Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 27

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 27
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 before making an investment in our Class A ordinary shares. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled “Risk Factors” in Exhibit 99.3 to the May 27 Form 6-K, the section titled “Risk Factors” in this prospectus supplement and in our 2024 Annual Report as well as other documents incorporated by reference into this prospectus supplement and the accompanying prospectus.

### Risks Relating to Our Business and Industry
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A slowdown in the demand for data center capacity or managed services could have a material adverse effect on us;

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Our business is increasingly exposed to risks arising from the rapid development and adoption of artificial intelligence technologies, including uncertainties in infrastructure demands, investment returns and regulatory environment, all of which could materially and adversely affect our business, financial condition and results of operations;

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Any inability to manage the growth of our operations could disrupt our business and reduce our profitability;

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If we are not successful in expanding our service offerings, we may not achieve our financial goals and our results of operations may be adversely affected;

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Our business requires us to make significant capital expenditures and resource commitments prior to recognizing revenue for those services;

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The data center business is capital-intensive, and we expect our capacity to generate capital in the short term will be insufficient to meet our anticipated capital requirements;

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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.

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Our net revenue is highly dependent on a limited number of customers, and the loss of, or any significant decrease in business from, any one or more of our major customers or from any major contract with any customer could adversely affect our financial condition and results of operations;

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Our customer agreement commitments are subject to reduction, potential cancellation and non-renewal upon expiry; if renewed, the renewal may be at lower pricing terms or for a lower commitment of utilization;

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We face significant risks associated with our minority equity investment in DayOne, our former consolidated subsidiary and current equity investee company, including lack of control, limited visibility and exposure to complex international markets, any of which could materially and adversely affect our financial results and the value of our investment; and

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We may be unable to maintain current pricing levels for our data center services in China, and a continued or accelerated decline in market prices could materially and adversely affect