GDS Holdings Ltd
gds-services.comWhat Do They Do?
Sells data-center space, power and cooling to cloud providers, internet companies and other businesses, and offers managed IT and cloud services.
20-F for FY2025, filed Apr 29, 2026Colocation services are services where the Company provides space, power and cooling to customers for housing and operating their IT system…View ↗
Managed hosting services are services where the Company provides outsourced services to manage the customers’ data center operations…View ↗
Managed cloud services are services where the Company offers direct private connection to major cloud platforms, an innovative service…View ↗
Years ended December 31, 2023 2024 2025 Colocation services 8,535,180 9,169,454 …View ↗
As of December 31, 2025, we served 989 customers, including hyperscale cloud service providers and large internet companies, a diverse…View ↗
Who Are Their Customers?
Cloud providers and internet companies, financial institutions, and other businesses use its data centers. Sales are mainly through a direct sales team; some customers contract through major Chinese telecom carriers at their request.
20-F for FY2025, filed Apr 29, 2026We consider our customers to be the end users of our services because: (i) we are selected as vendor by our end users; (ii) we negotiate…View ↗
As of December 31, 2025, we served 989 customers, including hyperscale cloud service providers and large internet companies, a diverse…View ↗
Sales. Our sales activities are mainly conducted through our direct sales force. We organize our direct sales force into four geographic…View ↗
20-F for FY2025, filed Apr 29, 2026
We had two customers that generated 28.3% and 17.1% of our total net revenue, respectively, in 2023. We had two customers that generated…View ↗
How Are They Changing?
International operations
The older report described GDS expanding into Southeast Asia through land purchases and construction. The latest describes its international assets under DayOne, an independent standalone data-center platform in which GDS holds an equity interest.
20-F for FY2022, filed Apr 4, 2023 20-F for FY2025, filed Apr 29, 2026In 2021, we expanded our presence to Southeast Asia by acquiring two parcels of greenfield land in Johor, Malaysia and Batam, Indonesia…View ↗
In 2022, we commenced construction on our greenfield land in Johor, Malaysia and took steps to acquire additional land at the same site in…View ↗
In recent years, we have seen strong growth in demand for high-performance data center services in Southeast Asia. We believe that a large…View ↗
In May 2022, we established DigitalLand Holdings Limited, now known as DayOne, as the holding company for GDS’s international data center…View ↗
In March 2024 and May 2024, respectively, our then consolidated subsidiary, DayOne, that acted as the holding company for GDS’s…View ↗
We are a leading developer and operator of high-performance data centers in China. In addition, we also hold a minority equity interest in…View ↗
Who Do They Compete With?
Competes with China Telecom, China Unicom, and China Mobile
20-F for FY2025, filed Apr 29, 2026We also face competition from the state-owned telecommunications carriers, namely China Telecom, China Unicom and China Mobile. One of the…View ↗
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