Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 3

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 3
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 the diagram below are governed by contractual arrangements and do not constitute equity ownership. Our significant equity investee, DayOne, is not depicted in this chart as we no longer consolidate its results of operations with ours, but account for it as an equity investee.

Table of Contents

  (1)      EDC Holding Limited has 61 direct and indirect subsidiaries incorporated in Hong Kong and 19 direct and indirect subsidiaries incorporated in the British Virgin Islands, Macau, the Cayman Islan...  

  (2)      GDS Investment Company directly and indirectly holds equity interests of 62 subsidiaries in mainland China.  

  (3)      Management HoldCo is held as to 20% by five management personnel designated by our board of directors namely, Yilin Chen (former senior vice president, Southeast Asia business), whose equity in...  

  (4)      Jiangsu Wan Guo Xing Tu Data Services Co., Ltd. or Jiangsu Wan Guo Xing Tu, effectively controls a project company, Nantong Wanguo Yunzhen Data Science & Technology Co., Ltd. or Nantong Yunzhen...  

  (5)  

Table of Contents

Our consolidated mainland China subsidiaries, the consolidated VIEs and their shareholders have entered into a series of contractual arrangements, including equity interest pledge agreements, shareholder voting rights proxy agreements, exclusive technology license and service agreements, intellectual property rights license agreements, exclusive call option agreements and loan agreements. The terms in each set of contractual arrangements with the consolidated VIEs and their shareholders are substantially similar. For more details of these contractual arrangements, see “ Item 4. Information on the Company - C. Organizational Structure - Contractual Arrangements with Affiliated Consolidated Entities.” We rely on these contractual arrangements to control the business operations of the consolidated VIEs. As a result of these contractual arrangements, we are the primary beneficiary of Management HoldCo, GDS Shanghai, GDS Beijing and their respective subsidiaries, and, therefore, have consolidated their financial results in our consolidated financial statements in accordance with U. S. GAAP.

However, these contractual arrangements may not be as effective as direct ownership in providing us with control over the consolidated VIEs and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal remedies under PRC law. See “ Item 3. Key Information - D. Risk Factors - Risks Related to Our Corporate Structure - We rely on contractual arrangements with the consolidated VIEs and their shareholders