Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 101

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 101
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 by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by the State Administration of Foreign Exchange of the PRC. In addition, under PRC laws, GDS Holdings Limited may provide funding to our mainland China subsidiaries only through capital contributions or intercompany loans, and to our VIEs and their subsidiaries only through intercompany loans, subject to satisfaction of applicable government registration and approval requirements. For a detailed description of how cash is transferred through our organization, see “Item 3. Key Information — Cash Flows through our Organization” in our 2024 Form 20-F.

This prospectus may not be used to offer or sell any securities unless accompanied by a prospectus supplement.

Neither the United States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

<div align='center'>The date of this prospectus is May 27, 2025.</div>

TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                            | ​ | ​ | Page |   |    |   | ​ |
| ABOUT THIS PROSPECTUS                        | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| FORWARD-LOOKING STATEMENTS                   | ​ | ​ | ​    | ​ |  3 | ​ | ​ |
| OUR COMPANY                                  | ​ | ​ | ​    | ​ |  4 | ​ | ​ |
| CORPORATE INFORMATION                        | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| RISK FACTORS                                 | ​ | ​ | ​    | ​ |  7 | ​ | ​ |
| USE OF PROCEEDS                              | ​ | ​ | ​    | ​ |  8 | ​ | ​ |
| DESCRIPTION OF SHARE CAPITAL                 | ​ | ​ | ​    | ​ |  9 | ​ | ​ |
| DESCRIPTION OF AMERICAN DEPOSITARY SHARES    | ​ | ​ | ​    | ​ | 19 | ​ | ​ |
| ENFORCEABILITY OF CIVIL LIABILITIES          | ​ | ​ | ​    | ​ | 32 | ​ | ​ |
| TAXATION                                     | ​ | ​ | ​    | ​ | 34 | ​ | ​ |
| SELLING SHAREHOLDERS                         | ​ | ​ | ​    | ​ | 35 | ​ | ​ |