Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 49

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 49
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 or an aggregate of US$ for the lending of Borrowed ADSs.

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TABLE OF CONTENTS

This prospectus supplement does not constitute an offer of Borrowed ADSs, which will be made under a sperate prospectus supplement filed with the SEC pursuant to Rule 424(b) of the Securities Act and the base prospectus.

#### Concurrent Notes Offering
Concurrently with this offering of the ADSs, we are offering US$450,000,000 aggregate principal amount of convertible senior notes, plus up to US$50,000,000 aggregate principal amount of our convertible senior notes if the initial purchasers of the Concurrent Notes Offering exercise their option to purchase additional convertible senior notes in full, pursuant to a separate offering memorandum in reliance on the exemptions from registration provided by Rule 144A under the Securities Act.

The completion of the offering hereunder is contingent upon the completion of both the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering, and the completion of each of the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering is contingent upon the completion of each other and the offering hereunder. If the offering hereunder is not consummated, the Concurrent Notes 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.

See “Underwriting — The Delta Placement of Borrowed ADSs; Concurrent Notes Offerings” for a description of the Concurrent Notes Offering.

This prospectus supplement does not constitute an offer of convertible senior notes or Borrowed ADSs, which will be made pursuant to Rule 144A of the Securities Act to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act).

#### Risk factors
An investment in our ADSs involves risks. You should carefully consider the information set forth in the sections of this prospectus supplement and the accompanying prospectus titled “Risk Factors,” as well as other information included in or incorporated by reference into this prospectus supplement and the accompanying prospectus before deciding whether to invest in the ADSs.

#### Payment and settlement
The underwriters expect to deliver the ADSs against payment therefor through the facilities of the Depository Trust Company on or about , 2025.

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