Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 60

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 60
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 and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2025 would have been RMB million (US$ million), or RMB (US$ ) per outstanding ordinary share and RMB (US$ ) per ADS. This represents an immediate increase in net tangible book value of US$ per ordinary share and US$ per ADS to the existing shareholders and an immediate dilution in net tangible book value of US$ per ordinary share and US$ per ADS to investors purchasing ADSs in this offering. The following table illustrates such dilution:

| ​                                                                        
 Actual net tangible book value as of March 31, 2025                      | ​ 
 ​ | ​ 
 ​ | PerOrdinaryShare 
 US$              | ​ 
 ​ | ​ 
 ​ | Per ADS 
 US$     | ​ 
 ​ |
|:-------------------------------------------------------------------------|:--|:--|:-----------------|:--|:--|:--------|:--|
| As adjusted net tangible book value after giving effect to this offering | ​ | ​ | ​                | ​ | ​ | ​       | ​ |
| Assumed public offering price                                            | ​ | ​ | ​                | ​ | ​ | ​       | ​ |
| Dilution in net tangible book value to new investors in the offering     | ​ | ​ | ​                | ​ | ​ | ​       | ​ |

The amount of dilution in net tangible book value to new investors in this offering set forth above is determined after giving effect to this offering from the public offering price per ordinary share. The following table summarizes, on an as adjusted basis as of March 31, 2025, the differences between existing shareholders and the new investors purchasing shares in this offering with respect to the number of ordinary shares (in the form of ADSs or shares) purchased from us, the total consideration paid and the average price per ordinary share and per ADS paid before deducting the estimated underwriting discounts and commissions and estimated offering expenses. The total number of ordinary shares does not include ordinary shares underlying the ADSs issuable upon the exercise of the option to purchase additional ADSs granted to the underwriters.

| ​                     | ​ | ​ | Ordinary Shares Total |   |   |         | ​ | ​ | Total Consideration |   |   |         | ​ | ​ | US$AveragePrice perOrdinaryShareEquivalent | ​ | ​ | Average Priceper ADSEquivalent |