据招股书披露，万国数据的股东阵容豪华，包括高瓴资本、新加坡主权财富基金淡马锡旗下的STT GDC、中国平安、软银集团等知名投资机构。2019年3月，中国平安以可转换优先股的形式对万国数据进行1.5亿美元股权投资；2020年二季度，万国数据以定向增发的方式，获取高瓴资本和新加坡淡马锡旗下STT GDC约5.05亿美元的投资，拥有强大的股东背景，有助于为万国数据后续的项目扩张提供资金保障，提升公司持续投资能力和核心竞争优势。伴随著国内主流银行机构对IDC资产价值的逐步认可，万国数据获得多家主流银行机构的意向授信支持。在今年二季度，万国数据先后获得中信银行总行100亿元战略客户意向授信、上海农商银行未来5年内提供的50亿元授信额度，以及中国工商银行60亿元意向授信，这些资金将支撑公司中长期的资本开支，用于公司未来的数据中心建设和收购，进一步完善在全国核心经济区域的布局。此外，在国家“新基建”的政策号召下，5G、人工智能和工业互联网的发展如火如荼，而IDC正式是这些行业背后承载数字计算力、各行业信息系统的重要保障。这种专业化的服务减少了企业资源的投入，从而降低了传统企业互联网发展的门槛，因此大受企业欢迎和政策支持。因此，IDC已在当前大环境下成为经济发展的另一个大风口，以信息化带动工业化，为经济增长注入新动能，发展前景十分广阔。据前瞻产业研究院统计，2018年中国IDC市场规模达1228亿元人民币，同比大幅增长30%，增速远高于全球水平，预计未来五年，中国IDC市场将持续增长，至2024年市场规模翻倍达2558亿元。可以预见的是，这家中国领先的中立数据中心运营商——万国数据，有望在中国数字化转型、新兴技术应用以及“新基建”建设浪潮之下，为港股投资者带来一个高成长投资标的。","news_type":1,"symbols_score_info":{"09698":0.9}},"isVote":1,"tweetType":1,"viewCount":2411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":921842879,"gmtCreate":1586250076791,"gmtModify":1705300398847,"author":{"id":"3522536347126876","authorId":"3522536347126876","name":"天使没有翅膀","avatar":"https://static.tigerbbs.com/391299cd4a26091557cc75525087d41e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3522536347126876","authorIdStr":"3522536347126876"},"themes":[],"htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/921842879","repostId":"921824935","repostType":1,"repost":{"id":921824935,"gmtCreate":1586246148726,"gmtModify":1705300372652,"author":{"id":"111627092873022","authorId":"111627092873022","name":"智堡Wisburg","avatar":"https://static.tigerbbs.com/1fa61a5562d461e95ab404c4b9a389dd","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"111627092873022","authorIdStr":"111627092873022"},"themes":[],"title":"通脹三部曲之一：哄搶衛生紙對通脹的影響大嗎？","htmlText":"“家用紙製品”在CPI中的權重是0.221%。我並不知道其中“衛生紙”佔比是多少，但美國勞工統計局大概會使用前一個月的價格來估計這個CPI項目的價格。 本文由智堡翻譯，翻譯行爲獲得了原作者授權，內容僅代表作者觀點，不代表智堡的立場和觀點，譯文僅供教育及學術交流目的使用。 原文標題：Using US CPI weights to help assess the macroeconomic impact of the COVID 19 response or:\"What happens to the CPI when there is no toilet paper?\" 作者：Peter Stella，發表日期：2020年3月，原文鏈接：https://www.centralbankarchaeology.com/，譯者：張潔羽 物價指數，比如美國的消費者物價指數（CPI），是基於對“普通家庭”消費的數千種商品和服務的月度調查得出的。CPI被廣泛應用於掛鉤各種支出，比如社會保障，還可以反映整體“生活成本”的增減情況，也有助於建立工資談判的基準。 計算CPI需要2步操作。 首先是確定普通家庭的“一籃子消費”併爲籃子中的每一項都賦予權重。每個單獨的權重都等於在這一個單獨的項目（商品或服務）上的消費佔總消費的比例。 每年都會對那些被認爲具有代表性的家庭部門樣本進行一次消費普查。普查可以確定一個“普通”家庭在較爲寬泛的各個消費子項上的消費佔比。在美國，最主要的消費構成可以被分爲“食物和飲料”、“住房”、“交通運輸”、“醫療”、“服裝”、“休閒活動”、“教育及通訊”還有“其他”。 這些比較寬泛的分類可以再細分爲更小的成分，比如，“蘋果”、“麪包，蛋糕，杯子蛋糕和餅乾”是“食物和飲料”的一部分，“汽油”、“汽車修理”、“輪胎”以及“公共市內交通”是“交通運輸”的一部分；“音樂課程”、“活動","listText":"“家用紙製品”在CPI中的權重是0.221%。我並不知道其中“衛生紙”佔比是多少，但美國勞工統計局大概會使用前一個月的價格來估計這個CPI項目的價格。 本文由智堡翻譯，翻譯行爲獲得了原作者授權，內容僅代表作者觀點，不代表智堡的立場和觀點，譯文僅供教育及學術交流目的使用。 原文標題：Using US CPI weights to help assess the macroeconomic impact of the COVID 19 response or:\"What happens to the CPI when there is no toilet paper?\" 作者：Peter Stella，發表日期：2020年3月，原文鏈接：https://www.centralbankarchaeology.com/，譯者：張潔羽 物價指數，比如美國的消費者物價指數（CPI），是基於對“普通家庭”消費的數千種商品和服務的月度調查得出的。CPI被廣泛應用於掛鉤各種支出，比如社會保障，還可以反映整體“生活成本”的增減情況，也有助於建立工資談判的基準。 計算CPI需要2步操作。 首先是確定普通家庭的“一籃子消費”併爲籃子中的每一項都賦予權重。每個單獨的權重都等於在這一個單獨的項目（商品或服務）上的消費佔總消費的比例。 每年都會對那些被認爲具有代表性的家庭部門樣本進行一次消費普查。普查可以確定一個“普通”家庭在較爲寬泛的各個消費子項上的消費佔比。在美國，最主要的消費構成可以被分爲“食物和飲料”、“住房”、“交通運輸”、“醫療”、“服裝”、“休閒活動”、“教育及通訊”還有“其他”。 這些比較寬泛的分類可以再細分爲更小的成分，比如，“蘋果”、“麪包，蛋糕，杯子蛋糕和餅乾”是“食物和飲料”的一部分，“汽油”、“汽車修理”、“輪胎”以及“公共市內交通”是“交通運輸”的一部分；“音樂課程”、“活動","text":"“家用紙製品”在CPI中的權重是0.221%。我並不知道其中“衛生紙”佔比是多少，但美國勞工統計局大概會使用前一個月的價格來估計這個CPI項目的價格。 本文由智堡翻譯，翻譯行爲獲得了原作者授權，內容僅代表作者觀點，不代表智堡的立場和觀點，譯文僅供教育及學術交流目的使用。 原文標題：Using US CPI weights to help assess the macroeconomic impact of the COVID 19 response or:\"What happens to the CPI when there is no toilet paper?\" 作者：Peter Stella，發表日期：2020年3月，原文鏈接：https://www.centralbankarchaeology.com/，譯者：張潔羽 物價指數，比如美國的消費者物價指數（CPI），是基於對“普通家庭”消費的數千種商品和服務的月度調查得出的。CPI被廣泛應用於掛鉤各種支出，比如社會保障，還可以反映整體“生活成本”的增減情況，也有助於建立工資談判的基準。 計算CPI需要2步操作。 首先是確定普通家庭的“一籃子消費”併爲籃子中的每一項都賦予權重。每個單獨的權重都等於在這一個單獨的項目（商品或服務）上的消費佔總消費的比例。 每年都會對那些被認爲具有代表性的家庭部門樣本進行一次消費普查。普查可以確定一個“普通”家庭在較爲寬泛的各個消費子項上的消費佔比。在美國，最主要的消費構成可以被分爲“食物和飲料”、“住房”、“交通運輸”、“醫療”、“服裝”、“休閒活動”、“教育及通訊”還有“其他”。 這些比較寬泛的分類可以再細分爲更小的成分，比如，“蘋果”、“麪包，蛋糕，杯子蛋糕和餅乾”是“食物和飲料”的一部分，“汽油”、“汽車修理”、“輪胎”以及“公共市內交通”是“交通運輸”的一部分；“音樂課程”、“活動","images":[{"img":"https://static.tigerbbs.com/21aaaabfe29a6f15567cad7152f76ad4"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/921824935","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
