HK Stock Market Move | GDS-SW(09698) rose more than 4%, and Nanfang Wanguo Data Center REIT has been listed on the Shanghai Stock Exchange. It gained the daily limit on its first day of trading.

GDS-SW(09698) rose by more than 4%, up 3.65% as of the time of writing, at 36.92 Hong Kong dollars with a trading volume of 82.26 million Hong Kong dollars. On the news front, according to the official WeChat account of Guoji Data, on August 8th, the Southern Guoji Data Center REIT was successfully listed on the Shanghai Stock Exchange, achieving a 30% increase on its first day of trading. It is reported that since the launch of the Southern Guoji Data Center REIT, it has attracted significant market attention, successfully raising 2.4 billion yuan through a pricing of 3 yuan per share, with a public investor subscription rate of 456 times and a pre-IPO investor subscription rate of 166 times. Industrial previously pointed out that the valuation of the Guoji Data Center REIT significantly exceeded market expectations, leading to a substantial increase in IDC industry valuation anchors. The REITs project can generate a large amount of cash for investment in new IDC projects. Current policies encourage the issuance of public REITs, benefiting IDC companies with many mature projects to accelerate expansion. HSBC also stated that the spin-off is beneficial for the company to deleverage, maintaining net debt to adjusted EBITDA ratio below 6.5 times annually, and the pricing is higher than the current 14 times adjusted enterprise value multiple for the stock, reflecting the potential for a revaluation of the company's valuation.