Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 88

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 88
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IC status could result in adverse U.S. federal income tax consequences to you. For example, if we are or become a PFIC, you may become subject to increased tax liabilities under U.S. federal income tax laws and regulations and may become subject to burdensome reporting requirements. In some cases, shareholders of a PFIC may make one of certain elections that would ameliorate some of the adverse tax consequences of the PFIC rules. See “Taxation — U.S. Federal Income Tax Considerations — Passive Foreign Investment Company Considerations” for further details. You are urged to consult your own tax advisors concerning the U.S. federal income tax consequences of the application of the PFIC rules.

There can be no assurance that we will not be a PFIC for the current or any future taxable year.

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### USE OF PROCEEDS
We will not receive any proceeds from the sale of the Borrowed ADSs in this offering, but we will receive from the ADS Borrower a nominal lending fee of US$0.0004 per Borrowed ADS, which will be applied to fully pay up the Class A ordinary shares underlying the Borrowed ADSs.

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CAPITALIZATION The following table sets forth our capitalization as of March 31, 2025: • on an actual basis; and • on an as adjusted basis to give effect to both (i) our issuance and sale of Class A ordinary shares in the form of Primary ADSs at the public offering price of US$ per Primary ADS and the receipt of the estimated net proceeds of US$ million by us in the Concurrent Primary ADS Offering (assuming no exercise by the underwriters of their option to purchase additional Primary ADSs), and (ii) our offer and sale of US million aggregate principal amount of convertible senior notes and the receipt of the estimated net proceeds of US$ by us in the Concurrent Notes Offering (assuming no exercise by the initial purchasers of their option to purchase additional convertible senior notes), and in each case after deducting such discounts and commissions of the underwriters or initial purchasers, as applicable, and other estimated offering expenses payable by us. You should read this table together with (i) our consolidated financial statements and the related notes thereto included and “Item 5. Operating and Financial Review and Prospects” in our 2024 Annual Report, our unaudited condensed consolidated financial statements and the related