GDS director receives 980 ADS from RSU vesting

GDS Holdings Ltd director Liu Chee Ming reported an acquisition of 980 American Depositary Shares (ADS) through the settlement of fully vested Restricted Stock Unit (RSU) awards.

Rhea-AI Filing Summary

GDS Holdings Ltd director Liu Chee Ming reported an acquisition of 980 American Depositary Shares (ADS) through the settlement of fully vested Restricted Stock Unit (RSU) awards. Each ADS represents eight Class A ordinary shares. Following this compensation-related transaction, Liu directly holds 29,270 ADS, reflecting his updated equity position in the company.

Insider Trade Summary

Other: 980 shares

Other 1 txn

Insider Liu Chee Ming

Role Director

Type	Security	Shares	Price	Value
Other	American Depositary Shares	980	$0.00	$0.00

Holdings After Transaction: American Depositary Shares — 29,270 shares (Direct)

Footnotes (2)

1. F1. Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares.
2. F2. Reflects the acquisition of ADSs upon settlement of fully vested Restricted Stock Unit ("RSU") awards.

Key Figures

ADS acquired: 980 ADS Holdings after transaction: 29,270 ADS ADS ratio: 8 Class A shares per ADS

3 metrics

ADS acquired 980 ADS Settlement of fully vested RSU awards

Holdings after transaction 29,270 ADS Direct ownership following RSU settlement

ADS ratio 8 Class A shares per ADS Each American Depositary Share represents eight Class A ordinary shares

Key Terms

American Depositary Share, Restricted Stock Unit, Form 4, Class A ordinary shares

4 terms

American Depositary Share financial

"Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares."

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

Restricted Stock Unit financial

"Reflects the acquisition of ADSs upon settlement of fully vested Restricted Stock Unit ("RSU") awards."

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Form 4 regulatory

"This Form 4 records an insider equity transaction by a director of GDS Holdings Ltd."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Class A ordinary shares financial

"Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares."

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did GDS (GDS) director Liu Chee Ming report?

Director Liu Chee Ming reported receiving 980 American Depositary Shares in GDS Holdings Ltd. The shares were delivered at no cost upon settlement of fully vested RSU awards, updating his direct equity stake in the company.

How many GDS (GDS) shares does Liu Chee Ming hold after this Form 4?

After this transaction, Liu Chee Ming holds 29,270 American Depositary Shares of GDS Holdings Ltd. This figure reflects his direct ownership position following the settlement of fully vested RSU-based equity awards.

What does each GDS (GDS) American Depositary Share represent?

Each GDS Holdings Ltd American Depositary Share represents eight Class A ordinary shares. This structure allows investors to trade ADS units in U.S. markets while representing underlying ordinary shares issued by the company overseas.

Was Liu Chee Ming’s GDS (GDS) transaction a market purchase or sale?

The transaction was not an open-market purchase or sale. It reflects the receipt of 980 ADS upon settlement of fully vested Restricted Stock Unit awards, a compensation-related equity delivery rather than a discretionary trade.

What does transaction code J mean in this GDS (GDS) Form 4?

Transaction code J indicates another type of acquisition or disposition. In this case, the Form 4 clarifies it is the acquisition of ADS upon settlement of fully vested RSU awards, not a typical market trade in the open market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 07:17 AM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Liu Chee Ming

(Last) (First) (Middle)

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

NO. 999 ZHOUHAI ROAD, PUDONG

(Street)

SHANGHAI 200137

(City) (State) (Zip)

CHINA

(Country)

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

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

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

2a. Foreign Trading Symbol
[9,698]

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American Depositary Shares(1)	05/15/2026		J(2)		980	A	$0	29,270(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	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. Reflects the acquisition of ADSs upon settlement of fully vested Restricted Stock Unit ("RSU") awards.

	/s/ Chee Ming Liu	05/15/2026
	** 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 4 (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 4: SEC 1474 (03-26)