Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 1

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 1
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 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.

Concurrently with the Delta Placement of Borrowed ADSs, we are offering 2.25% US$500,000,000 aggregate principal amount of convertible senior notes, plus up to US$50,000,000 aggregate principal amount of our convertible senior notes if the initial purchasers in the convertible senior notes offering exercise their option to purchase additional convertible senior notes, in reliance on the exemption from registration provided by Rule 144A under the U.S. Securities Act. The number of Borrowed ADSs to be sold will depend on what portion of investors in the convertible senior notes desire to hedge their investments, and is expected to be no greater than commercially reasonable initial short positions of such investors. Borrowed ADSs will initially be offered at US$ per ADS, and may subsequently be offered for sale in one or more transactions on the Nasdaq Global Market (“Nasdaq”), in the over the counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale or at negotiated prices. See “Summary — Concurrent Notes Offering and Delta Placement of Borrowed ADSs.”

The completion of the offering hereunder is contingent upon the completion of both the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering, and the completion of each of the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering is contingent upon the completion of each other and the offering hereunder. If the offering hereunder is not consummated, the Concurrent Notes 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.

Our ADSs are listed on the Nasdaq Global Market under the symbol “GDS” and our Class A ordinary share are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “9698.”

TABLE OF CONTENTS

Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes. Our convertible senior notes are being concurrently offered in a separate offering in