Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 30

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 30
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<div align='center'>S-6</div>

TABLE OF CONTENTS

#### Risks Relating to This Offering
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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.

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Changes in the accounting guidelines relating to the Borrowed ADS could decrease our earnings per ADS and potentially the price of our ADS.

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The effect of the borrowing of our ADSs pursuant to the ADS Lending Agreement and the issuance of our ADSs in this offering may adversely affect the market price of our ADSs.

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Adjustments by convertible senior note investors of their hedging positions in our ADSs and the expectation thereof may have a negative effect on the market price of our ADSs.

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Conversion of the convertible senior notes being offered concurrently may dilute the ownership interest of existing shareholders and holders of ADSs.

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Provisions of the convertible senior notes being offered concurrently could also discourage an acquisition of us by a third party.

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We are subject to counterparty risk with respect to the ADS Lending Agreement.

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We may become a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. investors.

**Our Corporate Structure and Contractual Arrangements with the Consolidated Affiliated Entities**

GDS Holdings Limited is not an operating company in mainland China, but instead is a holding company incorporated as a Cayman Islands exempted company. PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in telecommunications-related businesses, including the provision of VATS. Our internet data center businesses are classified as VATS by the PRC government. Accordingly, we operate substantially all of these business operations in mainland China through the consolidated VIEs and their subsidiaries, as well as through our subsidiaries, and rely on contractual arrangements, described below, to control the business operations of the consolidated VIEs. GDS Holdings Limited has no equity ownership in the consolidated VIEs. Revenues contributed by the VIEs and their subsidiaries accounted for 96.7%, 97.0%, 96.1% and 98.0% of our total revenues for the years of 2022, 2023, 2024 and the three months ended March 31, 2025, respectively. As used in this prospectus supplement, “we,” “us,” “our company,” “the