Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 147

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 147
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 pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our subsidiaries. Under PRC laws and regulations, our subsidiaries and the VIEs and their subsidiaries incorporated in mainland China are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of mainland China is also subject to examination by the banks designated by the State Administration of Foreign Exchange of the PRC. In addition, under PRC laws, GDS Holdings Limited may provide funding to our mainland China subsidiaries only through capital contributions or intercompany loans, and to our VIEs and their subsidiaries only through intercompany loans, subject to satisfaction of applicable government registration and approval requirements. For a detailed description of how cash is transferred through our organization, see “Item 3. Key Information — Cash Flows through our Organization” in our 2024 Form 20-F.

This prospectus may not be used to offer or sell any securities unless accompanied by a prospectus supplement.

Neither the United States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

<div align='center'>The date of this prospectus is May 27, 2025.</div>

TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                            | ​ | ​ | Page |   |    |   | ​ |
| ABOUT THIS PROSPECTUS                        | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| FORWARD-LOOKING STATEMENTS                   | ​ | ​ | ​    | ​ |  3 | ​ | ​ |
| OUR COMPANY                                  | ​ | ​ | ​    | ​ |  4 | ​ | ​ |
| CORPORATE INFORMATION                        | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| RISK FACTORS                                 | ​ | ​ | ​    | ​ |  7 | ​ | ​ |
| USE OF PROCEEDS                              | ​ | ​ | ​    | ​ |  8 | ​ | ​ |
| DESCRIPTION OF SHARE CAPITAL                 | ​ | ​ | ​    | ​ |  9 | ​ | ​ |
| DESCRIPTION OF AMERICAN DEPOSITARY SHARES    | ​ | ​ | ​    | ​ | 19 | ​ | ​ |
| ENFORCEABILITY OF CIVIL