GDS director granted 1,320 ADS in RSU award

Director Judy Qing Ye of GDS Holdings Ltd acquired 1,320 American Depositary Shares (ADS) on July 15, 2026 through a grant/award of fully vested RSU awards at no cash cost.

Rhea-AI Filing Summary

Director Judy Qing Ye of GDS Holdings Ltd acquired 1,320 American Depositary Shares (ADS) on July 15, 2026 through a grant/award of fully vested RSU awards at no cash cost. Each ADS represents eight Class A ordinary shares. Following this award, she directly holds 1,320 ADS.

Insider Trade Summary

Grant/Award: 1,320 shares

Grant/Award 1 txn

Insider Ye Judy Qing

Role Director

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares F1, F2	1,320	$0.00	$0.00

Holdings After Transaction: American Depositary Shares — 1,320 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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

Key Figures

ADS granted: 1,320 American Depositary Shares ADS held after transaction: 1,320 American Depositary Shares Transaction price per ADS: $0.0000 +1 more

4 metrics

ADS granted 1,320 American Depositary Shares Grant/award acquisition reported on July 15, 2026

ADS held after transaction 1,320 American Depositary Shares Direct holdings following the reported acquisition

Transaction price per ADS $0.0000 Per-share price for the RSU-related ADS acquisition

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

Key Terms

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

3 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 Restricted Stock Unit ("RSU") awards fully vested"

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.

FAQ

What insider transaction did GDS (GDS) report for director Judy Qing Ye?

Director Judy Qing Ye acquired 1,320 American Depositary Shares of GDS Holdings Ltd via a grant/award of fully vested RSU awards on July 15, 2026, increasing her direct holdings to 1,320 ADS.

How many GDS (GDS) American Depositary Shares were granted in this Form 4?

The filing reports a grant of 1,320 American Depositary Shares (ADS). These ADSs were received upon settlement of fully vested Restricted Stock Unit (RSU) awards that vested immediately when granted, with no cash price per ADS reported.

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

Each American Depositary Share (ADS) of GDS Holdings Ltd represents eight (8) Class A ordinary shares. This ratio is specified in the footnotes and defines how ADS holdings translate into underlying ordinary share exposure.

Was the GDS (GDS) insider grant an open-market purchase or a compensation award?

The transaction was a grant/award acquisition, not an open-market purchase. The Form 4 describes ADSs acquired upon settlement of Restricted Stock Unit awards that were fully vested immediately upon grant, with a per-share price of $0.0000.

What are Judy Qing Ye’s GDS (GDS) holdings after this Form 4 transaction?

After the reported transaction, director Judy Qing Ye directly holds 1,320 American Depositary Shares of GDS Holdings Ltd. The Form 4 states this total as the shares beneficially owned following the reported acquisition.

Did the GDS (GDS) RSU-related ADS grant involve any derivative exercises?

No derivative exercises are reported in this Form 4. The filing shows a non-derivative acquisition of 1,320 ADS through settlement of fully vested RSU awards, and the derivative section contains no additional option or warrant positions.

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Available on EDGAR 07/15/2026 - 07:02 AM Accepted by SEC EDGAR 07/15/2026 - 07:01 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^*

Ye Judy Qing

(Last) (First) (Middle)

C/O F4/F5, BLDG C, SUNLAND INTERNATIONAL

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
[9698]

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

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)	07/15/2026		A(2)		1,320	A	$0	1,320(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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

	/s/ Judy Qing Ye	07/15/2026
	** 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)