Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 2

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 2
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, 2025 was US$28.50 per ADS.

TABLE OF CONTENTS

The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell the securities and we are not soliciting offers to buy the securities in any jurisdiction where the offer or sale is not permitted.

Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes. Our convertible senior notes are being concurrently offered in a separate offering in reliance on Rule 144A under the Securities Act of 1933, as amended, or the “Securities Act”, to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act).

Concurrently with this offering and the Concurrent Notes Offering, we are also offering 5,200,000 ADSs pursuant to a separate prospectus supplement and the accompanying prospectus (the “Concurrent Primary ADS Offering”). We refer to these ADSs as the “Primary ADSs.” The last reported sale price of our ADSs on the Nasdaq Global Market on May 23, 2025 was US$28.50 per ADS. We will receive all of the net proceeds from the offering of the Primary ADSs. This prospectus supplement is not an offer in respect of the Primary ADSs, which will be made under a separate prospectus supplement filed with the SEC pursuant to Rule 424(b) of the Securities Act and the base prospectus.

The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is not consummated, the Concurrent Primary ADSs Offering will terminate, the ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to us.

We expect that delivery of the Borrowed ADSs will be made through the facilities of The Depositary Trust Company on , 2025 (such settlement being referred to as “T+2”). Under Rule 15c6-1 under the