Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 50

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 50
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 and the accompanying prospectus in the Concurrent Primary ADS Offering. We will receive all of the net proceeds from the offering of the Primary ADSs. This prospectus supplement is not an offer in respect of the Primary ADSs which will be made under a separate prospectus supplement filed with the SEC pursuant to Rule 424(b) of the Securities Act and the base prospectus. We estimate that the net proceeds to us from the Concurrent Primary ADS Offering, if it is consummated, will be approximately US$ million (or approximately US$ million if the underwriters in the Concurrent Primary ADS Offering if the underwriters of the Concurrent Primary ADS Offering exercise their option to purchase additional ADSs in full), after deducting the initial purchasers’ discounts and commissions and our estimated offering expenses. We expect to use the net proceeds of the Concurrent Primary ADS Offering for working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.

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**TABLE OF CONTENTS

Inter-conditionality of Delta Placement of Borrowed ADSs, Concurrent Notes Offering and Concurrent Primary ADS Offering**

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.

**Ordinary shares outstanding immediately after the Delta Placement of Borrowed ADSs and Concurrent Primary ADSs**

#### Offering
ordinary shares, comprising (i) Class A ordinary shares (including Class A ordinary shares represented by the Borrowed ADSs) and (ii) 43,590,336 Class B ordinary shares. Excluding the Class A ordinary shares to be issued pursuant to the ADS Loan under the ADS Lending Agreement, our total ordinary shares outstanding will be .

We are providing information about the total outstanding shares excluding the Borrowed ADSs to be issued in