# EDGAR Filing Document

**Accession Number:** 0000936828
**File Stem:** 0001140361-26-005861
**Filing Date:** 2026-2
**Character Count:** 16864
**Document Hash:** 0838dbe12cb2bbeebba27d6c4705c473
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-005861.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001140361-26-005861

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GDS Holdings Ltd
- **CENTRAL INDEX KEY:** 0001526125
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89829
- **FILM NUMBER:** 26644664

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** F4/F5, BUILDING C, SUNLAND INTERNATIONAL
- **STREET 2:** NO. 999 ZHOUHAI ROAD, PUDONG,
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 200137
- **BUSINESS PHONE:** 86-21-2029-2200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** F4/F5, BUILDING C, SUNLAND INTERNATIONAL
- **STREET 2:** NO. 999 ZHOUHAI ROAD, PUDONG,
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 200137

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GDS Services Ltd
- **DATE OF NAME CHANGE:** 20110719
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GIC Private Ltd
- **CENTRAL INDEX KEY:** 0000936828

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** U0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 168 ROBINSON ROAD
- **STREET 2:** #37-01 CAPITAL TOWER
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 068912
- **BUSINESS PHONE:** 065-6889-8888

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 168 ROBINSON ROAD
- **STREET 2:** #37-01 CAPITAL TOWER
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 068912

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOVERNMENT OF SINGAPORE INVESTMENT CORP PTE LTD
- **DATE OF NAME CHANGE:** 20130110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOVERNMENT OF SINGAPORE INVESTMENT CORP PTE LTD ET AL
- **DATE OF NAME CHANGE:** 19950614

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Issuer:** GDS Holdings Limited

**Title of Class of Securities:** Class A ordinary shares, par value $0.00005 per share

**CUSIP Number:** 36165L108

**Date of Event Which Requires Filing of this Statement:** 12/31/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>GIC Private Limited | Names of Reporting Persons<br>GIC Private Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>U0 | Citizenship or Place of Organization<br>U0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>47896992 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>150309484 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>47896992 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>150309484 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>198206476 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>198206476 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.28% | Percent of Class Represented by Amount in Row (9)<br>11.28% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** (1) These 47,896,992 Class A ordinary shares of GDS (the "Issuer") are represented by (i) 5,467,924 American Depositary Shares ("ADSs"), each ADS representing eight (8) Ordinary Shares; and (ii) 4,153,600 Ordinary Shares.
(2) These 150,309,484 Ordinary Shares of the Issuer are represented by (i) 51,200,000 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 0.25% Convertible Senior Notes due 2029 ("2029 Senior Notes"); (ii) 97,959,184 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 4.5% Convertible Senior Notes due 2030 ("2030 Senior Notes") and (ii) 1,150,300 Ordinary Shares.
(3) Based on 1,756,589,751 Ordinary Shares, which includes (i) 1,607,430,567 shares outstanding as of May 31, 2025, according to the Form 6-K filed by the Issuer with the SEC on June 4, 2025; (ii) 51,200,000 Ordinary Shares of post conversion 2029 Senior Notes; and (iii) 97,959,184 Ordinary Shares of post conversion 2030 Senior Notes.

There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 36165L108 has been assigned to the ADSs of the Issuer, each ADS representing eight (8) Ordinary Shares, which are quoted on the Nasdaq Global Market under the symbol "GDS".

---

| 1. | Names of Reporting Persons<br>GIC Special Investments Private Limited | Names of Reporting Persons<br>GIC Special Investments Private Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>U0 | Citizenship or Place of Organization<br>U0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>125159184 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>125159184 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>125159184 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>125159184 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.22% | Percent of Class Represented by Amount in Row (9)<br>7.22% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** (1) These 125,159,184 Ordinary Shares of the Issuer are represented by (i) 27,200,000 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 0.25% Convertible Senior Notes due 2029 ("2029 Senior Notes"); and (ii) 97,959,184 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 4.5% Convertible Senior Notes due 2030 ("2030 Senior Notes").
(2) Based on 1,732,589,751 Ordinary Shares, which includes (i) 1,607,430,567 shares outstanding as of May 31, 2025, according to the Form 6-K filed by the Issuer with the SEC on June 4, 2025; (ii) 27,200,000 Ordinary Shares of post conversion 2029 Senior Notes; and (iii) 97,959,184 Ordinary Shares of post conversion 2030 Senior Notes.

There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 36165L108 has been assigned to the ADSs of the Issuer, each ADS representing eight (8) Ordinary Shares, which are quoted on the Nasdaq Global Market under the symbol "GDS".

---

| 1. | Names of Reporting Persons<br>Ceningan Investment Pte. Ltd. | Names of Reporting Persons<br>Ceningan Investment Pte. Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>U0 | Citizenship or Place of Organization<br>U0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>125159184 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>125159184 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>125159184 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>125159184 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.22% | Percent of Class Represented by Amount in Row (9)<br>7.22% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** (1) These 125,159,184 Ordinary Shares of the Issuer are represented by (i) 27,200,000 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 0.25% Convertible Senior Notes due 2029 ("2029 Senior Notes"); and (ii) 97,959,184 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 4.5% Convertible Senior Notes due 2030 ("2030 Senior Notes").
(2) Based on 1,732,589,751 Ordinary Shares, which includes (i) 1,607,430,567 shares outstanding as of May 31, 2025, according to the Form 6-K filed by the Issuer with the SEC on June 4, 2025; (ii) 27,200,000 Ordinary Shares of post conversion 2029 Senior Notes; and (iii) 97,959,184 Ordinary Shares of post conversion 2030 Senior Notes.

There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 36165L108 has been assigned to the ADSs of the Issuer, each ADS representing eight (8) Ordinary Shares, which are quoted on the Nasdaq Global Market under the symbol "GDS".

---

**Item 1(a). Name of Issuer:**
GDS Holdings Limited

**Item 1(b). Address of Issuer's Principal Executive Offices:**
F4/F5, Building C, Sunland International No. 999 Zhouhai Road Pudong, Shanghai 200137 People's Republic of China

**Item 2(a). Name of Person Filing:**
GIC Private Limited
GIC Special Investments Private Limited
Ceningan Investment Pte. Ltd.

**Item 2(b). Address of Principal Business Office:**
168 Robinson Road
#37-01 Capital Tower
Singapore 068912

**Item 2(c). Citizenship:**
GIC Private Limited - Republic of Singapore
GIC Special Investments Private Limited - Republic of Singapore
Ceningan Investment Pte. Ltd. - Republic of Singapore

**Item 2(d). Title of Class of Securities:**
Class A ordinary shares, par value $0.00005 per share

**Item 2(e). CUSIP Number:**
36165L108

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

198,206,476 - Ceningan Investment Pte. Ltd. ("Ceningan") shares the power to vote and the power to dispose of 125,159,184 Ordinary Shares that Ceningan has the right to acquire upon conversion of (i) US$170,000,000 principal amount 2029 Senior Notes; and (ii)  US$300,000,000 principal amount 2030 Senior Notes held directly by it with GIC Special Investments Private Limited ("GIC SI") and GIC PL. GIC SI is wholly owned by GIC PL and is the private equity investment arm of GIC PL.
GIC PL is a fund manager and only has two clients - the Government of Singapore ("GoS") and the Monetary Authority of Singapore ("MAS"). Under the investment management agreement with GoS, GIC PL has been given the sole discretion to exercise the voting rights attached to, and the disposition of, any shares managed on behalf of GoS. As such, GIC PL has the sole power to vote and power to dispose of the 5,467,924 American depositary shares, and 4,153,600 Ordinary Shares, beneficially owned by it. GIC PL shares power to vote and dispose of 1,150,300 Ordinary Shares beneficially owned by it with MAS.
GIC PL is wholly owned by the GoS and was set up with the sole purpose of managing Singapore's foreign reserves. The GoS disclaims beneficial ownership of these shares.

**(b) Percent of class:**

11.28% - Based on 1,756,589,751 Ordinary Shares, which includes (i) 1,607,430,567 shares outstanding as of May 31, 2025, according to the Form 6-K filed by the Issuer with the SEC on June 4, 2025; (ii) 51,200,000 Ordinary Shares of post conversion 2029 Senior Notes; and (iii) 97,959,184 Ordinary Shares of post conversion 2030 Senior Notes.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

47,896,992

**(ii) Shared power to vote or to direct the vote:**

150,309,484

**(iii) Sole power to dispose or to direct the disposition of:**

47,896,992

**(iv) Shared power to dispose or to direct the disposition of:**

150,309,484

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**GIC Private Limited**

**Date:** 02/17/2026

**By:** /s/ Wong Hui Ping

**Name & Title:** Wong Hui Ping, Senior Vice President

**GIC Special Investments Private Limited**

**Date:** 02/17/2026

**By:** /s/ Sensen Lin

**Name & Title:** Sensen Lin, Authorized Signatory for GIC SI

**Ceningan Investment Pte. Ltd.**

**Date:** 02/17/2026

**By:** /s/ Jason Chan Sian Chuan

**Name & Title:** Jason Chan Sian Chuan, Senior Director