Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 51

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 51
---
 this offering as such Borrowed ADSs (i) will be contractually subject to return to us by the ADS Borrower (subject in all regards to the terms of the ADS Lending Agreement, including as to replacement delivery) and cancelled upon termination of the ADS Lending Agreement after the date on which the entire principal amount of the convertible senior notes cease to be outstanding, or earlier in certain circumstances; and (ii) the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS.

We believe that under U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. The Class A ordinary shares underlying the Borrowed ADSs that we will issue to the ADS Borrower will be issued and outstanding as fully paid shares for company law purposes, including voting rights and dividend rights.

#### Depositary
JPMorgan Chase Bank, N.A.

#### Use of Proceeds; Lending fee
We will not receive any proceeds from the sale of the Borrowed ADSs in this offering by the Borrowed ADS Underwriter, but we will receive from the ADS Borrower a nominal lending fee of US$0.0004 per Borrowed ADS, which will be applied to fully pay up the par value of the Class A ordinary shares underlying the Borrowed ADSs.

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TABLE OF CONTENTS

#### Listing
Our ADSs are listed on The Nasdaq Global Market under the symbol “GDS” and our Class A ordinary shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “9698.”

#### Lock-up
We and our officers, directors and certain principal shareholders have agreed not to sell or otherwise dispose of our ordinary shares, ADSs or certain other securities until the expiration of the Restricted Periods described under “Underwriting (Conflicts of Interest).”

#### Risk factors
An investment in our ADSs involves risks. You should carefully consider the information set forth in the sections of this prospectus supplement and the accompanying prospectus titled “Risk Factors,” as well as other information included in or incorporated by reference into this prospectus supplement and the accompanying prospectus before deciding whether to invest in the ADSs.

#### Delayed Settlement
We expect that delivery of the Borrowed ADSs will be made against payment therefor on , 2025 (such settlement being referred to as “T+2”). Under Rule 15c6-1 under