Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 48

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 48
---
 | ​                  | ​ | 375,598 | ​ | ​ | ​ | ​                 | ​ | 380,978 | ​ | ​ | ​ | ​                      | ​ | 393,225 | ​ | ​ | ​ | ​                     | ​ | 405,302 | ​ | ​ | ​ | ​                  | ​ | 403,609 | ​ | ​ | ​ | ​                 | ​ | 419,976 | ​ | ​ | ​ | ​                      | ​ | 438,654 | ​ | ​ | ​ | ​                     | ​ | 453,094 | ​ | ​ | ​ | ​                  | ​ | 462,423 | ​ | ​ |
| Utilization rate        | ​ | ​ | ​                  | ​ |   72.6% | ​ | ​ | ​ | ​                 | ​ |   72.1% | ​ | ​ | ​ | ​                      | ​ |   72.7% | ​ | ​ | ​ | ​                     | ​ |   73.9% | ​ | ​ | ​ | ​                  | ​ |   73.5% | ​ | ​ | ​ | ​                 | ​ |   72.4% | ​ | ​ | ​ | ​                      | ​ |   73.6% | ​ | ​ | ​ | ​                     | ​ |   73.8% | ​ | ​ | ​ | ​                  | ​ |   75.7% | ​ | ​ |

S-17

TABLE OF CONTENTS

### THE OFFERING

#### Issuer
GDS Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands.

#### Initial Offering price
US$24.50 per ADS, which is the same price as the price to the public per ADS in the Concurrent Primary ADSs Offering (as described below)

**Securities offered; Delta Placement of Borrowed ADSs**

An affiliate of the ADS Borrower (the “Borrowed ADS Underwriter”) is selling short 6,000,000 Borrowed ADSs (representing 48,000,000 Class A ordinary shares) to facilitate privately negotiated derivative transactions, by which certain investors in our 2.25% convertible senior notes due 2032 (“convertible senior notes”) in the Concurrent Notes Offering described below, who employ a convertible arbitrage strategy, will hedge their market risk with respect to the convertible senior notes. These derivative transactions are expected to be