GDS EVP receives 52,660 ADSs via RSU settlement

GDS Holdings Ltd executive vice president of operations Qian Yixin reported an internal equity restructuring involving American Depositary Shares (ADSs).

Rhea-AI Filing Summary

GDS Holdings Ltd executive vice president of operations Qian Yixin reported an internal equity restructuring involving American Depositary Shares (ADSs). The filing shows 52,660 ADSs were acquired at a stated price of $0.00 per ADS through settlement of fully vested Restricted Stock Unit (RSU) awards after performance and time conditions were met.

Following this RSU settlement, Qian directly holds 76,865 ADSs. Each ADS represents eight Class A ordinary shares, so the transaction reflects compensation-related share delivery rather than an open-market purchase or sale.

Insider Trade Summary

Other: 52,660 shares

Other 1 txn

Insider Qian Yixin

Role Executive VP, operation

Type	Security	Shares	Price	Value
Other	American Depositary Shares	52,660	$0.00	$0.00

Holdings After Transaction: American Depositary Shares — 76,865 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 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: 52,660 ADSs Holdings after transaction: 76,865 ADSs Stated transaction price: $0.00 per ADS +2 more

5 metrics

ADSs acquired via RSU settlement 52,660 ADSs Other acquisition or disposition on April 30, 2026

Holdings after transaction 76,865 ADSs Direct ownership following RSU settlement

Stated transaction price $0.00 per ADS Equity delivered as RSU settlement, not market purchase

ADS to ordinary share ratio 1 ADS = 8 Class A shares Structure of GDS American Depositary Shares

Restructuring shares 52,660 shares Classified as restructuring in transaction summary

Key Terms

American Depositary Shares, Restricted Stock Unit, RSU awards, other acquisition or disposition

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

"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 awards financial

"settlement of fully vested Restricted Stock Unit ("RSU") awards after certification of performance conditions"

RSU awards are promises by a company to give employees actual shares of stock (or cash equal to their value) after certain conditions are met, typically continued employment over a set period or hitting performance goals. Think of them like stock paid in installments that become yours over time; they matter to investors because they affect future share count, executive incentives and company expenses, which can dilute existing shareholders and influence management decisions.

other acquisition or disposition regulatory

"transaction code description is "Other acquisition or disposition" for this event"

FAQ

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

What insider transaction did GDS (GDS) report for Qian Yixin?

GDS reported that executive vice president of operations Qian Yixin received 52,660 American Depositary Shares. These ADSs were delivered upon settlement of fully vested RSU awards after performance certification and time vesting conditions were satisfied, rather than through an open-market purchase or sale.

How many GDS (GDS) ADSs does Qian Yixin hold after this Form 4?

After the reported transaction, Qian Yixin directly holds 76,865 American Depositary Shares of GDS. This reflects the updated ownership following the settlement of 52,660 ADSs from previously granted RSU awards that had fully vested and met performance and time-based conditions.

Was the GDS (GDS) Form 4 transaction an open-market buy or sell?

No, the transaction was not an open-market buy or sell. It is classified under code J as “other acquisition or disposition” and reflects settlement of fully vested RSU awards into ADSs after performance and time conditions were met, with no cash price per ADS reported.

What do the GDS (GDS) RSU footnotes say about this Form 4 event?

The footnotes explain that the 52,660 ADSs were acquired upon settlement of fully vested RSU awards. Settlement occurred after certification of performance conditions on April 23, 2026 and satisfaction of time-based vesting conditions, indicating a compensation-related share delivery rather than discretionary trading activity.

How are GDS (GDS) American Depositary Shares structured in this filing?

Each GDS American Depositary Share represents eight Class A ordinary shares. The Form 4 notes this ratio in the footnotes, clarifying the underlying equity exposure associated with the 52,660 ADSs delivered through RSU settlement and the 76,865 ADSs held directly after the transaction.

What transaction code is used in the GDS (GDS) Form 4 for Qian Yixin?

The transaction uses code J, described as “other acquisition or disposition.” In this case, it represents acquisition of ADSs via settlement of fully vested RSU awards, with the transaction categorized as restructuring rather than a standard market purchase, sale, gift, or tax-withholding event.

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

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Accepted by SEC EDGAR 05/04/2026 - 06:09 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^*

Qian Yixin

(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
X	Officer (give title below)		Other (specify below)
	Executive VP, operation

2a. Foreign Trading Symbol
[[9698]]

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)		52,660	A	$0	76,865(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 fully vested Restricted Stock Unit ("RSU") awards after certification of performance conditions on April 23, 2026 and satisfaction of time conditions.

	/s/ Yixin Qian	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)