Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 48

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 48
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 option to purchase additional ADSs is exercised in full).

#### The ADSs
Each ADS represents eight Class A ordinary shares, par value US$0.00005 per share. See “Description of American Depositary Shares” in the accompanying prospectus.

#### Use of Proceeds
We estimate that the net proceeds we will receive from the this offering will be approximately US$ million (or US$ million if the underwriters exercise their option to purchase additional ADSs in full), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

We expect to use the net proceeds from the offering of Primary ADSs for general corporate purposes, working capital needs and the refinancing of our existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of our convertible bonds due 2029.

See “Use of Proceeds” for more information.

#### Listing
Our ADSs are listed on The Nasdaq Global Market under the symbol “GDS” and our Class A ordinary shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “9698.”

#### Lock-up
We and our directors, executive officers and certain principal shareholders have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of, directly or indirectly, our ordinary shares, ADSs or other securities convertible into or exercisable or exchangeable for our ADSs or ordinary shares for a period of 90 days following the date of this prospectus supplement. See “Underwriting” for more information.

#### Concurrent Delta Placement of Borrowed ADSs
Concurrently with this offering, we are offering an aggregate of ADSs pursuant to a separate prospectus supplement, which we refer to as the “Delta Placement of Borrowed ADSs.” We will loan such ADSs to J.P. Morgan Securities plc (the “ADS Borrower”) pursuant to an ADS lending agreement, which we refer to as the “ADS Lending Agreement,” for sale by an affiliate of the ADS Borrower, J.P. Morgan Securities LLC (the “Borrowed ADS Underwriter”).The Borrowed ADSs will initially be offered at US$ per ADS. We will not receive any proceeds from the sale of the Borrowed ADSs The ADS Borrower and its affiliates will receive all the proceeds from the sale of the Borrowed ADSs. We will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS,