Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 95

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 95
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 Class A ordinary shares. However, under the ADS Lending Agreement and on the terms set forth therein, the ADS Borrower has agreed:

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to pay us an amount equal to any cash dividends or distributions (in liquidation or otherwise) that are paid on the Borrowed ADSs (net of any fees, costs or tax withholdings and deductions); and

•

to pay or deliver to us any other dividend or distribution on the Borrowed ADSs (other than a dividend or distribution of ADSs) (net of any fees, costs or tax withholdings and deductions), or, in certain circumstances, an amount equal to the value thereof (net of any fees, costs or tax withholdings and deductions) or, subject to the terms of the ADS Lending Agreement, the increased number of the Borrowed ADSs reflecting the economic impact of such distribution..

The existence of the ADS Loan and the sale of the Borrowed ADSs under this prospectus supplement and the accompanying prospectus could have the effect of causing the market price of our ADSs and Class A ordinary shares to be lower over the term of the ADS Lending Agreement than it would have been had we not entered into the ADS Lending Agreement. In addition, any purchases of ADSs and/or Class A ordinary shares in connection with the termination of any portion of the ADS Lending Agreement or otherwise may have the effect of increasing, or preventing a decline in, the market price of our ADSs and Class A ordinary shares during or following the loan unwind period. See “Risk Factors — Risks Relating to This Offering — The effect of the borrowing of our ADSs pursuant to the ADS Lending Agreement and the issuance of our ADSs

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in this offering may adversely affect the market price of our ADSs.” We are also subject to counterparty risk in the event of a default by the ADS Borrower in respect of its obligations under the ADS Lending Agreement. If the ADS Borrower becomes subject to insolvency proceedings, this may negatively affect our ability to recover any Borrowed ADSs from the ADS Borrower. See “Risk Factors — Risks Relating to This Offering — We are subject to counterparty risk with respect to the ADS Lending Agreement.”

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### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company with limited liability and our affairs are governed by our Memorandum and Articles of Association