Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 117

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 117
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 “Borrowed ADS Underwriter”), as an underwriter in the offering of Primary ADSs.

The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is not consummated, the Concurrent Primary ADSs Offering will terminate, the ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to us. See “Summary — Concurrent Notes Offering and Concurrent Primary ADS Offering” for a further description of the Concurrent Notes Offering and Concurrent Primary ADS Offering.

#### Conflicts of Interest
All of the proceeds of the offering of the Borrowed ADSs will be paid to the Borrowed ADS Underwriter or affiliates thereof. As a result, the Borrowed ADS Underwriter, or affiliates thereof, will each receive 5% or more of the net proceeds of this offering. Thus, the Borrowed ADS Underwriter has a “conflict of interest” as defined in FINRA Rule 5121. Accordingly, this offering will be made in compliance with the requirements of FINRA Rule 5121. The appointment of a “qualified independent underwriter” is not required in connection with this offering as a “bona fide public market” as defined in FINRA Rule 5121, exists for the ADSs. In accordance with FINRA Rule 5121, no Borrowed ADS Underwriter will make sales to any account over which it exercises discretionary authority without the specific written approval of the transaction from the account holder.

#### Stabilization, Short Positions and Penalty Bids
The Borrowed ADS Underwriter will not engage in any stabilizing transactions in connection with the Delta Placement of the Borrowed ADSs.

However, in connection with the Concurrent Primary ADSs Offering, the underwriters for that offering may engage in stabilizing transactions, which may involve making bids for, purchasing and selling ADSs in the open market for the purpose of preventing or retarding a decline in the market price of the ADSs while this offering is in progress. These stabilizing transactions may include making short sales of ADSs