Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 89

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 89
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 | ​ | ​   | ​ |
| Total shareholders’ equity                                                                                                                                                                                                                                                                                                                | ​ | ​ | ​                                             | ​ | 23,232,701 | ​ | ​ | ​ | ​   | ​ | 3,201,552 | ​ | ​ | ​ | ​              | ​ | ​ | ​   | ​ |
| Non-controlling interests                                                                                                                                                                                                                                                                                                                 | ​ | ​ | ​                                             | ​ |    130,912 | ​ | ​ | ​ | ​   | ​ |    18,040 | ​ | ​ | ​ | ​              | ​ | ​ | ​   | ​ |
| Total capitalization(3)                                                                                                                                                                                                                                                                                                                   | ​ | ​ | ​                                             | ​ | 62,198,502 | ​ | ​ | ​ | ​   | ​ | 8,571,183 | ​ | ​ | ​ | ​              | ​ | ​ | ​   | ​ |

(1) We will issue Borrowed ADSs, which will be loaned to the ADS Borrower to facilitate short sales and/or privately negotiated derivative transactions by investors in the convertible senior notes due 2032. We will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS. We are in the process of determining the accounting treatment for this transaction and have not reflected the impacts of this transaction in the capitalization table above. See “Description of the Delta Placement of Borrowed ADSs and Concurrent Offering of Convertible Senior Notes.” (2) Actual and as adjusted does not include (i) 70,923,856 Class A ordinary shares issued and held by JPMorgan Chase Bank, N.A., as depositary, which are reserved for future delivery upon exercise or vesting of share awards granted under our share incentive plan and (ii) the underwriters’ option to purchase an additional Primary ADSs each representing eight Class A ordinary shares in the concurrent Primary ADS offering. (3) Total capitalization equals the sum of non-current debt, redeemable preference shares, total shareholders’ equity and non-controlling interests.

S-41

TABLE OF CONTENTS

### DIVIDEND POLICY
Since our inception, except for the US$50.8 million preference dividend paid to our preferred shareholders upon completion of our initial public offering, of which US$11.4 million was paid in cash and US$39.4 million was paid in the form of 31,490,164 Class A ordinary shares based on