Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 116

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 116
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 ADS Borrower or its affiliates will use the short positions resulting from the Delta Placement of the Borrowed ADSs to facilitate privately negotiated derivative transactions, by which certain investors in

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TABLE OF CONTENTS

our % convertible senior notes due 2032 (the “convertible senior notes” and the “Concurrent Notes Offering”, respectively) described below, who employ a convertible arbitrage strategy, will hedge their market risk with respect to the convertible senior notes. These derivative transactions are expected to be on market-standard terms for such type of transactions. During the term of such transactions, such investors may use their synthetic short positions established thereunder at their sole discretion.

J.P. Morgan Securities LLC, an affiliate of the ADS Borrower, is acting as the underwriter in the Delta Placement of Borrowed ADSs (the “Borrowed ADS Underwriter”), as an underwriter in the offering of Primary ADSs.

The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is not consummated, the Concurrent Primary ADSs Offering will terminate, the ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to us.

#### Conflicts of Interest
All of the proceeds of the offering of the Borrowed ADSs will be paid to the Borrowed ADS Underwriter or affiliates thereof. As a result, the Borrowed ADS Underwriter, or affiliates thereof, will each receive 5% or more of the net proceeds of this offering. Thus, the Borrowed ADS Underwriter has a “conflict of interest” as defined in FINRA Rule 5121. Accordingly, this offering will be made in compliance with the requirements of FINRA Rule 5121. The appointment of a “qualified independent underwriter” is not required in connection with this offering as a “bona fide public market” as defined in FINRA Rule 5121, exists for the ADSs. In accordance with FINRA Rule 5121, no Borrow