GDS Holdings director awarded 1,130 ADSs

GDS Holdings Ltd director Sun Qiang Chang acquired 1,130 American Depositary Shares (ADSs) on July 15, 2026 through settlement of Restricted Stock Unit awards that fully vested immediately upon grant.

Rhea-AI Filing Summary

GDS Holdings Ltd director Sun Qiang Chang acquired 1,130 American Depositary Shares (ADSs) on July 15, 2026 through settlement of Restricted Stock Unit awards that fully vested immediately upon grant. Following the award, he directly holds 59,280 ADSs. Each ADS represents eight Class A ordinary shares.

Insider Trade Summary

Grant/Award: 1,130 shares

Grant/Award 1 txn

Insider Sun Qiang Chang

Role Director

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares F1, F2	1,130	$0.00	$0.00

Holdings After Transaction: American Depositary Shares — 59,280 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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

Key Figures

Equity award size: 1,130 American Depositary Shares Holdings after transaction: 59,280 American Depositary Shares Grant price per ADS: $0.0000 per ADS +1 more

4 metrics

Equity award size 1,130 American Depositary Shares ADSs acquired on July 15, 2026 via grant/award settlement of RSU awards

Holdings after transaction 59,280 American Depositary Shares Director’s direct ADS holdings following the July 15, 2026 award

Grant price per ADS $0.0000 per ADS Reported transaction price for the awarded ADSs

ADS to ordinary share ratio 1 ADS = 8 Class A ordinary shares Each American Depositary Share represents eight Class A ordinary shares

Key Terms

American Depositary Shares, Restricted Stock Unit, Class A ordinary shares, grant, award, or other acquisition

4 terms

American Depositary Shares financial

"Each American Depositary Share represents eight 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 financial

"acquisition of ADSs upon settlement of Restricted Stock Unit 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.

Class A ordinary shares financial

"Each American Depositary Share represents eight 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.

grant, award, or other acquisition financial

"Transaction code A is described as grant, award, or other acquisition"

FAQ

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

What insider transaction did GDS (GDS) report for Sun Qiang Chang?

GDS reported that director Sun Qiang Chang acquired 1,130 American Depositary Shares (ADSs) on July 15, 2026. The ADSs were received as an equity grant upon settlement of Restricted Stock Unit awards, not through an open-market purchase.

How many GDS ADSs does Sun Qiang Chang hold after this Form 4 transaction?

After the July 15, 2026 equity award, Sun Qiang Chang directly holds 59,280 American Depositary Shares (ADSs) of GDS. This holding figure includes the newly acquired 1,130 ADSs received upon settlement of fully vested Restricted Stock Unit awards.

How many Class A ordinary shares does each GDS ADS represent?

Each GDS American Depositary Share (ADS) represents eight Class A ordinary shares. This ADS-to-ordinary-share ratio means the 59,280 ADSs reported for Sun Qiang Chang correspond to a larger number of underlying Class A ordinary shares.

Was Sun Qiang Chang’s GDS transaction an open-market purchase?

No. The transaction is coded as an “A” grant or award, reflecting acquisition of ADSs at a price of $0.0000 per ADS. The ADSs were received through settlement of Restricted Stock Unit awards that fully vested immediately upon grant, not bought in the market.

What is the significance of the RSU settlement in this GDS Form 4?

The filing shows Sun Qiang Chang received 1,130 ADSs via settlement of Restricted Stock Unit awards that were fully vested immediately. This characterizes the event as routine equity compensation rather than discretionary trading activity in GDS securities.

On what date did Sun Qiang Chang acquire additional GDS ADSs?

Sun Qiang Chang acquired the additional 1,130 American Depositary Shares on July 15, 2026. The acquisition resulted from the settlement of fully vested Restricted Stock Unit awards, increasing his direct holdings to 59,280 ADSs after the transaction.

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

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Accepted by SEC EDGAR 07/15/2026 - 06:47 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^*

Sun Qiang Chang

(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)		1,130	A	$0	59,280(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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

	/s/ Qiang Chang Sun	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)