Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 49

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 49
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 on market-standard terms for such type of transactions. During the term of such transactions, such investors may use their synthetic short positions established thereunder at their sole discretion. The number of Borrowed ADSs to be sold hereunder will depend on what portion of investors in the Concurrent Notes Offering desire to hedge their investments through the derivative transactions with the ADS Borrower or its affiliates, will be determined at the time of pricing of the Delta Placement of Borrowed ADSs, and is expected to be no greater than commercially reasonable initial short positions of such convertible arbitrage investors. We do not expect to lend any additional ADSs to the ADS Borrower or any other party to facilitate any short positions that may be desired by any initial or subsequent investors in the convertible senior notes after this offering, and will not lend any additional ADSs following any exercise by the initial purchasers in the concurrent convertible notes offering described below of their option to purchase additional convertible senior notes. There can be no assurance that the ADS Borrower will continue to facilitate any privately negotiated derivative transactions by which any convertible arbitrage investors in our convertible senior notes may be hedging their exposure to the market risk of our ADSs and/or Class A ordinary shares during the term of such convertible senior notes. There is no intent that the Delta Placement of Borrowed ADSs will create any inventory of our ADSs and/or Class A ordinary shares with the ADS Borrower or its affiliates that could be made available for borrowing to any investor in our convertible senior notes during the term thereof

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 this offering, 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.

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TABLE OF CONTENTS

#### Concurrent Notes Offering
Concurrently with the Delta Placement of Borrowed ADSs, we are offering US$500,000,000 aggregate principal amount of convertible senior notes, plus up to US$50,000,000 aggregate principal amount of our 2.25% convertible senior notes if the initial purchasers of the Concurrent Notes Offering exercise their option to purchase additional convertible senior notes in full, pursuant to a