Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 79

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 79
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 the Hong Kong Stock Exchange; or (iv) any other stock exchange acceptable to the lender. The breach of such covenant could result in a default with respect to the related indebtedness. If a default occurs, the relevant lenders could elect to declare the indebtedness, together with accrued interest and other fees, to be due and payable immediately. This, in turn, could cause our other debt, to become due and payable as a result of cross-default or acceleration provisions contained in the agreements governing such other debt. In the event that some or all of our debt is accelerated and becomes immediately due and payable, we may not have the funds to repay, or the ability to refinance, such debt.

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TABLE OF CONTENTS

#### Risks Relating to This Offering
Substantial future sales or perceived potential sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market could cause the price of our Class A ordinary shares and/or ADSs to decline significantly.

Sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market, or the perception that these sales could occur, could cause the trading price of our Class A ordinary shares and/or ADSs to decline significantly. Upon completion of this offering of the ADSs and the Concurrent Primary ADS Offering, we will have ordinary shares issued and outstanding, including Class A ordinary shares and 43,590,336 Class B ordinary shares. Excluding the Class A ordinary shares to be issued pursuant to the ADS Loan under the ADS Lending Agreement, our total ordinary shares outstanding will be . All ADSs sold in this offering will be freely transferable by persons other than our “affiliates” without restriction or additional registration under the Securities Act. Some ordinary shares and/or ADSs outstanding after this offering, the Concurrent Notes Offering and the Concurrent Primary ADSs Offering and held by certain of our officers, directors and principal shareholders will be available for sale, upon the expiration of the lock-up periods (if applicable to such holder), subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. Any or all of these ordinary shares or ADSs may be released prior to the expiration of the applicable lock-up period at the discretion of the Borrowed ADS Underwriter, the initial purchaser or the underwriters, as applicable for the respective offering. See “Underwriting (Conflicts of Interest).” Our other outstanding ordinary shares and/or ADSs