Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 52

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 52
---
; Lending fee
We will not receive any proceeds from the sale of the Borrowed ADSs in this offering by the Borrowed ADS Underwriter, but we will receive from the ADS Borrower a nominal lending fee of US$0.0004 per Borrowed ADS, which will be applied to fully pay up the par value of the Class A ordinary shares underlying the Borrowed ADSs.

<div align='center'>S-20</div>

TABLE OF CONTENTS

#### Listing
Our ADSs are listed on The Nasdaq Global Market under the symbol “GDS” and our Class A ordinary shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “9698.”

#### Lock-up
We and our officers, directors and certain principal shareholders have agreed not to sell or otherwise dispose of our ordinary shares, ADSs or certain other securities until the expiration of the Restricted Periods described under “Underwriting (Conflicts of Interest).”

#### Risk factors
An investment in our ADSs involves risks. You should carefully consider the information set forth in the sections of this prospectus supplement and the accompanying prospectus titled “Risk Factors,” as well as other information included in or incorporated by reference into this prospectus supplement and the accompanying prospectus before deciding whether to invest in the ADSs.

#### Delayed Settlement
We expect that delivery of the Borrowed ADSs will be made against payment therefor on May 30, 2025 (such settlement being referred to as “T+2”). Under Rule 15c6-1 under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the ADSs more than one business day prior to May 30, 2025 will be required, by virtue of the fact that the Borrowed ADSs settle on T+2 to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Borrowed ADSs who wish to trade the Borrowed ADSs during such period should consult their advisor.

#### Conflicts of interest
All of the proceeds of the offering of the Borrowed ADSs will be paid to the Borrowed ADS Underwriter or affiliates thereof. As a result, the Borrowed ADS Underwriter, or affiliates thereof, will each receive 5% or more of the net proceeds of this offering.