GDS (GDS) director Baharudin Zulkifli Bin reports 89,150 ADS stake

Rhea-AI Filing Summary

GDS Holdings Ltd director Baharudin Zulkifli Bin filed an initial ownership report on American Depositary Shares. He reports direct ownership of 89,150 ADSs. Each ADS represents eight Class A ordinary shares, and the total includes ADSs received from fully vested RSU awards that have satisfied all conditions.

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^*

BAHARUDIN ZULKIFLI BIN

(Last) (First) (Middle)

C/O F4/F5, BUILDING C, SUNLAND INTL

NO. 999 ZHOUHAI ROAD, PUDONG

(Street)

SHANGHAI 200137

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

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

3a. Foreign Trading Symbol
[[9698]]

5. If Amendment, Date of Original Filed (Month/Day/Year)

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

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

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)	89,150(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/ Zulkifli Bin Baharudin	03/18/2026
	** 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.
* Form 3: SEC 1473 (03-26)

FAQ

What does the GDS Form 3 filing by Baharudin Zulkifli Bin show?

The Form 3 shows director Baharudin Zulkifli Bin’s initial beneficial ownership of 89,150 American Depositary Shares of GDS Holdings Ltd. It establishes his starting equity position as a company insider without reporting any new buy or sell transactions.

How many GDS American Depositary Shares does Baharudin Zulkifli Bin own?

He reports direct ownership of 89,150 American Depositary Shares (ADSs) of GDS Holdings Ltd. This figure includes ADSs received from fully vested restricted stock unit awards that met both time-based and performance conditions and have settled into ADSs.

What does each GDS American Depositary Share represent in this Form 3?

Each GDS American Depositary Share represents eight Class A ordinary shares. This ratio helps investors understand the underlying equity exposure associated with the reported 89,150 ADSs held by director Baharudin Zulkifli Bin under his direct beneficial ownership.

How are RSUs treated in Baharudin Zulkifli Bin’s GDS ownership disclosure?

The total 89,150 ADSs includes settlement of fully vested restricted stock units that were subject to time and performance conditions. Each RSU converts into one ADS once those conditions are fully satisfied and the awards settle into actual deposited shares.

Is the ownership reported in the GDS Form 3 direct or indirect?

The Form 3 classifies the 89,150 American Depositary Shares as direct ownership. There is no indication that these shares are held through a separate entity, trust, or other indirect structure, so they are attributed directly to Baharudin Zulkifli Bin.