GDS Holdings (GDS) EVP reports 24,205 ADS ownership in Form 3

Rhea-AI Filing Summary

GDS Holdings Ltd filed a Form 3 reporting the initial equity holdings of Executive VP of operations, Qian Yixin. The filing shows direct ownership of 24,205 American Depositary Shares (ADSs). Each ADS represents eight Class A ordinary shares, and the total includes vested RSUs that have settled into ADSs.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Qian Yixin

Role Executive VP, operation

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

Holdings After Transaction: American Depositary Shares — 24,205 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^*

Qian Yixin

(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)
03/16/2026

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)
	Executive VP, operation

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)	24,205(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/ Yixin Qian	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).
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FAQ

What does the GDS (GDS) Form 3 filing by Qian Yixin report?

The Form 3 reports initial holdings of Executive VP of operations Qian Yixin in GDS Holdings Ltd. It shows direct ownership of 24,205 American Depositary Shares (ADSs), including ADSs received from the settlement of fully vested RSU awards.

How many GDS Holdings Ltd ADSs does Qian Yixin hold according to this Form 3?

The filing shows that 24,205 American Depositary Shares (ADSs) are held directly by Qian Yixin. This total also reflects ADSs issued upon settlement of fully vested Restricted Stock Unit (RSU) awards that met all time and performance conditions and settled into ADSs.

What is the ADS to ordinary share ratio for GDS Holdings Ltd in this filing?

According to the footnotes, each American Depositary Share (ADS) of GDS Holdings Ltd represents eight Class A ordinary shares. This means the reported 24,205 ADSs correspond economically to a larger number of underlying ordinary shares based on this eight-to-one structure.

How are Restricted Stock Units (RSUs) treated in the GDS (GDS) Form 3 for Qian Yixin?

The filing explains that the total 24,205 ADSs includes settlement of fully vested RSU awards. These RSUs were subject to time and performance conditions that have been fully satisfied, and each RSU represents the right to receive one ADS upon settlement.

Does the GDS Holdings Ltd Form 3 show any insider buying or selling activity?

The Form 3 describes holdings rather than explicit buy or sell transactions. It presents the number of ADSs directly owned by Executive VP of operations Qian Yixin, including ADSs received from vested RSUs, with no separate purchase or sale amounts detailed.

What role does Qian Yixin hold at GDS Holdings Ltd in this Form 3?

The filing identifies Qian Yixin as an officer of GDS Holdings Ltd with the title Executive VP, operation. The Form 3 associates this role with the reported direct ownership of 24,205 American Depositary Shares of the company.