Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 15

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 15
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 Securities Act” are to the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder;

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“US$” or “U.S. dollars” are to the legal currency of the United States;

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“utilization rate” are to the ratio of area utilized to area in service;

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“variable interest entities,” “VIE” or “VIEs” are to the variable interest entities that are 100% owned by PRC citizens or by PRC entities owned by PRC citizens, where applicable, that hold the VATS licenses, or other business operation licenses or approvals, in which foreign investment is restricted or prohibited, and are consolidated into our consolidated financial statements in accordance with U.S. GAAP as if they were our wholly-owned subsidiaries;

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“VAT” are to value-added tax; all amounts are exclusive of VAT in this prospectus supplement except where indicated otherwise;

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“VATS” are to value-added telecommunications services;

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“VIE structure” or “Contractual Arrangements with Affiliated Consolidated Entities” or “contractual arrangements with the consolidated VIEs” are to the variable interest entity structure; and

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“WFOE(s)” are to wholly foreign owned enterprise(s) incorporated in the PRC which is/are directly or indirectly wholly owned by our company.

Unless specifically indicated otherwise or unless the context otherwise requires, all references to our ordinary shares exclude Class A ordinary shares (i) underlying the ADSs issuable upon conversion of the convertible

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senior notes that may be offered in the Concurrent Notes Offering, (ii) issuable upon conversion of our outstanding convertible senior notes, (iii) issuable upon conversion of our convertible preferred shares, (iii) underlying the ADSs that may be issued in the Delta Placement of Borrowed ADSs and (iv) underlying the ADSs offered hereby.

We are not making an offer to sell the securities in any jurisdiction where the offer or sale is not permitted.

Substantially all of our operations are conducted in China and substantially all of our net revenue is denominated in Renminbi. Unless otherwise stated in this prospectus supplement, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this prospectus supplement were made at a rate of RMB7.2567 to US$1.00, the exchange rates set forth in the H