Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 62

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 62
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 |   |         | ​ | ​ | Total Consideration |   |   |         | ​ | ​ | US$AveragePrice perOrdinaryShareEquivalent | ​ | ​ | Average Priceper ADSEquivalent | ​ |
| ​                    | ​ | ​ | Number                | ​ | ​ | Percent | ​ | ​ | Amount              | ​ | ​ | Percent | ​ |   |                                            |   |   |                                |   |
| Existingshareholders | ​ | ​ | 1,484.3 million       | ​ | ​ | 97.3%   | ​ | ​ | US$ 4,330.7 million | ​ | ​ | 97.1%   | ​ | ​ | US$2.92                                    | ​ | ​ | US$23.34                       | ​ |
| New investors        | ​ | ​ | 41.6 million          | ​ | ​ | 2.7%    | ​ | ​ | US$ 127.4 million   | ​ | ​ | 2.9%    | ​ | ​ | US$3.06                                    | ​ | ​ | US$24.50                       | ​ |
| Total                | ​ | ​ | 1,525.9 million       | ​ | ​ | 100.0%  | ​ | ​ | US$ 4,458.1 million | ​ | ​ | 100.0%  | ​ | ​ | ​                                          | ​ | ​ | ​                              | ​ |

S-26

TABLE OF CONTENTS

If the underwriters were to fully exercise their option to purchase additional shares of our Class A ordinary shares from us, the percentage of shares of our ordinary shares held by existing shareholders would be 96.9%, and the percentage of shares of our common stock held by new investors would be 3.1%.

The as adjusted information discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual public offering price of our ADSs and other terms of this offering determined at pricing.

The discussion and tables above do not reflect (i) conversion of the convertible senior notes in the concurrent offering, (ii) Class A ordinary shares underlying ADSs in the Delta Placement of Borrowed ADSs, (iii) conversion of our existing convertible notes, (iv) conversion of our convertible preferred shares, and (v) 70,923,856 Class A ordinary shares issued and held by