Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 6

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 6
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 our ADSs or threat thereof may materially and adversely affect the price of our ADSs and value of your investment” in Exhibit 99.3 to the May 27 Form 6-K.

GDS Holdings Limited is a holding company with no material operations of its own. As a result, although other means are available for us to obtain financing at the holding company level, our company’s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our subsidiaries. Under PRC laws and regulations, our subsidiaries and the VIEs and their subsidiaries incorporated in mainland China are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Remittance of dividends 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

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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 Annual Report. 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 supplement is truthful or complete. Any representation to the contrary is a criminal offense. PRICE US$24.50 PER ADS

| ​                                         | ​ | ​ | Per ADS  | ​ | ​ | Total          | ​ |
| Public offering price                     | ​ | ​ | US$24.50 | ​ | ​ | US$127,400,000 | ​ |
| Underwriting discounts and commissions(1) | ​ | ​ | US$0.67  | ​ | ​ | US$3,503,500   | ​ |
| Proceeds to us (before expenses)          | ​ | ​ | US$23.83 | ​ | ​ | US$123,896,500 | ​ |

(1) We have agreed to reimburse the underwriters for certain expenses in connection with this offering. See “Underwriting.” We have granted the underwriters the option, exercisable in whole or from time to time in part, to purchase 780,000 additional ADSs, representing an aggregate total public