Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 115

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 115
---
 is controlled by or is under common control with the undersigned or as part of a disposition, transfer or distribution by the undersigned to its general and limited partners, investors or equity holders.

#### Other Relationships
The Borrowed ADS Underwriter, the ADS Borrower and certain of their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

The Borrowed ADS Underwriter is an underwriter in the offering of Primary ADSs. An affiliated of the ADS Borrower and is an initial purchaser of the convertible senior notes concurrently offered under Rule 144A. In addition, the ADS Borrower, an affiliate of J.P. Morgan Securities LLC, i.e, the Borrowed ADS Underwriter, has entered into the ADS Lending Agreement with us. See above under “Description of the Delta Placement of Borrowed ADSs and Concurrent Offering of Convertible Senior Notes.”

The Borrowed ADS Underwriter, the ADS Borrower and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities.

In addition, in the ordinary course of their various business activities, the Borrowed ADS Underwriter, the ADS Borrower and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. The Borrowed ADS Underwriter, the ADS Borrower and certain of their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to customers that they acquire, long and/or short positions in such securities and instruments.

#### Expenses
The expenses of this offering and the concurrent offering of our convertible senior notes that are payable by us are estimated to be US$ million (excluding the initial purchaser’s discounts and commissions payable in connection with the concurrent offering of convertible senior notes). We have also agreed to reimburse the ADS Borrower and the Borrowed ADS Underwriter for certain of their expenses in an amount up to US$ .

#### Concurrent Notes Offering
The