GDS Holdings (GDS) director discloses direct and indirect ADS stakes

Rhea-AI Filing Summary

GDS Holdings Ltd director Sio Tat Hiang filed an initial ownership report showing existing holdings of the company’s American Depositary Shares (ADSs). He directly holds 205,208 ADSs and has indirect ownership of 4,000 ADSs held by his spouse. Each ADS represents eight Class A ordinary shares, and the totals include settlement of fully vested restricted stock units that have converted into ADSs.

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^*

SIO TAT HIANG

(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)
03/17/2026

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)	205,208(2)	D
American Depositary Shares(1)	4,000	I	By spouse

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/ Sio Tat Hiang	03/17/2026
	** 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 the GDS Form 3 filing by Sio Tat Hiang show?

The Form 3 shows director Sio Tat Hiang’s existing ownership in GDS Holdings Ltd American Depositary Shares. It reports both his direct ADS holdings and additional ADSs indirectly owned through his spouse, without indicating any new purchases or sales.

How many GDS American Depositary Shares does Sio Tat Hiang directly own?

He directly owns 205,208 American Depositary Shares (ADSs) of GDS Holdings Ltd. This figure is reported as his total direct holdings following the reported positions and reflects his established equity stake in the company’s ADSs.

What indirect GDS shareholdings are reported for Sio Tat Hiang?

The filing reports 4,000 ADSs held indirectly by Sio Tat Hiang through his spouse. These shares are classified as indirect ownership, indicating they are in the spouse’s name but associated with the director’s overall reported holdings.

How many GDS Class A ordinary shares does each ADS represent?

Each GDS Holdings Ltd American Depositary Share represents eight Class A ordinary shares. This ratio means every ADS corresponds to eight underlying Class A shares, providing a clear link between ADS holdings and the company’s ordinary share capital.

Do GDS restricted stock units affect the ADS totals in this Form 3?

Yes. The reported totals include settlement of fully vested restricted stock units that have met time and performance conditions and converted into ADSs, with each RSU representing the right to receive one ADS upon settlement.