Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 52

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 52
---
 the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the ADSs more than one business day prior to , 2025 will be required, by virtue of the fact that the Borrowed ADSs settle on T+2 to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Borrowed ADSs who wish to trade the Borrowed ADSs during such period should consult their advisor.

#### Conflicts of interest
All of the proceeds of the offering of the Borrowed ADSs will be paid to the Borrowed ADS Underwriter or affiliates thereof. As a result, the Borrowed ADS Underwriter, or affiliates thereof, will each receive 5% or more of the net proceeds of this offering. Thus, the Borrowed ADS Underwriter has a “conflict of interest” as defined in Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Accordingly, this offering will be made in compliance with the requirements of FINRA Rule 5121. The appointment of a “qualified independent underwriter” is not required in connection with this offering as a “bona fide public market”, as defined in FINRA Rule 5121, exists for the ADSs.

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TABLE OF CONTENTS

### RISK FACTORS
Investing in the ADSs involves risk. You should consider carefully the risks described below, in our 2024 Annual Report and all of the other information set forth in or incorporated by reference into this prospectus supplement and in the accompanying prospectus before investing in the ADSs. The following factors, individually and in the aggregate, could cause our business, results of operations and financial condition to suffer or materially differ from expected and historical results. As a result, the trading price of the ADSs may decline, and you may lose part or all of your investment.

**Risks Relating to Doing Business in the People’s Republic of China**

Changes in the political and economic policies of the PRC government may materially and adversely affect our business, financial condition and results of operations and may result in our inability to sustain our growth and expansion strategies.

Substantially all of our operations are conducted in the PRC and a substantial majority of our net revenue is sourced from the PRC. Accordingly