Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 3

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 3
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 Securities Exchange Act of 1934 (the “Exchange Act”), as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the ADSs more than one business day prior to , 2025 will be required, by virtue of the fact that the Borrowed ADSs settle on T+2 to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Borrowed ADSs who wish to trade the Borrowed ADSs during such period should consult their advisors.

Investing in the ADSs involves risk. See “Risk Factors” beginning on page S-21of this prospectus supplement for a discussion of certain risks that you should consider in connection with an investment in the ADSs.

GDS Holdings Limited is not an operating company in mainland China, but instead is a holding company incorporated as a Cayman Islands exempted company. PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in telecommunications-related businesses, including the provision of value-added telecommunications services, or VATS. Our internet data center businesses are classified as VATS by the PRC government. Accordingly, we operate substantially all of these business operations in mainland China through the consolidated variable interest entities, or VIEs, and their subsidiaries, as well as through our subsidiaries, and rely on contractual arrangements to control the business operations of the consolidated VIEs. GDS Holdings Limited has no equity ownership in the consolidated VIEs. As used in this prospectus supplement, “GDS,” “our company,” “the Company,” “we,” “our” or “us” refers to GDS Holdings Limited, an exempted company incorporated in the Cayman Islands with limited liability on December 1, 2006 and, where the context requires, its consolidated subsidiaries and the consolidated affiliated entities, including the VIEs and their subsidiaries, from time to time. Investors in the ADSs are not purchasing an equity interest in the consolidated VIEs and their subsidiaries in mainland China, but instead are purchasing an equity interest in a holding company incorporated as a Cayman Islands exempted company and its subsidiaries (excluding the VIEs and their subsidiaries).

Our corporate structure is subject to risks associated with our contractual arrangements with the consolidated VIEs. These contractual arrangements may not be as effective as direct ownership in providing us with control over the consolidated VIEs and we may have to