Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 48

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 48
---
 ​ |   72.4% | ​ | ​ | ​ | ​                      | ​ |   73.6% | ​ | ​ | ​ | ​                     | ​ |   73.8% | ​ | ​ | ​ | ​                  | ​ |   75.7% | ​ | ​ |

S-16

TABLE OF CONTENTS

### THE OFFERING

#### Issuer
GDS Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands.

#### Initial Offering price
US$ per ADS, which is the same price as the price to the public per ADS in the Concurrent Primary ADSs Offering (as described below)

**Securities offered; Delta Placement of Borrowed ADSs**

An affiliate of the ADS Borrower (the “Borrowed ADS Underwriter”) is selling short Borrowed ADSs (representing Class A ordinary shares) to facilitate privately negotiated derivative transactions, by which certain investors in our % convertible senior notes due 2032 (“convertible senior notes”) in the Concurrent Notes Offering described below, who employ a convertible arbitrage strategy, will hedge their market risk with respect to the convertible senior notes. These derivative transactions are expected to be on market-standard terms for such type of transactions. During the term of such transactions, such investors may use their synthetic short positions established thereunder at their sole discretion. The number of Borrowed ADSs to be sold hereunder will depend on what portion of investors in the Concurrent Notes Offering desire to hedge their investments through the derivative transactions with the ADS Borrower or its affiliates, will be determined at the time of pricing of the Delta Placement of Borrowed ADSs, and is expected to be no greater than commercially reasonable initial short positions of such convertible arbitrage investors. We do not expect to lend any additional ADSs to the ADS Borrower or any other party to facilitate any short positions that may be desired by any initial or subsequent investors in the convertible senior notes after this offering, and will not lend any additional ADSs following any exercise by the initial purchasers in the concurrent convertible notes offering described below of their option to purchase additional convertible senior notes. There can be no assurance that the ADS Borrower will continue to facilitate any privately negotiated derivative transactions by which any convertible arbitrage investors in our convertible senior notes may be hedging their exposure to the market risk of our ADSs and/or Class A ordinary shares during the term of such convertible senior notes. There is no intent that the Delta Placement of Borrowed ADSs will create any