Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 7

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 7
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 and to our VIEs and their subsidiaries only through intercompany loans, subject to satisfaction of applicable government registration and approval requirements. For a detailed description of how cash is transferred through our organization, see “Item 3. Key Information — Cash Flows through our Organization” in our 2024 Annual Report.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved the issuance of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

#### J.P. Morgan
<div align='center'>Prospectus supplement dated , 2025</div>

TABLE OF CONTENTS

TABLE OF CONTENTS PROSPECTUS SUPPLEMENT

| ​                                                                                                      | ​ | ​ | Page |   |       |   | ​ |
| ABOUT THIS PROSPECTUS SUPPLEMENT                                                                       | ​ | ​ | ​    | ​ | S-iii | ​ | ​ |
| INCORPORATION OF DOCUMENTS BY REFERENCE                                                                | ​ | ​ | ​    | ​ | S-ix  | ​ | ​ |
| FORWARD-LOOKING STATEMENTS                                                                             | ​ | ​ | ​    | ​ | S-x   | ​ | ​ |
| SUMMARY                                                                                                | ​ | ​ | ​    | ​ | S-1   | ​ | ​ |
| SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA                                                      | ​ | ​ | ​    | ​ | S-12  | ​ | ​ |
| THE OFFERING                                                                                           | ​ | ​ | ​    | ​ | S-17  | ​ | ​ |
| RISK FACTORS                                                                                           | ​ | ​ | ​    | ​ | S-21  | ​ | ​ |
| USE OF PROCEEDS                                                                                        | ​ | ​ | ​    | ​ | S-40  | ​ | ​ |
| CAPITALIZATION                                                                                         | ​ | ​ | ​    | ​ | S-41  | ​ | ​ |
| DIVIDEND POLICY                                                                                        | ​ | ​ | ​    | ​ | S-42  | ​ | ​ |
| [DESCRIPTION OF THE DELTA PLACEMENT OF BORROWED ADSs AND CONCURRENT OFFERING CONVERTIBLE SENIOR NOTES] | ​ | ​ | ​    | ​ | S-43  | ​ | ​ |
| DESCRIPTION OF SHARE CAPITAL                                                                           | ​ | ​ | ​    | ​ | S-46  | ​ | ​ |
| UNDERWRIT