Jonathan Allen King acquires 160 GDS (GDS) ADS through RSU settlement

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

GDS Holdings Ltd reporting person Jonathan Allen King received 160 American Depositary Shares through settlement of fully vested Restricted Stock Units at no cash price. After this compensation-related transaction, he directly holds 16,827 ADSs, each representing eight Class A ordinary shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KING JONATHAN ALLEN

Role null

Type	Security	Shares	Price	Value
Other	American Depositary Shares	160	$0.00	--

Holdings After Transaction: American Depositary Shares — 16,827 shares (Direct, null)

Footnotes (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

ADSs acquired: 160 ADSs Holdings after transaction: 16,827 ADSs Price per ADS: $0.0000 per ADS +1 more

4 metrics

ADSs acquired 160 ADSs Settlement of fully vested RSU awards

Holdings after transaction 16,827 ADSs Direct ownership following RSU settlement

Price per ADS $0.0000 per ADS Reported transaction price, compensation-related issuance

ADS to ordinary share ratio 1 ADS = 8 Class A shares Structural relationship disclosed in footnote

Key Terms

American Depositary Shares, ADS, Restricted Stock Unit, RSU

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.

ADS financial

"Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

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.

RSU financial

"Reflects the acquisition of ADSs upon settlement of fully vested Restricted Stock Unit ("RSU") awards."

Restricted stock units (RSUs) are a form of company shares given to employees as part of their compensation, usually with certain restrictions or conditions, such as remaining with the company for a set period. When these restrictions lift, employees receive actual shares that they can sell or hold. For investors, RSUs can impact a company's stock supply and reflect the company's commitment to attracting and retaining talent.

Form 4 Insider Transactions: What Each Field Means →

05/15/2026 - 07:11 AM

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^*

KING JONATHAN ALLEN

(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)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See Remarks

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⁾		160	A	$0	16,827⁽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)
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.

Remarks:

Member of the executive committee

	/s/ Jonathan Allen King	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

FAQ

What insider transaction did Jonathan Allen King report at GDS (GDS)?

Jonathan Allen King reported receiving 160 American Depositary Shares of GDS Holdings Ltd. The shares were delivered upon settlement of fully vested Restricted Stock Units and involved no cash purchase, reflecting routine equity compensation rather than an open-market trade.

How many GDS (GDS) shares does Jonathan Allen King hold after this Form 4?

After the reported transaction, Jonathan Allen King directly holds 16,827 American Depositary Shares of GDS Holdings Ltd. This figure reflects his position following the settlement of fully vested Restricted Stock Units into additional ADSs recorded in the Form 4 filing.

What does the 160 ADS transaction mean for GDS (GDS) investors?

The 160 ADS transaction reflects equity compensation for Jonathan Allen King via Restricted Stock Unit settlement. It is a small, non-cash event and not an open-market purchase or sale, so it mainly updates ownership records rather than signaling a directional trading view.

Was cash paid for the 160 GDS (GDS) ADSs reported on this Form 4?

No cash was paid for the 160 American Depositary Shares reported. The Form 4 lists a price per share of 0.0000, and a footnote explains the ADSs were issued upon settlement of fully vested Restricted Stock Units, indicating a compensation grant rather than a purchase.

What is the relationship between GDS (GDS) ADSs and ordinary shares?

Each GDS Holdings Ltd American Depositary Share represents eight Class A ordinary shares. This ratio is disclosed in a footnote to the Form 4, helping investors understand how ADS holdings translate into the underlying ordinary share count of the company.