Shares of GDS Holdings Ltd, a leading Chinese data center operator, plummeted by 12.64% on October 8, 2024, amid a broader sell-off in Chinese stocks. The sharp decline came after a highly anticipated meeting of China's top economic planning agency failed to provide specific details on anticipated economic stimulus measures.
China's National Development and Reform Commission held a meeting where its chairman, Zheng Shanjie, stated that the commission would "support growth," but did not outline any concrete stimulus package. This lack of clarity disappointed investors who had been hoping for more aggressive measures to boost the Chinese economy after years of lackluster growth and recessionary conditions.
The disappointment over the absence of a clear stimulus plan triggered a sell-off in Chinese stocks, including GDS Holdings, which had surged in recent weeks on expectations of government support. GDS Holdings, as a capital-intensive data center operator, could potentially benefit from lower interest rates and a stronger Chinese economy.
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