Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 115

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 115
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 the registration of any ADSs or ordinary shares or any security convertible into or exercisable or exchangeable for ADSs or ordinary shares. The restrictions described in the immediately preceding paragraph do not apply to, among other items:

(a)

transactions relating to the Lock Up Shares acquired in open market transactions after the completion of the Public Offering, provided that no filing under Section 16(a) of the U.S. Exchange Act, shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Shares acquired in such open market transactions,

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(b)

for natural persons, transfers of Lock-Up Shares to a family member, or to a trust or entity beneficially owned or controlled by or formed for the benefit of the undersigned and/or a family member,

(c)

for institutions, transfers of Lock-Up Shares to an “affiliate,” as such term is defined in the Securities Act,

(d)

the exercise of any of the lock-up party’s rights to acquire ordinary shares upon the exercise or vesting, as the case may be, of equity awards that were granted under the our outstanding equity incentive plans,

(e)

Lock-Up Shares sold or tendered to us by the lock-up party or withheld by us for tax withholding purposes in connection with the exercise or vesting of equity awards that are subject to a taxable event upon exercise or vesting,

(f)

transfers of the Lock-Up Shares as a bona fide gift or gifts, or through will or intestacy, and

(g)

distributions of the Lock Up Shares to members or stockholders of the lockup party, and for partnerships or venture capital funds to another partnership or fund that controls, is controlled by or is under common control with the undersigned or as part of a disposition, transfer or distribution by the undersigned to its general and limited partners, investors or equity holders.

#### Other Relationships
The Borrowed ADS Underwriter, the ADS Borrower and certain of their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

The Borrowed ADS Underwriter is an underwriter in the offering of Primary ADSs. An affiliate of the ADS Borrower is an initial purchaser of the convertible senior notes concurrently offered under Rule 144A. In addition, the ADS Borrower, an affiliate of J.P. Morgan Securities LLC