Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 131

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 131
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 or Class A ordinary shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;

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a trader in securities that has elected the mark-to-market method of accounting for your securities;

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a person liable for any alternative minimum tax;

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a person who owns or is deemed to own 10% or more of our stock (by vote or value);

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a person required to accelerate the recognition of any item of gross income with respect to our ADSs or Class A ordinary shares as a result of such income being recognized on an applicable financial statement;

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a partnership or other pass-through entity for U.S. federal income tax purposes; or

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a person whose “functional currency” is not the U.S. dollar.

**If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our ADSs or Class A ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner of a partnership holding our ADSs or Class A ordinary shares, you should consult your tax advisors regarding the tax considerations applicable to you.

This discussion does not contain a detailed description of all the U.S. federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income, U.S. federal estate and gift taxes, or the effects of any state, local or non-U.S. tax laws. It is not intended to be, and should not be construed to be, legal or tax advice to any particular investor in our ADSs or Class A ordinary shares. If you are considering the acquisition of our ADSs, you should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you in light of your particular situation as well as any consequences arising under other U.S. federal tax laws, the laws of any other taxing jurisdiction, and any applicable tax treaties.**

#### ADSs
If you hold ADSs, for U.S. federal income tax purposes, you generally will be treated as the owner of the underlying Class A ordinary shares that are represented by such ADSs. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs will not be subject to U.S. federal income tax.

#### Taxation of Dividends
Subject to the discussion under “— Passive Foreign Investment Company Considerations” below, the gross amount of any distributions (other than certain pro rata distributions of our shares) on the ADSs