Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 53

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 53
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 of ADSs.

Pursuant to the ADS Lending Agreement, the ADS Borrower has re-delivery obligations in respect of any Borrowed ADSs subject to the Loan Transaction, as well as for cash and non-cash distributions in respect of the notional number of the then-outstanding Borrowed ADSs (whether or not such ADS Borrower holds such ADSs). Such re-delivery may be in the form of ADSs that the ADS Borrower may need to procure by purchasing in the open market.

As a result, the existence of the ADS Lending Agreement, such hedging transactions, and any related market activity could cause the market price of the ADSs to be lower over the term of the ADS Lending Agreement than it would have otherwise been had we not entered into the ADS Lending Agreement.

Substantial future sales or perceived potential sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market could cause the price of our Class A ordinary shares and/or ADSs to decline significantly.

Sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market, or the perception that these sales could occur, could cause the trading price of our Class A ordinary shares and/or ADSs to decline significantly. Upon completion of this offering and the Delta Placement of Borrowed

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TABLE OF CONTENTS

ADSs, we will have ordinary shares issued and outstanding, including Class A ordinary shares, and 43,590,336 Class B ordinary shares. All ADSs sold in this offering will be freely transferable by persons other than our “affiliates” without restriction or additional registration under the Securities Act. Some ordinary shares and/or ADSs outstanding after this offering and held by certain of our officers, directors and principal shareholders will be available for sale, upon the expiration of the lock-up periods (if applicable to such holder), subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. Any or all of these ordinary shares or ADSs may be released prior to the expiration of the applicable lock-up period at the discretion of the ADS Underwriter or initial purchaser, as applicable. See “Underwriting.” Our other outstanding ordinary shares and/or ADSs not subject to lock-up may be available for sale immediately after the date of this prospectus supplement. To the extent a substantial amount of such securities are sold into the market, the market price of our ADSs