Director equity grant adds 1,740 ADSs at GDS Holdings Ltd (GDS)

Rhea-AI Filing Summary

BAHARUDIN ZULKIFLI BIN reported acquisition or exercise transactions in this Form 4 filing.

GDS Holdings Ltd director Baharudin Zulkifli Bin received a grant of 1,740 American Depositary Shares (ADSs) as a stock award at a stated price of $0.00 per ADS. The ADSs were issued upon settlement of fully vested RSU awards, increasing his direct holdings to 92,390 ADSs.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BAHARUDIN ZULKIFLI BIN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares	1,740	$0.00	--

Holdings After Transaction: American Depositary Shares — 92,390 shares (Direct)

Footnotes (1)

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

Key Figures

ADS grant: 1,740 shares Grant price: 0.0000 per ADS Post-transaction ADS holdings: 92,390 shares +1 more

4 metrics

ADS grant 1,740 shares Grant of American Depositary Shares as a stock award to the director

Grant price 0.0000 per ADS Stated transaction price per American Depositary Share for the award

Post-transaction ADS holdings 92,390 shares Total American Depositary Shares held directly after the grant

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

Key Terms

American Depositary Shares, Restricted Stock Unit ("RSU") awards, Class A ordinary shares

3 terms

American Depositary Shares financial

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

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

Restricted Stock Unit ("RSU") awards financial

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

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/15/2026 - 07:07 AM Accepted by SEC EDGAR 07/15/2026 - 07:07 AM Learn about SEC filing dates

FAQ

What insider transaction did GDS (GDS Holdings Ltd) report in this Form 4?

GDS reported that director Baharudin Zulkifli Bin acquired 1,740 American Depositary Shares (ADSs). The shares came from the settlement of Restricted Stock Unit (RSU) awards that fully vested immediately upon grant, increasing his direct ownership stake in the company.

How many GDS (GDS Holdings Ltd) shares does the director hold after the latest grant?

After the grant, director Baharudin Zulkifli Bin directly holds 92,390 American Depositary Shares. This total reflects the addition of 1,740 ADSs received through settlement of fully vested RSU awards, as disclosed in the insider transaction report.

Was cash paid for the 1,740 ADSs reported in the GDS Form 4?

No cash was paid for these shares; the reported transaction price is $0.00 per ADS. The 1,740 ADSs were acquired as a non-cash stock award upon settlement of fully vested RSU grants to the director at GDS Holdings Ltd.

What is the share ratio for GDS Holdings Ltd (GDS) American Depositary Shares?

Each GDS Holdings Ltd American Depositary Share (ADS) represents eight Class A ordinary shares. This ratio means the director’s ADS holdings correspond economically to a larger number of underlying ordinary shares in the company’s capital structure.

How were the new GDS (GDS Holdings Ltd) ADSs acquired by the director?

The 1,740 ADSs were acquired through settlement of Restricted Stock Unit (RSU) awards that fully vested immediately upon grant. This represents an equity compensation event for the director rather than an open-market purchase of GDS securities.

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^*

BAHARUDIN ZULKIFLI BIN

(Last) (First) (Middle)

C/O F4/F5, BLDG C, SUNLAND INTERNATIONAL

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
[9698]

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

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)	07/15/2026		A(2)		1,740	A	$0	92,390(1)	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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

	/s/ Zulkifli Bin Baharudin	07/15/2026
	** 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)