GDS Holdings (GDS) director Ye Judy Qing reports 36,254 ADS stake

Rhea-AI Filing Summary

GDS Holdings Ltd director Ye Judy Qing has filed an initial ownership report showing holdings of 36,254 American Depositary Shares (ADSs). Each ADS represents eight Class A ordinary shares. The total includes ADSs received from fully vested restricted stock unit awards that met time and performance conditions and settled 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^*

Ye Judy Qing

(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)

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)	36,254(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/ Judy Qing Ye	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 GDS (GDS) director Ye Judy Qing report on this Form 3?

The Form 3 shows that director Ye Judy Qing holds 36,254 American Depositary Shares (ADSs) of GDS Holdings Ltd. This filing is an initial ownership report, not a new buy or sell transaction, establishing her reported equity position.

How many GDS Holdings (GDS) shares does each ADS represent?

Each GDS Holdings American Depositary Share represents eight Class A ordinary shares. This means the 36,254 ADSs reported correspond to a larger number of underlying ordinary shares, giving investors a sense of the director’s indirect ownership in the company.

Are restricted stock units included in Ye Judy Qing’s GDS (GDS) holdings?

Yes. The reported total includes ADSs from fully vested restricted stock units (RSUs). These RSUs were subject to time and performance conditions that have been fully satisfied and settled into ADSs, with each RSU delivering one ADS upon settlement.

Does this GDS (GDS) Form 3 indicate any recent insider buying or selling?

No specific buy or sell transaction is indicated. The filing functions as an initial ownership statement, listing 36,254 ADSs held directly, including those received from vested RSUs, rather than documenting a new market trade or disposition event.

What type of security is reported by Ye Judy Qing in GDS (GDS)?

The filing reports ownership of American Depositary Shares of GDS Holdings Ltd. These ADSs are U.S.-traded instruments, with each ADS representing eight Class A ordinary shares, providing a convenient way for investors to hold the company’s equity.