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GDS Holdings (NASDAQ: GDS) approvals give CEO majority voting control

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6-K

Rhea-AI Filing Summary

GDS Holdings Limited reported that its adjourned extraordinary general meeting and separate meetings of Class A, Class B and Series A and B preferred shareholders were held on March 10, 2026, and that all resolutions submitted at these meetings were approved by the respective shareholder groups.

The company states that new articles of association will take effect, changing its voting rights structure. Immediately after these new articles become effective, CEO William Wei Huang is shown as holding 2,549,368 Class A ordinary shares and 46,139,704 Class B ordinary shares, representing approximately 57.9% of aggregate voting power on a 1:50 basis and 2.8% on a 1:1 basis.

Other major holders such as STT Garnet, Huatai Capital Investment Limited, Ping An and other shareholders will hold only Class A ordinary shares. For example, STT Garnet is listed with 429,288,484 Class A ordinary shares, corresponding to approximately 11.4% of aggregate voting power on a 1:50 basis and 26.3% on a 1:1 basis. The table illustrates how the new articles concentrate voting control with the Class B shareholder while leaving economic ownership largely in Class A.

Positive

  • None.

Negative

  • Voting control concentrated in Class B shares held by CEO – After the new articles take effect, William Wei Huang is shown with approximately 57.9% of aggregate voting power on a 1:50 basis, while holding a relatively small portion of total Class A shares, reducing other shareholders’ influence.

Insights

Founder’s Class B stake delivers majority voting control with limited economic ownership.

The meetings’ approval of new articles of association formalizes a dual-class structure in which William Wei Huang holds all 46,139,704 Class B shares. Under the 1:50 voting basis disclosed, this translates into 57.9% of aggregate voting power despite relatively modest Class A holdings.

This structure separates control from economic ownership. Other significant investors, including STT Garnet with 429,288,484 Class A shares, have substantial economic exposure but noticeably less voting power, such as 11.4% on the 1:50 basis. Governance outcomes, board composition and strategic direction will therefore be driven primarily by the Class B holder.

Such concentration can provide stability and long-term strategic continuity, but it also limits the ability of other shareholders to influence key decisions. Investors who prioritize voting influence and alignment between control and economic stake may weigh this dual-class arrangement carefully when assessing the company’s governance profile.

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

March 2026

 

Commission File Number: 001-37925

 

GDS Holdings Limited

(Registrant’s name)

 

F4/F5, Building C, Sunland International

No. 999 Zhouhai Road

Pudong, Shanghai 200137

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F x Form 40-F ¨

 

 

 

 

 

 

EXHIBITS

 

3.1 Amended and Restated Articles of Association of the Registrant
   
99.1 Press release — GDS Announces Results of Extraordinary General Meeting and of Additional Shareholders Meetings

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  GDS Holdings Limited
   
Date: March 10, 2026 By: /s/ William Wei Huang
  Name: William Wei Huang
  Title: Chief Executive Officer

 

3

 

 

Exhibit 99.1

 

GDS Announces Results of Extraordinary General Meeting and of Additional Shareholders Meetings

 

SHANGHAI, China, March 10, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that the adjourned extraordinary general meeting of shareholders of the Company (the “2026 EGM”) was held on March 10, 2026. The Company also held adjourned meetings of each of the holders of the class A ordinary shares (the “Class A Shareholders Meeting”), the holders of the Series A preferred shares (the “Series A Preferred Shareholders Meeting”), the holders of the Series B preferred shares (the “Series B Preferred Shareholders Meeting) and the holders of the class B ordinary shares (the “Class B Shareholders Meeting” and, together with the Class A Shareholders Meeting, the Series A Preferred Shareholders Meeting and the Series B Preferred Shareholders Meeting, collectively, the “Shareholders Meetings”) on March 10, 2026.

 

2026 EGM

 

The resolution submitted to the shareholders for approval at the 2026 EGM has been approved.

 

Specifically, the shareholders of the Company passed special resolutions approving:

 

1.Approval of the amendments to the rights attached to the Class B ordinary shares of the Company to increase the voting power attached to such Class B ordinary shares held by Mr. William Wei Huang, from twenty (20) votes per share to fifty (50) votes per share as detailed in Proposal 1 of the proxy statement, and the approval and adoption of the amended and restated Articles of Association (the “New Articles”) in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect after the close of 2026 EGM; and

 

2.Authorization of each of the directors and company secretary of the Company to take any and every action that might be necessary to effect the foregoing resolutions as such director or company secretary, in his or her absolute discretion, thinks fit.

 

Class A Shareholders Meeting

 

The resolution submitted to the holders of the class A ordinary shares (the “Class A Shareholders”) for approval at the Class A Shareholders Meeting has been approved. Specifically, the Class A Shareholders passed a special resolution approving:

 

1.Approval of the amendments to the rights attached to the Class B ordinary shares of the Company to increase the voting power attached to such Class B ordinary shares held by Mr. William Wei Huang, from twenty (20) votes per share to fifty (50) votes per share as detailed in Proposal 1 of the proxy statement, and the approval and adoption of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect after the close of Class A Shareholders Meeting.

 

 

 

 

Series A Preferred Shareholders Meeting

 

The resolution submitted to the holders of the Series A preferred shares (the “Series A Preferred Shareholders”) for approval at the Series A Preferred Shareholders Meeting has been approved. Specifically, the Series A Preferred Shareholders passed a special resolution approving:

 

1.Approval of the amendments to the rights attached to the Class B ordinary shares of the Company to increase the voting power attached to such Class B ordinary shares held by Mr. William Wei Huang, from twenty (20) votes per share to fifty (50) votes per share as detailed in Proposal 1 of the proxy statement, and the approval and adoption of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect after the close of Series A Preferred Shareholders Meeting.

 

Series B Preferred Shareholders Meeting

 

The resolution submitted to the holders of the Series B preferred shares (the “Series B Preferred Shareholders”) for approval at the Series B Preferred Shareholders Meeting has been approved. Specifically, the Series B Preferred Shareholders passed a special resolution approving:

 

1.Approval of the amendments to the rights attached to the Class B ordinary shares of the Company to increase the voting power attached to such Class B ordinary shares held by Mr. William Wei Huang, from twenty (20) votes per share to fifty (50) votes per share as detailed in Proposal 1 of the proxy statement, and the approval and adoption of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect after the close of Series B Preferred Shareholders Meeting.

 

Class B Shareholders Meeting

 

The resolution submitted to the holders of the class B ordinary shares (the “Class B Shareholders”) for approval at the Class B Shareholders Meeting has been approved. Specifically, the Class B Shareholders passed a special resolution approving:

 

1.Approval of the amendments to the rights attached to the Class B ordinary shares of the Company to increase the voting power attached to such Class B ordinary shares held by Mr. William Wei Huang, from twenty (20) votes per share to fifty (50) votes per share as detailed in Proposal 1 of the proxy statement, and the approval and adoption of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect after the close of Class B Shareholders Meeting.

 

Effect on Voting Rights Structure of The Company

 

The table below sets out the shareholding and voting rights structure of the Company immediately upon the New Articles taking effect.

 

Shareholder  Class A ordinary shares   Class B ordinary shares   Percentage of aggregate voting
power with Class A and Class
 B ordinary shares voting on a
 
   Number   Approximate %   Number   Approximate %   1:50 Basis %   1:1 Basis % 
Mr. William Wei Huang (1)   2,549,368    0.2    46,139,704    100.0    57.9    2.8 
STT Garnet (2)   429,288,484    26.2    0    0.0    11.4    26.3 
Huatai Capital Investment Limited (3)   44,096,580    2.7    0    0.0    1.2    2.7 
Ping An (4)   33,707,864    2.1    0    0.0    0.9    2.1 
Other Shareholders   1,127,592,715    68.9    0    0.0    29.9    69.1 

 

Notes:

 

(1)The number of ordinary shares beneficially owned by Mr. William Wei Huang as of the date of this announcement, which consists of 2,549,368 Class A ordinary shares and 43,590,336 Class B ordinary shares. The 2,549,368 Class A ordinary shares will convert into 2,549,368 Class B ordinary shares if directly held by Mr. Huang or an entity established or controlled by him. Therefore, these 2,549,368 Class A ordinary shares are also reflected in Mr. Huang’s beneficial ownership under “Class B ordinary shares”. As of the date of this announcement, Mr. William Wei Huang is the sole controlling shareholder of the Company for the purposes of the Listing Rules.

 

(2)The number of ordinary shares beneficially owned is as of the date of this announcement, represents 429,288,484 Class A ordinary shares (directly or in the form of ADSs) owned by STT Garnet Pte. Ltd.

 

 

 

 

(3)Upon exercise in full of the conversion rights attached to the convertible preferred shares at the Conversion Price, a total of approximately 44,096,580 Class A ordinary shares will be issued to the holder of the convertible preferred shares.

 

(4)Upon exercise in full of the conversion rights attached to the convertible preferred shares at the Conversion Price, a total of approximately 33,707,864 Class A ordinary shares will be issued to Ping An Overseas Holdings or their affiliates, being the holder of the convertible preferred shares.

 

About GDS Holdings Limited

 

GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located across the key hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. The Company is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company has a 25-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a passive minority equity interest in DayOne Data Centers Limited, an independent Singapore-headquartered hyperscale data center platform.

  

For investor and media inquiries, please contact:

 

GDS Holdings Limited

Laura Chen

Phone: +86 (21) 2029-2203

Email: ir@gds-services.com

 

The Piacente Group, Inc.

Ross Warner

Phone: +86 (10) 6508-0677

Email: GDS@tpg-ir.com

 

Brandi Piacente

Phone: +1 (212) 481-2050

Email: GDS@tpg-ir.com

 

GDS Holdings Limited

  

 

FAQ

What did GDS (GDS) shareholders approve at the March 2026 meetings?

Shareholders across all classes approved resolutions at an extraordinary general meeting and separate Class A, Class B, Series A and Series B preferred meetings. These approvals include adopting new articles of association that change the company’s shareholding and voting rights structure.

How do the new articles affect GDS (GDS) voting control?

The new articles create a structure where Class B ordinary shares carry outsized voting power. After they take effect, William Wei Huang’s holdings are shown as representing about 57.9% of aggregate voting power on a 1:50 basis, giving him majority control.

What is William Wei Huang’s ownership and voting power in GDS?

William Wei Huang is listed with 2,549,368 Class A shares and 46,139,704 Class B shares. This corresponds to approximately 57.9% of aggregate voting power on a 1:50 basis and 2.8% on a 1:1 basis, consolidating effective control under the Class B stake.

How much of GDS’s Class A shares does STT Garnet hold?

STT Garnet is shown holding 429,288,484 Class A ordinary shares, about 26.2% of that class. Under the company’s voting framework, this equates to roughly 11.4% of aggregate voting power on a 1:50 basis and 26.3% on a 1:1 basis.

Who are the other major Class A shareholders of GDS besides STT Garnet?

Other named Class A shareholders include Huatai Capital Investment Limited with 44,096,580 shares and Ping An with 33,707,864 shares. In addition, “Other Shareholders” collectively hold 1,127,592,715 Class A shares, representing the majority of the Class A share base.

What business does GDS Holdings Limited (GDS) operate?

GDS develops and operates high-performance data centers in China. Its facilities are located in major demand hubs, with high power density and redundancy, serving hyperscale cloud providers, large internet companies, financial institutions, telecom carriers, IT service providers and major domestic and multinational corporations.

Does GDS have any international data center interests?

Yes. GDS holds a passive minority equity interest in DayOne Data Centers Limited, described as an independent Singapore-headquartered hyperscale data center platform. This supplements its core portfolio of carrier- and cloud-neutral high-performance data centers located across key hubs in China.

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