Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 118

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 118
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, which involves the sale by such underwriters of a greater number of ADSs than they are required to purchase in the Concurrent Primary ADSs Offering, and purchasing ADSs on the open market to cover positions created by short sales. Short sales may be “covered” shorts, which are short positions in an amount not greater than the underwriters’ option to purchase additional ADSs referred to above, or may be “naked” shorts, which are short positions in excess of that amount. The underwriters of the Concurrent Primary ADSs Offering may close out any covered short position either by exercising their option to purchase additional ADSs in the Concurrent Primary ADSs Offering, in whole or in part, or by purchasing ADSs in the open market. In making this determination, the underwriters of the Concurrent Primary ADSs Offering will consider, among other things, the price of ADSs available for purchase in the open market compared to the price at which the underwriters may purchase ADSs through the option to purchase additional ADSs. A naked short position is more likely to be created if the underwriters of the Concurrent Primary ADSs Offering are concerned that there may be downward pressure on the price of the ADSs in the open market that could adversely affect investors who purchase in this offering. To the extent that the underwriters of the Concurrent Primary Offering create a naked short position, they will purchase ADSs in the open market to cover the position.

The underwriters of the Concurrent Primary ADSs Offering may also engage in other activities that stabilize, maintain or otherwise affect the price of the ADSs, including the imposition of penalty bids. This means that

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if the representatives of the underwriters of the Concurrent Primary ADSs Offering purchase ADSs in the open market in stabilizing transactions or to cover short sales, the representatives can require the underwriters that sold those ADSs as part of the Concurrent Primary ADSs Offering to repay the underwriting discount received by them.

These activities may have the effect of raising or maintaining the market price of the ADSs or preventing or retarding a decline in the market price of the ADSs, and, as a result, the price of the ADSs may be higher than the price that otherwise might exist in the open market. These activities may be commenced and discontinued at any time. The underwriters of the Concurrent Primary ADSs Offering may carry out these transactions on the Nasdaq Global Market, in the over the counter market or otherwise.

#### Selling Restrictions