Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 80

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 80
---
 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 1,644,780,903 ordinary shares issued and outstanding, including 1,601,190,567 Class A ordinary shares and 43,590,336 Class B ordinary shares. Excluding the 48,000,000 Class A ordinary shares to be issued pursuant to the ADS Loan under the ADS Lending Agreement, our total ordinary shares outstanding will be 1,596,780,903. 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 not subject to lock-up may be available for sale immediately after the date of this prospectus supplement. To the extent a substantial amount of such securities are sold into the market, the market price of our ADSs could decline significantly.

Certain major holders of our ordinary shares have the right to cause us to register under the Securities Act the sale of their shares, subject to the applicable lock-up periods. Registration of these shares under the Securities Act would result in ADSs representing these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration. Sales of these registered shares in the form of ADSs in the public market could cause the price of our ADSs to decline significantly.

In addition, the convertible senior notes in the concurrent offering and our existing convertible notes may also encourage short selling by