Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 111

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 111
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 ADS Underwriter”). We have entered into an underwriting agreement with the Borrowed ADS Underwriter and the ADS Borrower, with respect to this offering of the Borrowed ADSs by the ADS Borrower as listed below.

| Underwriter                | ​ | ​ | Number of BorrowedADSs offered | ​ |
| J.P. Morgan Securities LLC | ​ | ​ |                                | ​ |
| Total                      | ​ | ​ |                                | ​ |

The Borrowed ADSs will initially be offered at US$ per ADS, which we refer to as the Delta Placement of Borrowed ADSs. The Borrowed ADSs will be offered through the Borrowed ADS Underwriter, either directly or indirectly through its U.S. broker-dealer affiliates, or such other registered dealers as may be designated by the Borrowed ADS Underwriter, and these dealers may receive compensation in the form of discounts, concessions or commissions from the ADS Borrower (or its affiliate) and/or from purchasers of Borrowed ADSs for whom the dealers may act as agents or to whom they may sell as principals. Sale of any Borrowed ADSs made outside of the United States may be made by an affiliate of the underwriter. 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 convertible senior notes, 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. See “Description of the Delta Placement of Borrowed ADSs and Concurrent Offering of Convertible Senior Notes.” The ADS Borrower, or its affiliates, will receive all of the proceeds from the sale of the Borrowed ADSs. While we will not receive any proceeds from the sale of the Borrowed ADSs, under the ADS Lending Agreement, we will receive a nominal processing fee for the use of such Borrowed ADSs of US$0.0004 per ADS from the ADS Borrower or its affiliates. Our ADSs are listed on The Nasdaq Global Market under the symbol “GDS” and our Class A ordinary share are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “9698.” We have agreed to indemnify the initial purchaser of the convertible senior notes, and the ADS Borrower