Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 49

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 49
---
 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 6,000,000 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$24.50 per ADS. On May 27, 2025, we announced the pricing of the Delta Placement of Borrowed ADSs at a public offering price of $24.50 (the same price as the public offering price in this offering). 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

<div align='center'>S-17</div>

TABLE OF CONTENTS

Borrowed ADS, or an aggregate of US$2,400 for the lending of 6,000,000 Borrowed ADSs.

This prospectus supplement does not constitute an offer of Borrowed ADSs, which will be made under a separate prospectus supplement filed with the SEC pursuant to