Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 51

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 51
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 Borrowed ADSs, Concurrent Notes Offering and Concurrent Primary ADS Offering**

The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is not consummated, the Concurrent Primary ADSs 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.

**Ordinary shares outstanding immediately after the Delta Placement of Borrowed ADSs and Concurrent Primary ADSs**

#### Offering
1,644,780,903 ordinary shares, comprising (i) 1,601,190,567 Class A ordinary shares (including 48,000,000 Class A ordinary shares represented by the Borrowed ADSs) and (ii) 43,590,336 Class B ordinary shares. Excluding the 48,000,000 Class A ordinary shares to be issued pursuant to the ADS Loan under the ADS Lending Agreement, our total ordinary shares outstanding will be 1,596,780,903.

We are providing information about the total outstanding shares excluding the Borrowed ADSs to be issued in this offering as such Borrowed ADSs (i) will be contractually subject to return to us by the ADS Borrower (subject in all regards to the terms of the ADS Lending Agreement, including as to replacement delivery) and cancelled upon termination of the ADS Lending Agreement after the date on which the entire principal amount of the convertible senior notes cease to be outstanding, or earlier in certain circumstances; and (ii) the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS.

We believe that under U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. The Class A ordinary shares underlying the Borrowed ADSs that we will issue to the ADS Borrower will be issued and outstanding as fully paid shares for company law purposes, including voting rights and dividend rights.

#### Depositary
JPMorgan Chase Bank, N.A.

#### Use of Proceeds