We are Buy-rated on GDS with 12m target prices of US$42/HK$41. Also see Asia Leaders Conference takeaways; China/ASEAN data centers 2Q25 wrap. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other importan ...