Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 68

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 68
---
s to be sold hereunder will depend on what portion of investors in the Concurrent Notes Offering desire to hedge their investments, and is expected to be no greater than commercially reasonable initial short positions of such investors. We do not expect to offer additional ADSs to facilitate any increased short positions desired by such investors in the convertible senior notes after this offering, and will not offer additional ADSs as a result of any exercise by the initial purchasers in the Concurrent Notes Offering of their option to purchase additional convertible senior notes.

In addition, concurrently with this offering, we are offering US$450,000,000 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 purchaser in the convertible senior notes offering exercise its option to purchase additional convertible senior notes, in reliance on the exemption from registration provided by Rule 144A.

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.

This prospectus supplement does not constitute an offer of convertible senior notes or the Delta Placement of Borrowed ADSs.

For details, see “Underwriting — The Delta Placement of Borrowed ADSs; Concurrent Notes Offerings.”

#### Relationships
Certain of the underwriters and their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may continue to receive customary fees and commissions. Certain underwriters in this offering are acting as underwriter(s) in the Delta Placement of Borrowed ADSs and initial purchasers in the Concurrent Notes Offering, and certain affiliate of an underwriter in this offering has entered into an ADS Lending Agreement with us and will serve as the ADS Borrower in the Delta Placement of Borrowed ADSs. If any underwriter