Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 116

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 116
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, i.e, the Borrowed ADS Underwriter, has entered into the ADS Lending Agreement with us. See above under “Description of the Delta Placement of Borrowed ADSs and Concurrent Offering of Convertible Senior Notes.”

The Borrowed ADS Underwriter, the ADS Borrower and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities.

In addition, in the ordinary course of their various business activities, the Borrowed ADS Underwriter, the ADS Borrower and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. The Borrowed ADS Underwriter, the ADS Borrower and certain of their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to customers that they acquire, long and/or short positions in such securities and instruments.

#### Expenses
The expenses of this offering and the concurrent offering of our convertible senior notes that are payable by us are estimated to be US$1.4 million (excluding the initial purchaser’s discounts and commissions payable in connection with the concurrent offering of convertible senior notes). We have also agreed to reimburse the ADS Borrower and the Borrowed ADS Underwriter for certain of their expenses in an amount not to exceed US$30,000.

**Concurrent Notes Offering and Concurrent Primary ADS Offering**

The ADS Borrower or its affiliates will use the short positions resulting from the Delta Placement of the Borrowed ADSs to facilitate privately negotiated derivative transactions, by which certain investors in

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our 2.25% convertible senior notes, who employ a convertible arbitrage strategy, will hedge their market risk with respect to the convertible senior notes. These derivative transactions are expected to be on market-standard terms for such type of transactions. During the term of such transactions, such investors may use their synthetic short positions established thereunder at their sole discretion.

J.P. Morgan Securities LLC, an affiliate of the ADS Borrower, is acting as the underwriter in the Delta Placement of Borrowed ADSs (the