Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 166

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 166
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 the major PRC telecommunications carriers. We understand our customers may request us to provide services to them through the major PRC telecommunications carriers for commercial reasons. When a PRC telecommunications carrier acts as an intermediate contracting party, we bill them and collect cash payment from them. We have long-standing relationships with all the major PRC telecommunications carriers who are both intermediate contracting parties for the sale of our services to our customers, as well as partners providing network services to our customers and, to a significantly lesser extent, end users of our services.

As of December 31, 2024, we served 926 customers, including hyperscale cloud service providers and large internet companies, a diverse community of PRC and foreign financial institutions as well as telecommunications carriers and IT service providers and large domestic private sector and multinational corporations, many of which are leaders in their respective industry verticals. We host the largest PRC and global public cloud platforms operating in mainland China, some of which are present in multiple GDS data centers.

Table of Contents

Our cloud service provider, large internet, financial institution and enterprise customers accounted for 55.1%, 31.8% and 13.0% of our total area committed as of December 31, 2024, respectively. Our two largest customers accounted for 33.7% and 14.3%, respectively, of our total area committed as of December 31, 2024. No other customer accounted for 10% or more of our total area committed as of that date.

The following table presents the total area committed of our top five customers, all of which are cloud service providers or large internet companies, as of December 31, 2024:

                         Total area      Total area  
                         committed       committed   
  End User Customer      (sqm) (1)       (%)         
  Customer 1             212,570         33.7        
  Customer 2             90,364          14.3        
  Customer 3             53,217          8.4         
  Customer 4             47,308          7.5         
  Customer 5             24,629          3.9         

  (1)      Includes data center area for which we have entered into non-binding agreements or letters of intent, or have received other confirmations from, certain customers.  

We endeavor to establish strategic relationships with key customers, particularly hyperscale cloud service providers and large internet companies who have large data center capacity requirements and who can help