Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 35

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 35
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 assets, provide outsourcing and other services to the VIEs. Once the VIEs and their subsidiaries receive service fees from the customers, they can settle the corresponding outsourcing and service

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fees to our subsidiaries accordingly. For more details, see “Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources” in our 2024 Annual Report.

Under PRC laws and regulations, our subsidiaries and the VIEs and their subsidiaries incorporated in mainland China are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by SAFE. As of March 31, 2025, the restricted net assets were RMB25,274.9 million (US$3,483.0 million), including those of the VIEs and their subsidiaries of RMB320.7 million (US$44.2 million) and our subsidiaries of RMB24,954.2 million (US$3,438.8 million), which mainly consisted of paid-in registered capital. For risks relating to the fund flows of our operations in mainland China, see “Item 3. Key Information — Risk Factors — Risks Related to Our Corporate Structure — We rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries to fund offshore cash and financing requirements” in our 2024 Annual Report.

Under PRC laws, GDS Holdings Limited may provide funding to our mainland China subsidiaries only through capital contributions or intercompany loans, and to our VIEs and their subsidiaries only through intercompany loans, subject to satisfaction of applicable government registration and approval requirements.

In the years ended December 31, 2022, 2023, 2024 and the three months ended March 31, 2025, GDS Holdings Limited made capital contribution or provided intercompany loans to the non-VIE subsidiaries of RMB6,312.5 million, RMB1,285.3 million, RMB1,448.4 million (US$199.6 million), and RMB108.3 million (US$14.9 million), respectively. In the year ended December 31, 2024, GDS Holdings Limited received repayments from non-VIE subsidiaries of RMB1,656.4 million (US$228.