Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
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Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
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TABLE OF CONTENTS

#### Filed Pursuant to Rule 424(b)(5)​

#### Registration No. 333-287594​

#### Prospectus Supplement
(To Prospectus dated May 27, 2025)

#### GDS Holdings Limited

#### 6,000,000 American Depositary Shares
We are offering 6,000,000 American depositary shares (“ADSs”) (each representing as of the date hereof) eight Class A ordinary shares of GDS Holdings Limited, par value US$0.00005 per share), which we refer to as the “Delta Placement of Borrowed ADSs”. We will loan such ADSs to J.P. Morgan Securities plc (the “ADS Borrower”) pursuant to an ADS lending agreement, which we refer to as the “ADS Lending Agreement,” for sale by an affiliate of the ADS Borrower, J.P. Morgan Securities LLC (the “Borrowed ADS Underwriter”), pursuant to this prospectus supplement. In this prospectus supplement, we also refer to the ADSs borrowed under the ADS Lending Agreement as the “Borrowed ADSs” and to the ADS loan transaction pursuant to the ADS Lending Agreement as the “ADS Loan.” We believe that under United States generally accepted accounting principles, or U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. We will not receive any proceeds from the sale of the Borrowed ADSs in this offering, but we will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS. The ADS Borrower or its affiliates will receive all the proceeds from the sale of the Borrowed ADSs.

The ADS Borrower or its affiliates will use the short positions resulting from the Delta Placement of the Borrowed ADSs to facilitate privately negotiated derivative transactions, by which certain investors in our 2.25% convertible senior notes due 2032 (the “convertible senior notes” and the “Concurrent Notes Offering”, respectively) 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 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.

The number of Borrowed ADSs to be sold hereunder will depend on what portion of investors in the Concurrent Notes