Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
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Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
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TABLE OF CONTENTS

**The information in this preliminary prospectus supplement is not complete and may be changed. Neither this preliminary prospectus supplement nor the accompanying prospectus is an offer to sell these securities, nor does it solicit offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

#### Filed Pursuant to Rule 424(b)(5)​

#### Registration No. 333-287594​

#### SUBJECT TO COMPLETION DATED MAY 27, 2025.

#### Prospectus Supplement
**(to Prospectus dated May 27, 2025)**

#### 5,200,000 American Depositary Shares

#### GDS Holdings Limited

#### Representing 41,600,000 Class A Ordinary Shares
We are offering 5,200,000 American depositary shares, or ADSs, in this offering, each ADS representing eight of our Class A ordinary shares, par value US$0.00005 per share. The last reported sales price of our ADSs on the Nasdaq Global Market, or Nasdaq, on May 23, 2025 was $28.50 per ADS. We will receive all of the net proceeds from this offering.

Concurrently with this offering, we are offering an aggregate of ADSs pursuant to a separate prospectus supplement, which we refer to as the “Delta Placement of Borrowed ADSs.” We will loan such ADSs to J.P. Morgan Securities plc (the “ADS Borrower”) pursuant to an ADS lending agreement, which we refer to as the “ADS Lending Agreement,” for sale by an affiliate of the ADS Borrower, J.P. Morgan Securities LLC (the “Borrowed ADS Underwriter”). In this prospectus supplement, we also refer to the ADSs borrowed under the ADS Lending Agreement as the “Borrowed ADSs” and to the ADS loan transaction pursuant to the ADS Lending Agreement as the “ADS Loan.” We believe that under United States generally accepted accounting principles, or U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. We will not receive any proceeds from the sale of the Borrowed ADSs, but we will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS. The ADS Borrower or its affiliates will receive all the proceeds from the sale of the Borrowed ADSs. The ADS Borrower or its affiliates will use