Director Bruno Lopez details 105,594 ADS stake in GDS (GDS)

Rhea-AI Filing Summary

GDS Holdings Ltd director Bruno Lopez filed an initial ownership report showing he holds 105,594 American Depositary Shares (ADS). Each ADS represents eight Class A ordinary shares. The total includes ADSs received upon settlement of fully vested Restricted Stock Unit awards that have met time and performance 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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

LOPEZ BRUNO

(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)	105,594(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/ Bruno Lopez	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 the Form 3 for GDS show about Bruno Lopez's holdings?

The Form 3 shows that director Bruno Lopez holds 105,594 American Depositary Shares of GDS Holdings Ltd. This initial statement of beneficial ownership reflects his equity position, including ADSs received from fully vested Restricted Stock Unit awards that have already met required conditions.

How many ordinary shares does each GDS ADS represent?

Each GDS American Depositary Share represents eight Class A ordinary shares. This means Lopez’s reported ADS position corresponds economically to a larger number of underlying ordinary shares, although the filing itself focuses on ADS holdings rather than converting them into ordinary share counts.

Does Bruno Lopez’s GDS holding include Restricted Stock Units (RSUs)?

Yes. The reported 105,594 ADS total includes settlement of fully vested Restricted Stock Unit awards. These RSUs were subject to time and performance conditions that have been fully satisfied and each settled into one ADS, increasing his reported beneficial ownership position.

Is Bruno Lopez’s GDS stake held directly or indirectly?

The filing classifies Bruno Lopez’s holdings as direct ownership. The entry is marked with a direct ownership code, indicating the ADSs are held in his own name rather than through a separate trust, partnership, or other indirect holding structure associated with him.

Does this GDS Form 3 report any recent buy or sell transactions?

No specific buy or sell transaction is identified; the entry is categorized as a holding with an unknown transaction code. It functions as an initial statement of beneficial ownership rather than a record of a new purchase or sale in the market.