What does each GDS American Depositary Share represent in terms of ordinary shares?

Each GDS American Depositary Share represents eight Class A ordinary shares. This ratio means the 1,500 ADSs involved in the transaction correspond economically to a larger number of underlying ordinary shares, even though the filing reports only the ADS count.

GDS director reports 1,500 ADS RSU settlement

GDS Holdings Ltd director reports RSU settlement.

Accepted by SEC EDGAR 05/15/2026 - 06:45 AM EDT

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

GDS Holdings Ltd director reports RSU settlement. Baharudin Zulkifli Bin reported an "other" transaction involving 1,500 American Depositary Shares (ADS) of GDS at a stated price of $0.00 per ADS, reflecting the acquisition of ADSs upon settlement of fully vested Restricted Stock Unit awards. Each ADS represents eight Class A ordinary shares. Following this transaction, the director directly holds 90,650 ADS.

Insider Trade Summary

Other: 1,500 shares

Other 1 txn

Insider BAHARUDIN ZULKIFLI BIN

Role Director

Type	Security	Shares	Price	Value
Other	American Depositary Shares	1,500	$0.00	$0.00

Holdings After Transaction: American Depositary Shares — 90,650 shares (Direct)

Holdings Before and After: American Depositary Shares, 89,150 to 90,650 shares (Direct)

Footnotes (2)

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

Key Figures

ADS acquired in transaction: 1,500 ADS Price per ADS: $0.00 per ADS Holdings after transaction: 90,650 ADS +1 more

4 metrics

ADS acquired in transaction 1,500 ADS Reported as "other" transaction upon RSU settlement

Price per ADS $0.00 per ADS Stated transaction price for RSU settlement

Holdings after transaction 90,650 ADS Total American Depositary Shares directly held post-transaction

ADS to ordinary share ratio 1 ADS = 8 Class A shares Economic equivalence stated in footnote

Key Terms

American Depositary Shares, Restricted Stock Unit, Class A ordinary shares, other transaction

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.

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.

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.

other transaction financial

"transaction_action": "other transaction""

FAQ

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

What insider transaction did GDS director Baharudin Zulkifli Bin report on this Form 4 for GDS?

The director reported an "other" transaction involving 1,500 American Depositary Shares of GDS. These ADSs were received upon settlement of fully vested Restricted Stock Unit awards rather than through an open-market purchase or sale.

Is the GDS Form 4 transaction an open-market buy or sell of shares?

The Form 4 does not show an open-market buy or sell. It records an "other" transaction where 1,500 American Depositary Shares were acquired upon settlement of fully vested Restricted Stock Unit awards at a stated price of $0.00 per ADS.

How many GDS American Depositary Shares does the director hold after this transaction?

After the reported transaction, the director directly holds 90,650 American Depositary Shares of GDS. This updated holding reflects the addition of 1,500 ADSs received through the settlement of fully vested Restricted Stock Unit awards.

How is the RSU settlement described in the GDS Form 4 footnotes?

The footnotes explain that the reported change reflects the acquisition of American Depositary Shares upon settlement of fully vested Restricted Stock Unit awards. This clarifies that the transaction is compensation-related, not a discretionary open-market purchase or sale of GDS shares.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

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, 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares⁽¹⁾	05/15/2026		J⁽²⁾		1,500	A	$0	90,650⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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/ Zulkifli Bin Baharudin	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)

Source: View Original Filing on SEC EDGAR