GDS (GDS) director updates holdings after 1,390 ADS RSU settlement

Rhea-AI Filing Summary

GDS Holdings Ltd director Lim Ah Doo reported a compensation-related share transaction. He acquired 1,390 American Depositary Shares at a stated price of $0.0000 per ADS upon settlement of fully vested Restricted Stock Unit awards, a non‑market event recorded with transaction code J.

Following this transaction, he directly holds 74,970 American Depositary Shares and 1,687,647 Class A ordinary shares. Each ADS represents eight Class A ordinary shares, so the filing mainly updates his ownership records rather than reflecting an open‑market purchase or sale.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider LIM AH DOO

Role null

Type	Security	Shares	Price	Value
Other	American Depositary Shares	1,390	$0.00	--
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: American Depositary Shares — 74,970 shares (Direct, null); Class A ordinary shares — 1,687,647 shares (Direct, null)

Footnotes (1)

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

Key Figures

ADS acquired: 1,390 ADS ADS holdings after transaction: 74,970 ADS Class A shares after transaction: 1,687,647 Class A shares +2 more

5 metrics

ADS acquired 1,390 ADS Acquired via settlement of fully vested RSU awards, code J

ADS holdings after transaction 74,970 ADS Total American Depositary Shares directly held after 2026-05-15

Class A shares after transaction 1,687,647 Class A shares Direct holdings of Class A ordinary shares after 2026-05-15

ADS to ordinary share ratio 1 ADS = 8 Class A shares Instrument ratio stated in footnote F1

ADS transaction price $0.0000 per ADS Stated price for 1,390 ADS received from RSU settlement

Key Terms

American Depositary Share, Restricted Stock Unit, transaction code J

3 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.

transaction code J financial

"American Depositary Shares transaction recorded with transaction code J as an other acquisition or disposition."

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^*

LIM AH DOO

(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)		1,390	A	$0	74,970(2)	D
Class A ordinary shares								1,687,647	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/ Lim Ah Doo	05/18/2026
	** 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 (GDS) director Lim Ah Doo report?

Lim Ah Doo reported acquiring 1,390 American Depositary Shares of GDS at a stated price of $0.0000 per ADS. The acquisition came from settlement of fully vested RSU awards, reflecting compensation, not an open‑market trade, and updated his direct ownership position.

How many GDS (GDS) American Depositary Shares does Lim Ah Doo now hold?

After the reported transaction, Lim Ah Doo directly holds 74,970 GDS American Depositary Shares. This balance includes the 1,390 ADS received from settlement of fully vested RSU awards and represents his updated ADS ownership as of the transaction date disclosed in the filing.

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

Each GDS American Depositary Share represents eight Class A ordinary shares, according to the filing footnotes. This ratio means Lim Ah Doo’s ADS holdings correspond economically to multiple underlying ordinary shares, though the filing focuses on ADS and Class A share counts separately.

Was the GDS (GDS) insider transaction an open-market buy or sell?

The filing does not show an open‑market buy or sell. Instead, it records an acquisition of 1,390 ADS at $0.0000 per share from settlement of fully vested RSU awards, coded as an “other” transaction (code J), indicating a compensation or restructuring entry.

How many GDS (GDS) Class A ordinary shares does Lim Ah Doo own after the filing?

The filing shows Lim Ah Doo directly owning 1,687,647 Class A ordinary shares after the reported transactions. This Class A position is separate from his 74,970 American Depositary Shares and reflects his direct non‑ADS equity stake in GDS Holdings Ltd.