Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 7

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 7
---
 prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense. PRICE US$ PER ADS

| ​                                         | ​ | ​ | Per ADS | ​ | ​ | Total | ​ |
| Public offering price                     | ​ | ​ | US$     | ​ | ​ | US$   | ​ |
| Underwriting discounts and commissions(1) | ​ | ​ | US$     | ​ | ​ | US$   | ​ |
| Proceeds to us (before expenses)          | ​ | ​ | US$     | ​ | ​ | US$   | ​ |

(1) We have agreed to reimburse the underwriters for certain expenses in connection with this offering. See “Underwriting.” We have granted the underwriters the option, exercisable in whole or from time to time in part, to purchase 780,000 additional ADSs, representing an aggregate total public offering price of approximately US$ million from us at the public offering price, less underwriting discounts and commissions, within 30 days of the date of this prospectus supplement. The underwriters expect to deliver the ADSs against payment in New York, New York on or about , 2025. Joint Book-Running Managers J.P. Morgan BofA Securities Morgan Stanley UBS Investment Bank Prospectus supplement dated , 2025

TABLE OF CONTENTS

TABLE OF CONTENTS PROSPECTUS SUPPLEMENT

| ​                                                 | ​ | ​ | Page |   |        |   | ​ |
| ABOUT THIS PROSPECTUS SUPPLEMENT                  | ​ | ​ | ​    | ​ | S-ii   | ​ | ​ |
| INCORPORATION OF DOCUMENTS BY REFERENCE           | ​ | ​ | ​    | ​ | S-viii | ​ | ​ |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | ​ | ​ | ​    | ​ | S-ix   | ​ | ​ |
| PROSPECTUS SUPPLEMENT SUMMARY                     | ​ | ​ | ​    | ​ | S-1    | ​ | ​ |
| SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA | ​ | ​ | ​    | ​ | S-11   | ​ | ​ |
| THE OFFERING                                      | ​ | ​ | ​    | ​ | S-16   | ​ | ​ |
| RISK FACTORS                                      | ​ | ​ | ​    | ​ | S-18   | ​ | ​ |
| USE OF PROCEEDS                                   |