Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 112

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 112
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 and the Borrowed ADS Underwriter against some specified types of liabilities, including liabilities under the Securities Act, and to contribute to payments the initial purchaser of the convertible senior notes or the ADS Borrower and the Borrowed ADS Underwriter may be required to make in respect of any of these liabilities. The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is not consummated, the Concurrent Primary ADSs Offering will terminate, the ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to us. We expect that delivery of the Borrowed ADSs will be made against payment therefor on , 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 , 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

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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.

#### Lock-Up Agreements
Except for (i) the Borrowed ADSs to be sold in this offering, the sale of convertible senior notes under the Notes Purchase Agreement in the Concurrent Offering, the ADSs to be sold in the Concurrent Primary ADS Offering, the ADSs or Class A ordinary shares to be issued upon conversion thereof and the Class A ordinary shares represented thereby, (ii) any Class A ordinary shares or ADSs, or any securities convertible into or exercisable or exchangeable for Class A ordinary shares or ADSs (the “Lock-Up Shares”) issued in connection with the share-based