China data centre group GDS at 4-week low on fund raising plan

GDS Holdings

28/05/2025 03:36

** Hong Kong shares of Chinese data centre group GDS Holdings 9698.HK drop 12% to HK$24.2, their lowest since April 30

** Stock set for the biggest one-day pct decline since April 7; top loser on index tracking information technology firms .HSCIIT, which is up 0.2%

** U.S.-listed stock GDS.O fell 4.8% on Tuesday

** GDS has launched an up to $631 million convertible bond and capital raising, according to a regulatory filing, with the money raised for working capital and to pay down existing debt

** Co has increased a seven-year convertible bond from $450 mln to $500 mln and is also selling 5.2 mln American Depository Shares (ADS) to raise up to $131 mln

** Hang Seng Tech Index .HSTECH slips 0.3%, Hang Seng Index .HSI eases 0.1%

** YTD, Hong Kong stock up 6.6%, U.S. shares up 14.2%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))