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

Each GDS American Depositary Share (ADS) represents eight Class A ordinary shares . This means Zhang’s 75 ADS correspond economically to eight underlying Class A ordinary shares for each ADS, as specified in the filing’s footnote disclosure.

GDS Holdings Ltd (GDS) director awarded 75 ADS through RSU settlement

Q: What did GDS (GDS) disclose about David Zhang in this Form 4?

GDS reported that director David Zhang acquired 75 American Depositary Shares (ADS) on July 15, 2026. The ADS were received through settlement of Restricted Stock Unit awards that fully vested immediately upon grant, and are held directly.

Q: How many GDS (GDS) ADS did David Zhang receive in the July 15, 2026 transaction?

David Zhang received 75 ADS in the reported transaction. These ADS were acquired at a reported price of $0.0000 per ADS upon settlement of fully vested RSU awards , rather than through an open-market purchase.

Q: Were David Zhang’s GDS (GDS) RSU awards vested at the time of grant?

Yes. The filing states that the ADS reflect settlement of RSU awards fully vested immediately upon their grant . This indicates there was no additional vesting schedule after the grant date for these particular RSU awards.

Q: How many GDS (GDS) ADS does David Zhang hold after this Form 4 transaction?

Following the reported acquisition, David Zhang holds 75 ADS directly. The total shares following the transaction match the 75 ADS received through settlement of fully vested RSU awards, with no additional ADS shown in this report.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

GDS Holdings Ltd director David Zhang reported acquiring 75 American Depositary Shares (ADS) on July 15, 2026 through settlement of Restricted Stock Unit (RSU) awards that fully vested immediately upon grant. Each ADS represents eight Class A ordinary shares, and Zhang now holds 75 ADS directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Zhang David

Role Director

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares	75	$0.00	--

Holdings After Transaction: American Depositary Shares — 75 shares (Direct)

Footnotes (1)

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

Key Figures

ADS acquired: 75.0000 ADS Price per ADS: $0.0000 per ADS ADS held after transaction: 75.0000 ADS +1 more

4 metrics

ADS acquired 75.0000 ADS Grant of American Depositary Shares on July 15, 2026

Price per ADS $0.0000 per ADS Reported transaction price per share for the ADS grant

ADS held after transaction 75.0000 ADS Total American Depositary Shares held directly after the award

ADS-to-share ratio 8 Class A ordinary shares per ADS 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

"Security title listed as American Depositary Shares for the transaction"

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 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 represents eight 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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/15/2026 - 07:09 AM Accepted by SEC EDGAR 07/15/2026 - 07:08 AM

FAQ

What did GDS (GDS) disclose about David Zhang in this Form 4?

GDS reported that director David Zhang acquired 75 American Depositary Shares (ADS) on July 15, 2026. The ADS were received through settlement of Restricted Stock Unit awards that fully vested immediately upon grant, and are held directly.

How many GDS (GDS) ADS did David Zhang receive in the July 15, 2026 transaction?

David Zhang received 75 ADS in the reported transaction. These ADS were acquired at a reported price of $0.0000 per ADS upon settlement of fully vested RSU awards, rather than through an open-market purchase.

Were David Zhang’s GDS (GDS) RSU awards vested at the time of grant?

Yes. The filing states that the ADS reflect settlement of RSU awards fully vested immediately upon their grant. This indicates there was no additional vesting schedule after the grant date for these particular RSU awards.

How many GDS (GDS) ADS does David Zhang hold after this Form 4 transaction?

Following the reported acquisition, David Zhang holds 75 ADS directly. The total shares following the transaction match the 75 ADS received through settlement of fully vested RSU awards, with no additional ADS shown in this report.

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^*

Zhang David

(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)
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⁾	07/15/2026		A⁽²⁾		75	A	$0	75⁽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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

	/s/ David Zhang	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)

Source: View Original Filing on SEC EDGAR