Shares of 21vianet Group Inc. (NASDAQ: VNET), a leading carrier-neutral internet data center services provider in China, surged 5.04% on Tuesday after HSBC upgraded the stock to a "Buy" rating and raised its price target to $5.20.
HSBC analysts cited that VNET is benefiting from supply consolidation in the managed hosting services market in mainland China. With two of its largest rivals, Chindata Group and GDS, shifting their focus away from this segment, VNET now mainly competes with regional companies like Centrin Data and ZDATA.
The analysts also highlighted the high entry barriers for AI-driven data centers, which require significant IT capacity and quick delivery timelines of six to 12 months. This favors established players like VNET, as HSBC estimates that RMB 500 to RMB 600 million (USD 70 to 84 million) of equity capital is needed for a 100MW-plus capacity data center, with 70% to 80% debt financing.
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