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Operator of data centers providing colocation and managed infrastructure services to internet and enterprise customers in China.
Operator of data centers providing colocation and managed infrastructure services to internet and enterprise customers in China.
Rents out space and power in purpose-built data centres under multi-year contracts, so income grows as new halls are built and filled by large cloud and internet customers. China is the main business, and the capacity is built ahead of demand with borrowed money. Its overseas arm, DayOne, builds in Southeast Asia.
In one line: A Chinese Equinix/Digital Realty.
Moat: narrow (installed base, switching costs, scale). High switching costs once customers deploy servers, plus scarce power/land permits in major Chinese cities.
Headquarters: Shanghai, China · Founded: 2001 · Employees: 2,434
Size GDS (9698.HK) is a Hong Kong Information Technology company (Data Processing Services) with a market value of $4.22B, the 286th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$21.22 on 6 Nov 2026.
Performance Over six months the shares fell 52.0%, against -6.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 12.6% over the last twelve months (peer median +6.8%); the operating margin is 16.9% (peer median -1.0%).
Valuation It trades at 36.8× forward earnings against a peer median of 18.0× (4th most expensive of 13).
Capital Return on invested capital runs 6.9 points below its cost of capital (9.3% WACC).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$13.7B | HK$12.4B | HK$11.2B | HK$10.8B | HK$10.8B |
| Revenue growth | — | +11% | +4% | 0% | — |
| Gross profit | HK$3.15B | HK$2.73B | HK$2.31B | HK$2.05B | HK$1.99B |
| EBITDA | HK$6.17B | HK$5.87B | HK$5.25B | HK$5.17B | HK$5.09B |
| Net income | HK$4.23B | HK$1.03B | -HK$1.14B | -HK$4.74B | -HK$1.70B |
| Free cash flow | -HK$955M | -HK$1.44B | -HK$1.33B | -HK$1.25B | -HK$5.80B |
| Capital expenditure | HK$5.02B | HK$5.09B | HK$3.44B | HK$3.53B | HK$9.13B |
| Total debt | HK$54.8B | HK$52.9B | HK$47.3B | HK$48.5B | HK$50.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GDS 9698.HK | $4.22B | -52% | +13% | 17% | 36.8× | n/a |
| Equinix EQIX | $100B | -5% | +11% | 15% | 53.2× | n/a |
| Digital Realty DLR | $65.9B | -10% | +21% | 20% | 65.9× | n/a |
| VNET Group, Inc. Sponsored ADR VNET | $1.00B | -64% | +23% | 7% | 89.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9698.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.3% | -4.7% | 4th lowest of 21 |
| 6-month return | -52.0% | -6.7% | 3rd lowest of 19 |
| Distance from 52-week high | -54.8% | -35.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +12.6% | +6.8% | 8th highest of 21 |
| Operating margin | 16.9% | -1.0% | 3rd highest of 21 |
| Forward P/E | 36.8× | 18.0× | 4th most expensive of 13 |
| ROIC minus cost of capital | -6.9 pp | -6.8 pp | 11th highest of 21 |
| EV / EBITDA | 12.2× | 15.7× | 5th cheapest of 13 |
| Net debt / EBITDA | 6.1× | 0.7× | 4th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 19.1× | 11.0% | +5.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | n/a | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 49.1× | 27.3% | -3.9% |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | n/a | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% | +16.8% |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | n/a | n/a | n/a |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | n/a | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | n/a | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |