Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 89

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 89
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 current or any future taxable year.

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### USE OF PROCEEDS
We will not receive any proceeds from the sale of the Borrowed ADSs in this offering, 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 Class A ordinary shares underlying the Borrowed ADSs.

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CAPITALIZATION The following table sets forth our capitalization as of March 31, 2025: • on an actual basis; and • on an as adjusted basis to give effect to both (i) our issuance and sale of 41,600,000 Class A ordinary shares in the form of 5,200,000 Primary ADSs at the public offering price of US$24.50 per Primary ADS and the receipt of the estimated net proceeds of US$123.0 million by us in the Concurrent Primary ADS Offering (assuming no exercise by the underwriters of their option to purchase additional Primary ADSs), and (ii) our offer and sale of US$500 million aggregate principal amount of convertible senior notes and the receipt of the estimated net proceeds of US$486.1 million by us in the Concurrent Notes Offering (assuming no exercise by the initial purchasers of their option to purchase additional convertible senior notes), and in each case after deducting such discounts and commissions of the underwriters or initial purchasers, as applicable, and other estimated offering expenses payable by us. You should read this table together with our consolidated financial statements and the related notes thereto included and “Item 5. Operating and Financial Review and Prospects” in our 2024 Annual Report, our unaudited condensed consolidated financial statements and the related notes included in Exhibit 99.1 to the May 27 Form 6-K, and the information under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Exhibit 99.2 to the May 27 Form 6-K, all of which are incorporated by reference herein.

| ​                                                                                                                                                                                                                                                                                                                                                     | ​ | ​ | As of March 31, 2025                          |   |            |   |   |   |     |   |           |   |   |   |                |   |            |   |   |   |     |   |           |   | ​ |
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