Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 129

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 129
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 ordinary shares from our Cayman share register to our Hong Kong share register. It is unclear whether, as a matter of Hong Kong law, the trading or conversion of ADSs constitutes a sale or purchase of the underlying Hong Kong-registered ordinary shares that is subject to Hong Kong stamp duty. We advise investors to consult their own tax advisors on this matter. See “Item 3. Key Information — D. Risk Factors — Risks Related to Our ADSs and Class A Ordinary Shares — There is uncertainty as to whether Hong Kong stamp duty will apply to the trading or conversion of our ADSs.” in our 2024 Annual Report.

#### U.S. Federal Income Tax Considerations
The following discussion is a summary of certain U.S. federal income tax considerations relating to the ownership and disposition of our ADSs and Class A ordinary shares. This discussion applies only to U.S. holders (as defined below) that acquire our ADSs pursuant to this offering and hold our ADSs or Class A ordinary shares (as applicable) as capital assets for U.S. federal income tax purposes (generally, property held for investment).

As used herein, the term “U.S. holder” means a beneficial owner of our ADSs or Class A ordinary shares that is, for U.S. federal income tax purposes, any of the following:

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an individual who is a citizen or resident of the United States;

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a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

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an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

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a trust if it (1) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

This discussion is based upon provisions of the United States Internal Revenue Code of 1986, as amended (the “Code”), U.S. Treasury regulations thereunder, rulings and administrative pronouncements of the Internal Revenue Service (the “IRS”), judicial decisions and the income tax treaty between the United States and the PRC (the “Treaty”), all as currently in effect as of the date hereof. Those authorities may be changed or subject to different interpretation, perhaps retroactively, so