GDS Holdings (NASDAQ: GDS) EVP Zhang Kejing discloses 28,178 ADS stake

Rhea-AI Filing Summary

GDS Holdings Ltd executive vice president of sales and service, Zhang Kejing, filed an initial ownership report showing direct holdings of 28,178 American Depositary Shares (ADSs). Each ADS represents eight Class A ordinary shares, and the total includes vested RSU awards that settled into ADSs on a one-to-one ADS basis.

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^*

Zhang Kejing

(Last) (First) (Middle)

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

NO. 999 ZHOUHAI ROAD, PUDONG

(Street)

SHANGHAI 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, sales and service

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)	28,178(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/ Kejing Zhang	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).
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FAQ

What does the GDS Form 3 filing by Zhang Kejing report?

The Form 3 reports that GDS executive vice president Zhang Kejing directly holds 28,178 American Depositary Shares. This initial ownership statement establishes his equity position, including ADSs received from previously vested RSU awards that have fully satisfied time and performance conditions.

How many GDS American Depositary Shares does Zhang Kejing hold?

Zhang Kejing holds 28,178 American Depositary Shares of GDS. This total includes ADSs received upon settlement of fully vested Restricted Stock Units, which converted into ADSs after time-based and performance-based vesting requirements were fully satisfied under the company’s equity compensation arrangements.

What is the share ratio for GDS American Depositary Shares reported in this Form 3?

Each GDS American Depositary Share represents eight Class A ordinary shares. This ratio means Zhang Kejing’s 28,178 ADSs translate into a larger number of underlying ordinary shares, reflecting the standard ADS structure used for trading GDS equity in international markets.

How are Restricted Stock Units treated in Zhang Kejing’s GDS holdings?

The reported total includes settlement of fully vested Restricted Stock Unit awards that convert into American Depositary Shares. Each RSU represents the right to receive one ADS, once all specified time and performance conditions have been fully met under the award terms.

Does the GDS Form 3 show any recent buying or selling by Zhang Kejing?

The Form 3 functions as an initial ownership statement and does not show explicit buy or sell transactions. It primarily discloses Zhang Kejing’s direct holdings of 28,178 American Depositary Shares and notes that the amount includes settled, fully vested RSU awards.