Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 60

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 60
---
4 per each Borrowed ADS. We are in the process of determining the accounting treatment for this transaction and have not reflected the impacts of this transaction in the capitalization table above.

S-24

TABLE OF CONTENTS

(2)

Actual and as adjusted does not include (i) 70,923,856 Class A ordinary shares issued and held by JPMorgan Chase Bank, N.A., as depositary, which are reserved for future delivery upon exercise or vesting of share awards granted under our share incentive plan, and (ii) the underwriters’ option to purchase an additional 780,000 ADSs each representing eight Class A ordinary shares in this offering.

(3)

Total capitalization equals the sum of non-current debt, redeemable preference shares, total shareholders’ equity and non-controlling interests.

<div align='center'>S-25</div>

TABLE OF CONTENTS

DILUTION If you invest in our ADSs, your interest will be diluted to the extent of the difference between the public offering price per ADS and our as adjusted net tangible book value per ADS after this offering. Dilution results from the fact that the public offering price per Class A ordinary share is substantially in excess of the net tangible book value per ordinary share attributable to the existing shareholders for our presently outstanding ordinary shares. Our net tangible book value as of March 31, 2025 was approximately RMB18,350.4 million (US$2,528.7 million), or RMB12.3633 (US$1.7037) per ordinary share as of that date, and RMB98.9066 (US$13.6297) per ADS. Net tangible book value represents the amount of our total assets, less the amount of our intangible assets, net, goodwill and total liabilities. Dilution is determined by subtracting as adjusted net tangible book value per ordinary share, after giving effect to the issuance and sale by us of shares in the form of ADSs in this offering at the public offering price of US$24.5000 per ADS, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us from the public offering price per Class A ordinary share. Without taking into account any other changes in net tangible book value after March 31, 2025, other than to give effect to the issuance and sale by us of Class A ordinary shares in the form of ADSs in this offering at the public offering price of US$24.5000 per ADS, and