GDS CEO receives 200,888 ADSs via RSU vesting

GDS Holdings Ltd Chairman and CEO William Wei Huang reported changes in his American Depositary Share (ADS) holdings.

Rhea-AI Filing Summary

GDS Holdings Ltd Chairman and CEO William Wei Huang reported changes in his American Depositary Share (ADS) holdings. He acquired 200,888 ADSs at no cost upon settlement of fully vested Restricted Stock Unit (RSU) awards after performance and time conditions were met. Following this transaction, he holds 200,888 ADSs directly and 318,671 ADSs indirectly through Solution Leisure Investment Limited. Each ADS represents eight Class A ordinary shares, so this filing mainly reflects equity compensation rather than an open‑market trade.

Insider Trade Summary

Other: 200,888 shares

Other 2 txns

Insider Huang William Wei

Role Chairman and CEO

Type	Security	Shares	Price	Value
Other	American Depositary Shares	200,888	$0.00	$0.00
holding	American Depositary Shares	--	--	--

Holdings After Transaction: American Depositary Shares — 200,888 shares (Direct); American Depositary Shares — 318,671 shares (Indirect, By Solution Leisure Investment Limited)

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 fully vested Restricted Stock Unit ("RSU") awards after certification of performance conditions on April 23, 2026 and satisfaction of time conditions.

Key Figures

ADSs acquired via RSU settlement: 200,888 ADSs Price per ADS for RSU settlement: $0.00 per ADS Direct ADS holdings after transaction: 200,888 ADSs +3 more

6 metrics

ADSs acquired via RSU settlement 200,888 ADSs Non-derivative transaction coded J on April 30, 2026

Price per ADS for RSU settlement $0.00 per ADS Equity compensation, not open-market purchase

Direct ADS holdings after transaction 200,888 ADSs Total shares following transaction, direct ownership

Indirect ADS holdings after transaction 318,671 ADSs Held indirectly via Solution Leisure Investment Limited

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

Restructuring-type transaction shares 200,888 ADSs Classified as other acquisition or disposition (code J)

Key Terms

American Depositary Share, Restricted Stock Unit ("RSU"), Class A ordinary shares, Other acquisition or disposition, +1 more

5 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 ("RSU") financial

"Reflects the acquisition of ADSs upon settlement of fully vested 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.

Other acquisition or disposition regulatory

"transaction_code_description": "Other acquisition or disposition""

indirect ownership financial

"ownership_type": "indirect", "nature_of_ownership": "By Solution Leisure Investment Limited""

FAQ

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

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

GDS reported that Chairman and CEO William Wei Huang acquired 200,888 American Depositary Shares through settlement of fully vested RSU awards. The ADSs were issued at $0.00 per share, reflecting equity compensation rather than a market purchase or sale.

How many GDS (GDS) ADSs does William Wei Huang now hold directly and indirectly?

After the reported transaction, William Wei Huang holds 200,888 ADSs directly and 318,671 ADSs indirectly through Solution Leisure Investment Limited. This Form 4 shows his combined reported positions following the RSU settlement event.

What is the source of the 200,888 GDS (GDS) ADSs acquired by the CEO?

The 200,888 ADSs were acquired upon settlement of fully vested RSU awards after certification of performance conditions on April 23, 2026 and satisfaction of time conditions. This represents equity compensation, not an open‑market purchase.

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

Each GDS American Depositary Share represents eight Class A ordinary shares. This ratio means the CEO’s 200,888 ADSs correspond to a significantly larger number of underlying ordinary shares, as disclosed in the filing’s footnote.

Did the GDS (GDS) CEO sell any shares in this Form 4 filing?

The Form 4 does not report any open‑market sales by the CEO. It shows an acquisition of 200,888 ADSs via RSU settlement and an updated indirect holding of 318,671 ADSs through Solution Leisure Investment Limited.

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

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Accepted by SEC EDGAR 05/04/2026 - 06:06 AM 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^*

Huang William Wei

(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
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

2a. Foreign Trading Symbol
[9,698]

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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)	04/30/2026		J(2)		200,888	A	$0	200,888(2)	D
American Depositary Shares(1)								318,671	I	By Solution Leisure Investment Limited

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 after certification of performance conditions on April 23, 2026 and satisfaction of time conditions.

	/s/ William Wei Huang	05/04/2026
	** 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)