GDHLF insider notice: RSU-derived 5,000 ADS sale scheduled Sept 15

Rhea-AI Filing Summary

GDS Holdings Ltd (GDHLF) filed a Form 144 notice reporting proposed sale of 5,000 ADS (ordinary shares represented by ADS) through Georgeson Securities Corporation on 09/15/2025, with an aggregate market value of $191,050. The securities were acquired on 05/20/2022 as a restricted share units release under GDS incentive plan and the intended sale is a same day sale. The filing also discloses two recent sales by the same person: 10,000 ADS on 08/29/2025 for $352,291 and 10,000 ADS on 09/12/2025 for $381,747. The filer certifies absence of undisclosed material adverse information.

Positive

• Compliance with Rule 144 demonstrated by timely filing and broker information
• Origin of shares disclosed as RSU release under the company incentive plan, clarifying acquisition source
• Recent sales history provided showing transparency about insider dispositions

Negative

• Insider selling of a total of 25,000 ADS (including proposed sale) in the recent period could be viewed negatively by some investors
• Large share count outstanding (1,665,829,316 ADS outstanding) makes the absolute proceeds small but could indicate dilution context

Insights

Securities Analyst

TL;DR Insider sale notice for a relatively small block of ADSs; routine compliance with Rule 144.

The Form 144 shows a proposed disposal of 5,000 ADS valued at $191,050, acquired as RSUs in 2022 and designated for same-day sale through a broker. The filing also reports two prior recent dispositions totaling 20,000 ADS with combined gross proceeds of $733,038. From a market-impact perspective this quantity appears modest relative to total outstanding ADSs reported at 1,665,829,316, and the notice follows required regulatory attestation concerning material nonpublic information.

Corporate Governance Expert

TL;DR Disclosure aligns with Rule 144 requirements and documents RSU vesting-based sales.

The filing discloses the nature of acquisition as a restricted share unit release under the company incentive plan, indicating these sales stem from compensation vesting rather than secondary transactions. The signer affirms no undisclosed material adverse information and includes broker details for the planned sale. The filing contains required historical sales for the past three months, supporting transparency about insider liquidity.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
ORDINARY SHARES REPRESENTED BY ADS	GEORGESON SECURITIES CORPORATION 144 FERNWOOD AVE EDISON NJ 08837	5000	191050.00	1665829316	09/15/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
ORDINARY SHARES REPRESENTED AS ADS	05/20/2022	RESTRICTED SHARE UNITS RELEASE UNDER GDS INCENTIVE PLAN	GDS HOLDINGS LIMITED			5000	09/15/2025	SAME DAY SALE

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
LIANG YAN UNIT 1 35F EAST TOWER CHEUNG KONG CENTER 10 HARCOURT ROAD CENTRAL K3 20037	ORDINARY SHARES REPRESENTED AS ADS	08/29/2025	10000	352291.00
LIANG YAN UNIT 1 35F EAST TOWER CHEUNG KONG CENTER 10 HARCOURT RD CENTRAL K3 20037	ORDINARY SHARES REPRESENTED AS ADS	09/12/2025	10000	381747.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did GDHLF report on Form 144?

The filer reported a proposed sale of 5,000 ADS valued at $191,050 to be sold on 09/15/2025 through Georgeson Securities Corporation.

How were the shares acquired that are being sold for GDHLF?

The 5,000 ADS were acquired on 05/20/2022 as a restricted share units release under GDS incentive plan.

Has the filer sold GDHLF ADS recently?

Yes. The filing discloses sales of 10,000 ADS on 08/29/2025 (gross proceeds $352,291) and 10,000 ADS on 09/12/2025 (gross proceeds $381,747).

Who is the broker handling the proposed sale?

The broker named is Georgeson Securities Corporation located at 144 Fernwood Ave, Edison, NJ.

Does the filer assert possession of material nonpublic information?

The filer represents by signing the notice that they do not know any material adverse information not publicly disclosed.