Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 38

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 38
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 Agreement for sale by the Borrowed ADS Underwriter pursuant to a separate prospectus supplement. On May 27, 2025, we announced the pricing of the Delta Placement of Borrowed ADSs at a public offering price of $24.50 (the same price as the public offering price in this offering). We believe that under United States generally accepted accounting principles, or U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. We will not receive any proceeds from the sale of the Borrowed ADSs in the Delta Placement of Borrowed ADSs, but we will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS. The ADS Borrower or its affiliates will receive all the proceeds from the sale of the Borrowed ADSs.

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.

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TABLE OF CONTENTS

SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA You should read the following information in conjunction with our consolidated financial statements and the related notes incorporated into this prospectus supplement by reference to our 2024 Annual Report, our unaudited interim condensed consolidated financial statements and the related notes included in Exhibit 99.1 to the May 27 Form 6-K, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Exhibit 99.2 to the May 27 Form 6-K, all of which are incorporated by reference into this prospectus supplement. The following summary consolidated statement of operations data for the years ended December 31, 2022, 2023 and 2024 and the summary consolidated balance sheet data as of December 31, 2023 and 2024 have been derived from