Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 48

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 48
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                  | ​ | 403,609 | ​ | ​ | ​ | ​                 | ​ | 419,976 | ​ | ​ | ​ | ​                      | ​ | 438,654 | ​ | ​ | ​ | ​                     | ​ | 453,094 | ​ | ​ | ​ | ​                  | ​ | 462,423 | ​ | ​ |
| Utilization rate        | ​ | ​ | ​                  | ​ |   72.6% | ​ | ​ | ​ | ​                 | ​ |   72.1% | ​ | ​ | ​ | ​                      | ​ |   72.7% | ​ | ​ | ​ | ​                     | ​ |   73.9% | ​ | ​ | ​ | ​                  | ​ |   73.5% | ​ | ​ | ​ | ​                 | ​ |   72.4% | ​ | ​ | ​ | ​                      | ​ |   73.6% | ​ | ​ | ​ | ​                     | ​ |   73.8% | ​ | ​ | ​ | ​                  | ​ |   75.7% | ​ | ​ |

S-16

TABLE OF CONTENTS

### THE OFFERING

#### Issuer
GDS Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands.

#### Offering price
US$24.50 per ADS.

#### ADSs offered by us
5,200,000 ADSs (or 5,980,000 ADSs if the underwriters’ option to purchase additional ADSs is exercised in full). We will receive all of the net proceeds from this offering.

#### ADSs outstanding immediately after this offering
104,730,402 ADSs (or 105,510,402 ADSs if the underwriters’ 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$123.0 million (or US$141.6 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