Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 117

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 117
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ed ADS Underwriter will make sales to any account over which it exercises discretionary authority without the specific written approval of the transaction from the account holder.

#### Stabilization, Short Positions and Penalty Bids
The Borrowed ADS Underwriter will not engage in any stabilizing transactions in connection with the Delta Placement of the Borrowed ADSs.

However, in connection with the Concurrent Primary ADSs Offering, the underwriters for that offering may engage in stabilizing transactions, which may involve making bids for, purchasing and selling ADSs in the open market for the purpose of preventing or retarding a decline in the market price of the ADSs while this offering is in progress. These stabilizing transactions may include making short sales of ADSs, which involves the sale by such underwriters of a greater number of ADSs than they are required to purchase in the Concurrent Primary ADSs Offering, and purchasing ADSs on the open market to cover positions created by short sales. Short sales may be “covered” shorts, which are short positions in an amount not greater than the underwriters’ option to purchase additional ADSs referred to above, or may be “naked” shorts, which are short positions in excess of that amount. The underwriters of the Concurrent Primary ADSs Offering may close out any covered short position either by exercising their option to purchase additional ADSs in the Concurrent Primary ADSs Offering, in whole or in part, or by purchasing ADSs in the open market. In making this determination, the underwriters of the Concurrent Primary ADSs Offering will consider, among other things, the price of ADSs available for purchase in the open market compared to the price at which the underwriters may purchase ADSs through the option to purchase additional ADSs. A naked short position is more likely to be created if the underwriters of the Concurrent Primary ADSs Offering are concerned that there may be downward pressure on the price of the ADSs in the open market that could adversely affect investors who purchase in this offering. To the extent that the underwriters of the Concurrent Primary Offering create a naked short position, they will purchase ADSs in the open market to cover the position.

The underwriters of the Concurrent Primary ADSs Offering may also engage in other activities that stabilize, maintain or otherwise affect the price of the ADSs, including the imposition of penalty bids. This means that if the representatives of the underwriters of the Concurrent Primary ADSs Offering purchase ADSs in the

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open market