Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 50

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 50
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 separate offering memorandum in reliance on the exemptions from registration provided by Rule 144A under the Securities Act. Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes.

We estimate that the net proceeds to us from the Concurrent Notes Offering, if it is consummated, will be approximately US$486.1 million (or approximately US$534.9 million if the initial purchasers in the Concurrent Notes Offering exercise their option to purchase additional convertible senior notes in full), after deducting the initial purchasers’ discounts and commissions and our estimated offering expenses. On May 27, 2025, we announced the pricing of the Concurrent Notes Offering. We expect to use the net proceeds of the Concurrent Notes Offering for working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of our convertible bonds due 2029.

See “Summary — Concurrent Notes Offering and Concurrent Primary ADS Offering” for a further description of the Concurrent Notes Offering.

#### Concurrent Primary ADS Offering
Concurrently with this offering and the Concurrent Notes Offering, we are also offering 5,200,000 (or 5,980,000 ADSs if the underwriters in the Concurrent Primary ADS Offering exercise their option to purchase additional ADSs in full) ADSs pursuant to a separate prospectus supplement and the accompanying prospectus in the Concurrent Primary ADS Offering. We will receive all of the net proceeds from the offering of the Primary ADSs. This prospectus supplement is not an offer in respect of the Primary ADSs which will be made under a separate prospectus supplement filed with the SEC pursuant to Rule 424(b) of the Securities Act and the base prospectus. We estimate that the net proceeds to us from the Concurrent Primary ADS Offering, if it is consummated, will be approximately US$123.0 million (or approximately US$141.6 million if the underwriters of the Concurrent Primary ADS Offering exercise their option to purchase additional ADSs in full), after deducting the initial purchasers’ discounts and commissions and our estimated offering expenses. We expect to use the net proceeds of the Concurrent Primary ADS Offering for general corporate purposes, working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.

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**TABLE OF CONTENTS

Inter-conditionality of Delta Placement of