Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 29

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 29
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 the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we may be subject to severe penalties or be forced to relinquish our interests in the operations of the consolidated VIEs and their subsidiaries;

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Our contractual arrangements with the consolidated VIEs may result in adverse tax consequences to us; and

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We rely on contractual arrangements with the consolidated VIEs and their shareholders for our China operations, which may not be as effective as direct ownership in providing operational control and otherwise have a material adverse effect as to our business.

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

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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; and

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We face various legal and operational risks and uncertainties as a company based in and primarily operating in China.

**Risks Related to Our ADSs and Class A Ordinary Shares**

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The trading prices of our ADSs and ordinary shares may be volatile, which could result in substantial losses to you;

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If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for our ADSs and/or ordinary shares and trading volume could decline;

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Techniques employed by short sellers may drive down the market price of our ADSs and/or ordinary shares;

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Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ADSs and/or ordinary shares for return on your investment; and

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The different characteristics of the capital markets in Hong Kong and the U.S. may negatively affect the trading prices of our ADSs and/or ordinary shares.

### Risks Relating to Our Business and Industry
**A slowdown in the demand for data center capacity or managed services could have a material adverse effect on us.**

Adverse developments in the data center market, in the industries in which our customers operate, or in demand for cloud and artificial intelligence technologies could lead to a decrease in the demand for data center capacity or managed services, which could have a material adverse effect on us. We face risks including:

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a decline in the technology industry, such as a decrease in the use of mobile or web-based commerce, business layoffs or downsizing, relocation of businesses, increased costs of complying with existing or new government regulations and other factors;

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