Insider Liu Chee Ming discloses GDS Holdings (GDS) ADS stake on Form 3

Rhea-AI Filing Summary

GDS Holdings Ltd director Liu Chee Ming has filed an initial Form 3 disclosing his equity stake in the company. The filing shows direct ownership of 28,290 American Depositary Shares (ADSs), each representing eight Class A ordinary shares. The total includes ADSs received from the settlement of fully vested Restricted Stock Unit (RSU) awards that met time and performance conditions and settle into ADSs on a one-for-one basis. The filing reflects existing holdings rather than a new purchase or sale of GDS securities.

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^*

Liu Chee Ming

(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)

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)	28,290(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/ Chee Ming Liu	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.

FAQ

What does Liu Chee Ming report owning in GDS (GDS) on this Form 3?

Liu Chee Ming reports direct ownership of 28,290 American Depositary Shares of GDS Holdings Ltd. These ADSs represent his existing stake, as disclosed in this initial statement of beneficial ownership of securities.

Did Liu Chee Ming buy or sell GDS (GDS) shares in this Form 3 filing?

The Form 3 does not report any buy or sell transaction. It records Liu Chee Ming’s existing beneficial ownership as of the filing date, rather than new market activity in GDS securities.

How do GDS (GDS) American Depositary Shares relate to ordinary shares?

Each GDS Holdings Ltd American Depositary Share represents eight Class A ordinary shares. This ratio is stated in the filing’s footnotes and defines how ADS holdings correspond to the company’s underlying ordinary shares.

What are the Restricted Stock Units mentioned in Liu Chee Ming’s GDS (GDS) holdings?

The total reported holdings include settlement of fully vested Restricted Stock Unit awards that met time and performance conditions. Each RSU converts into one ADS, adding to Liu Chee Ming’s disclosed ADS position.

What is the significance of a Form 3 filing for GDS (GDS)?

Form 3 is an initial statement of beneficial ownership filed by insiders like directors. For GDS Holdings Ltd, it formally discloses Liu Chee Ming’s existing ADS stake when he becomes subject to reporting requirements.