[144] GDS Holdings Limited ADS SEC Filing

Rhea-AI Filing Summary

GDS Holdings Limited (GDS) Form 144 filing reports a proposed insider sale of 10,000 American Depositary Shares (ADS). The shares are to be sold through Georgeson Securities Corporation on NASDAQ with an approximate sale date of 09/10/2025 and an aggregate market value reported at $342,600.

The 10,000 ADS were acquired on 08/20/2021 as a restricted share units release under the GDS incentive plan and the planned sale is described as a same day sale. The filing also discloses a prior sale by the same person on 08/29/2025 of 10,000 ADS for gross proceeds of $352,291. The filer certifies no undisclosed material adverse information is known.

Positive

• Timely Rule 144 disclosure filed, showing compliance with insider sale reporting requirements
• Transaction details provided: broker (Georgeson Securities), exchange (NASDAQ), and sale timing are disclosed

Negative

• Insider sale disclosed, indicating insider liquidity which investors may view negatively
• Recent prior sale (08/29/2025, 10,000 ADS for $352,291) suggests ongoing dispositions by the same person

Insights

Securities Analyst

TL;DR: Routine insider Form 144 filing for planned sale of 10,000 ADS; procedural disclosure with limited direct market impact.

The filing documents a planned sale of 10,000 ADS via Georgeson Securities on NASDAQ for an aggregate market value of $342,600 and notes acquisition by RSU release on 08/20/2021. For analysts, this is a standard compliance disclosure under Rule 144 indicating an insider intends to sell previously issued compensation shares. The filing adds context with a near-term prior sale on 08/29/2025 that realized $352,291, suggesting the seller has recently sold a similar lot. Absent additional information about total insider holdings or company-specific developments in this filing, the disclosure is informative but not materially transformative for valuation models.

Corporate Governance Expert

TL;DR: Filing reflects routine insider liquidity and Rule 144 compliance, signaling transparency but warranting monitoring of insider activity.

The Form 144 shows the securities were acquired under the company's incentive plan and are being sold as a same-day transaction. From a governance standpoint, timely submission of Form 144 and the representative signature statement help demonstrate adherence to disclosure and insider trading rules. Stakeholders should note the filing documents both the intended sale (09/10/2025) and a recent completed sale (08/29/2025). This pattern may merit monitoring for ongoing insider disposition but is not itself a governance violation.

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	10000	342600.00	1665829316	09/10/2025	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	08/20/2021	RESTRICTED SHARE UNITS RELEASE UNDER GDS INCENTIVE PLAN	GDS HOLDINGS LIMITED			10000	09/10/2025	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

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 does the GDS Form 144 disclose?

The filing discloses a proposed sale of 10,000 ADS on 09/10/2025 via Georgeson Securities Corporation on NASDAQ with an aggregate market value of $342,600.

Who acquired the securities and how were they acquired?

The 10,000 ADS were acquired on 08/20/2021 as a restricted share units release under the GDS incentive plan from GDS Holdings Limited.

Has the seller sold GDS ADS recently?

Yes. The filing shows a sale on 08/29/2025 of 10,000 ADS for gross proceeds of $352,291 by the same named seller.

Which broker will handle the sale?

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

Does the filer assert any undisclosed material information?

The filer represents by signing the notice that they do not know of any material adverse information about the issuer that has not been publicly disclosed.