Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 26

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 26
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 in service of 95.5%, 92.5%,91.9% and 90.9% as of December 31, 2022, 2023, 2024 and March 31, 2025, respectively. We had utilization rates for our area in service of 71.8%, 73.9%,73.8% and 75.7% as of December 31, 2022, 2023, 2024 and March 31, 2025, respectively. The difference between commitment rate and utilization rate is primarily attributable to customers who have not yet fully utilized all the revenue-generating services for which they have committed. Until the end of the move-in period, the area committed is not fully categorized as area utilized.

Due to the typical time lag for move-in, the continual expansion of our data center capacity, and the high proportion of anchor customers with largescale commitments, we expect that our utilization rate will continue to lag behind our commitment rate. For data centers that have been in operation for a longer period of time, the commitment rate and utilization rate will tend to converge, as customers have fully moved in.

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TABLE OF CONTENTS

#### Summary of Risk Factors
Investing in our Class A ordinary shares involves significant risks. You should carefully consider all of the information in this prospectus supplement before making an investment in our Class A ordinary shares. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled “Risk Factors” in Exhibit 99.3 to the May 27 Form 6-K, in the section titled “Risk Factors” in this prospectus supplement and in our 2024 Annual Report as well as other documents incorporated by reference into this prospectus supplement and the accompanying prospectus.

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

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Our business is increasingly exposed to risks arising from the rapid development and adoption of artificial intelligence technologies, including uncertainties in infrastructure demands, investment returns and regulatory environment, all of which could materially and adversely affect our business, financial condition and results of operations;

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Any inability to manage the growth of our operations could disrupt our business and reduce our profitability;

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If we are not successful in expanding our service offerings, we may not achieve our financial goals and our results of operations may