Liang Yan reports initial GDS (GDS) ADS and Class A share holdings

Rhea-AI Filing Summary

GDS Holdings Ltd officer Liang Yan filed an initial ownership report showing existing equity holdings. Yan directly holds 58,883 American Depositary Shares and 376,024 Class A ordinary shares. Each ADS represents eight Class A ordinary shares, and the totals include settled vested RSU and option awards that convert into ADSs.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Liang Yan

Role See Remarks

Type	Security	Shares	Price	Value
holding	American Depositary Shares	--	--	--
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: American Depositary Shares — 58,883 shares (Direct); Class A ordinary shares — 376,024 shares (Direct)

Footnotes (1)

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

Understanding Insider Trading Forms →

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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OMB Number:			3235-0104
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1. Name and Address of Reporting Person^*

Liang Yan

(Last) (First) (Middle)

C/O F4/F5, BLDG C, SUNLAND INTL.,

NO. 999 ZHOUHAI ROAD, PUDONG

(Street)

SHANGHAI F4 200137

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026

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

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

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

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)	58,883(2)	D
Class A ordinary shares	376,024	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 (i) Restricted Stock Unit ("RSU") awards that were subject to time and performance conditions that have been fully satisfied, and (ii) Option awards. RSU awards and Option awards settle into ADSs. Each RSU and each Option represents the right to receive one (1) ADS.

Remarks:

Executive vice president, data center design, operation and delivery

	/s/ Yan Liang	03/16/2026
	** 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.