Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 37

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 37
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 United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, New York 10168, U.S.A.

**Concurrent Notes Offering and Delta Placement of Borrowed ADSs**

Concurrently with this offering, in a separate offering, we are offering US$450,000,000 aggregate principal amount of convertible senior notes, plus up to US$50,000,000 aggregate principal amount of our convertible senior notes if the initial purchasers in the convertible senior notes offering exercise its option to purchase additional convertible senior notes, in reliance on the exemption from registration provided by Rule 144A under the Securities Act. Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes.

Additionally, we are offering Borrowed ADSs in Delta Placement of Borrowed ADSs. We will loan such ADSs to the ADS Borrower pursuant to the ADS Lending Agreement for sale by the Borrowed ADS Underwriter pursuant to a separate prospectus supplement. We believe that under United States generally accepted accounting principles, or U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. We will not receive any proceeds from the sale of the Borrowed ADSs in the Delta Placement of Borrowed ADSs, but we will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS. The ADS Borrower or its affiliates will receive all the proceeds from the sale of the Borrowed ADSs.

The completion of the offering hereunder is contingent upon the completion of both the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering, and the completion of each of the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering is contingent upon the completion of each other and the offering hereunder. If the offering hereunder is not consummated, the Concurrent Notes 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.

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TABLE OF CONTENTS

SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA You should read the following information in conjunction with our consolidated financial statements and