Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 54

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 54
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 risk with respect to the convertible senior notes, concurrently with, or shortly after, the pricing of the convertible senior notes. After placement of the convertible senior notes and the Borrowed ADSs, neither we nor the ADS Borrower will control how such holders may use such hedging transactions. In addition, such holders may enter into other transactions in connection with such hedging transactions, including the purchase or sale of ADSs.

Pursuant to the ADS Lending Agreement, the ADS Borrower has re-delivery obligations in respect of any Borrowed ADSs subject to the Loan Transaction, as well as for cash and non-cash distributions in respect of the notional number of the then-outstanding Borrowed ADSs (whether or not such ADS Borrower holds such ADSs). Such re-delivery may be in the form of ADSs that the ADS Borrower may need to procure by purchasing in the open market.

As a result, the existence of the ADS Lending Agreement, such hedging transactions, and any related market activity could cause the market price of the ADSs to be lower over the term of the ADS Lending Agreement than it would have otherwise been had we not entered into the ADS Lending Agreement.

Substantial future sales or perceived potential sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market could cause the price of our Class A ordinary shares and/or ADSs to decline significantly.

Sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market, or the perception that these sales could occur, could cause the trading price of our Class A ordinary shares and/or ADSs to decline significantly. Upon completion of this offering and the Delta Placement of Borrowed

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ADSs, we will have 1,644,780,903 ordinary shares issued and outstanding, including 1,601,190,567 Class A ordinary shares (including 48,000,000 Class A ordinary shares represented by the Borrowed ADSs), and 43,590,336 Class B ordinary shares. All ADSs sold in this offering will be freely transferable by persons other than our “affiliates” without restriction or additional registration under the Securities Act. Some ordinary shares and/or ADSs outstanding after this offering and held by certain of our officers, directors and principal shareholders will be available for sale, upon the expiration of the lock-up periods (if applicable to such holder