Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 345

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 7
Chunk 345
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 or Class A ordinary shares calculated pursuant to the then effective conversion rate. The notes may be converted at an initial conversion rate of 40.8163 ADSs per US$1,000 principal amount of notes (equivalent to an initial conversion price of approximately US$24.50 per ADS), which rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest.

Series A Convertible Preferred Shares issued by DayOne

In March 2024, our then-consolidated subsidiary, DigitalLand Holdings Limited (now known as “ DayOne”), that acted as the holding company for GDS’s international data center assets and operations, entered into definitive agreements for certain institutional private equity investors (the “ Series A Investors”) to subscribe for US$587 million of Series A convertible preferred shares (the “ Series A”) newly issued by DayOne. In June 2024, DayOne entered into amendments to the definitive agreements for the Series A convertible preferred shares new issue initially announced in March 2024, as a result of which the new issue has been upsized from US$587 million to US$672 million at the same pre-money equity valuation. The Series A subscription price implies a pre-money equity valuation for DayOne of US$750 million. Post-closing and on an as-converted basis, GDS owned approximately 52.7% of the equity interest of DayOne in the form of ordinary shares. The remaining 47.3% equity interest was held in the form of Series A shares by the Series A Investors, including Hillhouse, Rava Partners, Boyu, Princeville Capital, Tekne Capital, among others. DayOne established an equity incentive plan which provides for the grant of options exercisable for such number of ordinary shares representing up to 15% of its issued share capital as of the closing at the Series A subscription price. GDS and certain Series A Investors have the right to appoint directors to the Board of DayOne proportionate with their ownership. Mr. William Huang continues in his role as Chairman of the Board of DayOne. Each Series A share is entitled to one vote and will be convertible into one ordinary share of DayOne at any time at the holder’s option. All Series A shares will automatically convert into ordinary shares of DayOne at, or following, completion of DayOne’s IPO, subject to certain conditions.

Series B Convertible Preferred Shares issued by DayOne

In October 2024, our then consolidated subsidiary, DayOne further entered into definitive agreements