GDS Holdings (GDS) director Sun Qiang Chang lists 57,170 ADS

Rhea-AI Filing Summary

GDS Holdings Ltd director Sun Qiang Chang has filed an initial statement of beneficial ownership, reporting 57,170 American Depositary Shares (ADS) held directly. Each ADS represents eight Class A ordinary shares. The total includes fully vested RSU awards that have settled into ADSs, with each RSU delivering one ADS.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sun Qiang Chang

Role Director

Type	Security	Shares	Price	Value
holding	American Depositary Shares	--	--	--

Holdings After Transaction: American Depositary Shares — 57,170 shares (Direct)

Footnotes (1)

1. Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares. Total number includes settlement of fully vested Restricted Stock Unit ("RSU") awards that were subject to time and performance conditions that have been fully satisfied and which settle into ADSs. Each RSU represents the right to receive one (1) ADS.

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Sun Qiang Chang

(Last) (First) (Middle)

C/O F4/F5, BUILDING C, SUNLAND INTL,

NO. 999 ZHOUHAI ROAD, PUDONG

(Street)

SHANGHAI F4 200137

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
GDS Holdings Ltd [ GDS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Shares(1)	57,170(2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares.

2. Total number includes settlement of fully vested Restricted Stock Unit ("RSU") awards that were subject to time and performance conditions that have been fully satisfied and which settle into ADSs. Each RSU represents the right to receive one (1) ADS.

	/s/ Qiang Chang Sun	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does the GDS (GDS) Form 3 filing by Sun Qiang Chang report?

The Form 3 shows that director Sun Qiang Chang beneficially owns 57,170 American Depositary Shares (ADS) of GDS Holdings Ltd. This establishes his initial reported equity position as a director, combining directly held ADSs and ADSs received from vested RSU awards.

How many GDS Holdings ADSs does Sun Qiang Chang report owning?

Sun Qiang Chang reports owning 57,170 American Depositary Shares (ADS) of GDS Holdings Ltd. This figure includes ADSs acquired through settlement of fully vested Restricted Stock Units (RSUs) that met time and performance conditions and converted into ADSs.

What does each GDS American Depositary Share represent in this Form 3?

Each GDS American Depositary Share (ADS) represents eight Class A ordinary shares. This ratio means the 57,170 ADSs reported by Sun Qiang Chang correspond to a significantly larger number of underlying Class A ordinary shares in GDS Holdings Ltd.

How are Restricted Stock Units treated in Sun Qiang Chang’s GDS holdings?

The total of 57,170 ADSs includes settlement of fully vested Restricted Stock Unit (RSU) awards. These RSUs were subject to time and performance conditions that were fully satisfied and each RSU converts into one ADS upon settlement.

Does the GDS Form 3 show any recent buy or sell transactions?

The Form 3 for GDS Holdings reports holdings rather than specific buy or sell transactions. It provides Sun Qiang Chang’s total directly owned 57,170 ADSs at the time of filing, establishing his baseline beneficial ownership as a director.