Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 148

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 148
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DC entered into an investor rights assignment agreement with STT Garnet and us, in connection with an internal portfolio rationalization by STT GDC, to transfer all of its beneficial interest in the Company to STT Garnet.

In 2016, we completed our initial public offering on NASDAQ under the symbol “ GDS.”

In 2020, we completed our secondary listing on the Hong Kong Stock Exchange under the stock code of “9698.”

In May 2022, we established DigitalLand Holdings Limited, now known as DayOne, as the holding company for GDS’s international data center assets and operations with headquarters in Singapore and its own dedicated management. In order to optimize performance, DayOne has transitioned to become independent of GDS and now operates on a standalone basis.

In March 2024 and May 2024, respectively, our then consolidated subsidiary, DayOne, that acted as the holding company for GDS’s international data center assets and operations, entered into definitive agreements for certain institutional private equity investors to subscribe for a total of US$672 million of Series A convertible preferred shares newly issued by DayOne. In October 2024 and December 2024, respectively, DayOne entered into definitive agreements for certain institutional private equity investors to subscribe for a total of US$1.2 billion of Series B convertible preferred shares newly issued by DayOne. In order to optimize performance by enabling DayOne to become independent of GDS, we decided not to participate in DayOne’s Series A and Series B equity financings. As a result, DayOne was able to establish a strong and diversified shareholder base consisting of leading global investors. Following the closings of DayOne’s Series A and Series B equity financings, as of December 31, 2024, GDS’s equity interest in DayOne was diluted to 35.6%, and we no longer consolidate DayOne for accounting purposes and apply the equity method of accounting to account for our investment in DayOne instead. The operations outside China conducted by DayOne are accounted for as discontinued operations. For details, see “ Discontinued Operations and Basis of Presentation.”

Table of Contents

In March 2025, we entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of our data centers, at an implied enterprise value (“ EV”) to EBITDA multiple of around 13 times. In a first-of-a-kind transaction, we sold a 100% equity interest in certain data center project companies to