Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 34

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 34
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 our operations and the value of our ADSs. For more details, see “Item 3. Key Information — D. Risk Factors — Risks Related to Doing Business in the People’s Republic of China — The complex and changing regulatory environment in mainland China as well as changes in policies, laws, rules and regulations in the PRC could adversely affect us” in our 2024 Annual Report.

**Permissions Required from the PRC Authorities for Our Operations and this Offering**

We conduct our business primarily through our subsidiaries, the consolidated VIEs and their subsidiaries in mainland China. Our operations in mainland China are governed by PRC laws and regulations. As of the date of this prospectus supplement, our mainland China subsidiaries, the consolidated VIEs and their subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our subsidiaries, the consolidated VIEs and their subsidiaries in mainland China, including, among others, the VATS licenses, fixed-asset investment project filings and energy conservation review opinions. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for our business in the future.

We completed the pre-issuance registration with the NDRC in connection with the convertible notes offering and obtained a certificate evidencing such registration on April 7, 2025. After the issuance of the notes, we shall file or cause to be filed the requisite information on the convertible notes offering with the NDRC within the time period as required by the NDRC pursuant to the NDRC Foreign Debt Measures and any implementation rules or applicable policies as issued by the NDRC from time to time. In addition, as advised by our PRC legal counsel, King & Wood Mallesons, according to the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies issued by the CSRC on February 17, 2023, we are required to submit a filing with the CSRC within three business days after completion of the convertible notes offering. We cannot assure you that we will be able to complete the filing procedures as required in a timely manner. For details of the associated risks, see “Risk Factors — Risks Relating to Doing Business in the People’s Republic of China — The approval of, or filing with the CSRC or other PRC government authorities may be required in connection with acquisitions conducted by foreign investors or future offshore offerings under PRC law, and, if