Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 51

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 51
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 prospectus titled “Risk Factors,” as well as other information included in or incorporated by reference into this prospectus supplement and the accompanying prospectus before deciding whether to invest in the ADSs.

#### Payment and settlement
The underwriters expect to deliver the ADSs against payment therefor through the facilities of the Depository Trust Company on or about May 30, 2025.

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TABLE OF CONTENTS

### RISK FACTORS
Any investment in the ADSs involves a high degree of risk. You should consider carefully the risks described below, in our 2024 Annual Report and all of the other information set forth in or incorporated by reference into this prospectus supplement and in the accompanying prospectus before deciding whether to purchase the ADSs. The following factors, individually and in the aggregate, could cause our business, results of operations and financial condition to suffer or materially differ from expected and historical results. As a result, the trading price of the ADSs may decline, and you may lose part or all of your investment.

#### Risks Related to This Offering
Our substantial level of indebtedness could adversely affect our ability to raise additional capital to fund our operations, expose us to interest rate risk to the extent of our variable rate debt and prevent us from meeting our obligations under our indebtedness.

We have substantial indebtedness. As of March 31, 2025, we had total consolidated indebtedness of RMB42,491.6 million (US$5,855.5 million), including borrowings, finance lease and other financing obligations and convertible bonds. Based on our current expansion plans, we expect to continue to finance our operations through the incurrence of debt. Our indebtedness could, among other consequences:

•

make it more difficult for us to satisfy our obligations under our indebtedness, exposing us to the risk of default, which, in turn, would negatively affect our ability to operate as a going concern;

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require us to dedicate a substantial portion of our cash flows from operations to interest and principal payments on our indebtedness, reducing the availability of our cash flows for other purposes, such as capital expenditures, acquisitions and working capital;

•

limit our flexibility in planning for, or reacting to, changes in our business and the industries in which we operate;

•

increase our vulnerability to general adverse economic and industry conditions;

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place us at a disadvantage compared to our competitors that have less debt;

•

expose us to fluctuations in the interest rate environment because the interest rates on borrowings