Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 69

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 69
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 with respect to the registration of any of our ordinary shares or the ADSs, or any security convertible into or exercisable or exchangeable for our ordinary shares or the ADSs.

<div align='center'>S-30</div>

**TABLE OF CONTENTS

The Delta Placement of Borrowed ADSs; Concurrent Notes Offerings**

Concurrently with this offering, pursuant to another prospectus supplement dated of the date hereof, we are offering an aggregate of 6,000,000 Borrowed ADSs, which we will loan to J.P. Morgan Securities plc, as the ADS Borrower, pursuant to the ADS Lending Agreement. The number of Borrowed ADSs to be sold hereunder will depend on what portion of investors in the Concurrent Notes Offering desire to hedge their investments, and is expected to be no greater than commercially reasonable initial short positions of such investors. We do not expect to offer additional ADSs to facilitate any increased short positions desired by such investors in the convertible senior notes after this offering, and will not offer additional ADSs as a result of any exercise by the initial purchasers in the Concurrent Notes Offering of their option to purchase additional convertible senior notes.

In addition, concurrently with this offering, we are offering US$500,000,000 aggregate principal amount of 2.25% convertible senior notes, plus up to US$50,000,000 aggregate principal amount of our convertible senior notes if the initial purchaser in the convertible senior notes offering exercise its option to purchase additional convertible senior notes, in reliance on the exemption from registration provided by Rule 144A.

The completion of the offering hereunder is contingent upon the completion of both the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering, and the completion of each of the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering is contingent upon the completion of each other and the offering hereunder. If the offering hereunder is not consummated, the Concurrent Notes Offering will terminate, the ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to us.

This prospectus supplement does not constitute an offer of convertible senior notes or the Delta Placement of Borrowed ADSs.

For further details, see “Summary — Concurrent Notes Offering and Delta Placement of Borrowed ADSs.”

#### Relationships
Certain of the