Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 84

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 84
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 been had we not entered into the ADS Lending Agreement.

Adjustments by convertible senior note investors of their hedging positions in our ADSs and the expectation thereof may have a negative effect on the market price of our ADSs.

Selling the Borrowed ADSs in this offering will allow the Borrowed ADS Underwriter or its affiliates to facilitate privately negotiated derivative transactions, by which certain investors in our convertible senior notes, who employ a convertible arbitrage strategy, will hedge their market risk with respect to the convertible senior notes. The number of Borrowed ADSs offered hereby may be more or less than the number of ADSs that will be needed in such hedging transactions at any point in time. Neither we nor the ADS Borrower will control any transactions that investors in our convertible senior notes may enter into at any time referencing any of our securities, including purchases and sales of our Class A ordinary shares or equivalent derivative transactions. Any buying or selling of our ADSs or entering into equivalent derivative transactions by investors in the convertible senior notes to adjust their hedging positions or otherwise in the future may affect the market price of our ADSs.

We may not have the ability to raise the funds necessary to (i) repurchase the convertible senior notes and other convertible senior notes on specified dates, (ii) repurchase the convertible senior notes offered in the Concurrent Notes Offering and/or the existing convertible senior notes upon the occurrence of a fundamental change, or the notes offered in the Concurrent Notes Offering and/or the existing convertible senior notes upon a redemption, or (iii) settle conversions of the notes offered in the Concurrent Notes Offering in cash (if cash settlement or combination settlement applies) or to repay the principal of the convertible senior notes offered in the Concurrent Notes Offering and the existing convertible senior notes at maturity, and our future debt may contain limitations on our ability to pay cash upon conversion or upon required repurchase or redemption of the convertible senior notes.

Holders of the convertible senior notes will have the right to require us to repurchase their convertible senior notes on June 1, 2029, or if a fundamental change occurs, for cash, all or a portion of their convertible senior notes. We may not have sufficient funds to pay the interest or repurchase price. If we fail to pay interest on the

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convertible senior notes or repurchase the convertible senior notes, we will be in default under the indenture governing the convertible senior notes, which in turn may constitute a default under existing