GDS Holdings Ltd (GDS) director exits 37,394 ADS position in sale

Rhea-AI Filing Summary

GDS Holdings Ltd director Ye Judy Qing reported an open-market sale of 37,394 American Depositary Shares (ADSs) of GDS. The transaction occurred on June 2, 2026 at an average price of $36.2118 per ADS. After this sale, the filing shows zero ADSs held directly. A footnote states that each ADS represents eight Class A ordinary shares, so the transaction reduced her direct economic exposure to the company’s equity represented by these ADSs to none.

Insider Trade Summary

Net Seller: 37,394 shares ($1,354,104)

Net Sell 1 txn

Insider Ye Judy Qing

Role null

Sold 37,394 shs ($1.35M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares	37,394	$36.2118	$1.35M

Holdings After Transaction: American Depositary Shares — 0 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

ADSs sold: 37,394 ADSs Sale price per ADS: $36.2118 per ADS Direct ADS holdings after sale: 0 ADSs +2 more

5 metrics

ADSs sold 37,394 ADSs Open-market sale on June 2, 2026

Sale price per ADS $36.2118 per ADS Average transaction price

Direct ADS holdings after sale 0 ADSs Total shares following transaction

ADS to ordinary share ratio 1 ADS = 8 Class A shares Footnote disclosure

Net shares sold 37,394 ADSs Net-sell direction in summary

Key Terms

American Depositary Shares, open-market sale, transaction code "S", Class A ordinary shares

4 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.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

transaction code "S" financial

"transaction_code": "S""

Class A ordinary shares financial

"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 →

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^*

Ye Judy Qing

(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)
06/02/2026

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)	06/02/2026		S		37,394	D	$36.2118	0	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.

	/s/ Judy Qing Ye	06/03/2026
	** 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)

FAQ

What insider transaction did GDS director Ye Judy Qing report on this Form 4 for GDS?

Ye Judy Qing reported selling 37,394 American Depositary Shares of GDS Holdings Ltd in an open-market transaction. The filing shows that, following this sale, she held zero ADSs directly, indicating a full exit from her reported direct ADS position.

At what price did Ye Judy Qing sell her GDS Holdings Ltd ADSs?

The reported sale price was an average of $36.2118 per American Depositary Share. This price applies to the 37,394 ADSs sold in the open-market transaction disclosed in the Form 4 insider filing for GDS Holdings Ltd.

How many GDS Holdings Ltd shares does each ADS sold by Ye Judy Qing represent?

Each American Depositary Share of GDS Holdings Ltd represents eight Class A ordinary shares. The Form 4 footnote clarifies this ADR ratio, helping investors understand the underlying ordinary share exposure associated with the 37,394 ADSs sold.

What was Ye Judy Qing’s direct GDS Holdings Ltd ADS holding after this reported sale?

After selling 37,394 American Depositary Shares, the Form 4 shows Ye Judy Qing’s direct ADS holdings as zero. This indicates that, based on the filing, she no longer held any GDS ADSs directly following the reported transaction.

Was the GDS Holdings Ltd transaction by Ye Judy Qing an open-market sale or another type?

The filing characterizes the transaction as an open-market sale of American Depositary Shares. This is reflected by the transaction code "S" and the description "Sale in open market or private transaction" in the Form 4 data for GDS Holdings Ltd.