GDS Holdings (NASDAQ: GDS) director logs 1,290 ADSs from RSU settlement

Rhea-AI Filing Summary

GDS Holdings Ltd director Bruno Lopez reported an internal equity transaction involving American Depositary Shares (ADSs). The filing reflects 1,290 ADSs associated with the settlement of fully vested Restricted Stock Unit (RSU) awards, with no cash price shown for the transaction.

After this RSU-related settlement, Lopez holds 106,884 ADSs directly. Each ADS represents eight Class A ordinary shares, so the filing mainly documents routine equity compensation being delivered in ADS form rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LOPEZ BRUNO

Role null

Type	Security	Shares	Price	Value
Other	American Depositary Shares	1,290	$0.00	--

Holdings After Transaction: American Depositary Shares — 106,884 shares (Direct, null)

Footnotes (1)

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 in RSU settlement: 1,290 ADSs Holdings after transaction: 106,884 ADSs ADS to ordinary share ratio: 1 ADS = 8 Class A shares +1 more

4 metrics

ADSs in RSU settlement 1,290 ADSs Other transaction on settlement of fully vested RSUs

Holdings after transaction 106,884 ADSs Direct holdings following Form 4 transaction

ADS to ordinary share ratio 1 ADS = 8 Class A shares Structure of GDS Holdings ADSs

Reported transaction price $0.0000 per ADS Form 4 transaction price field for ADSs

Key Terms

American Depositary Share, Restricted Stock Unit ("RSU"), Form 4, fully vested

4 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."

Form 4 financial

"The Form 4 for Bruno Lopez does not record an open-market purchase or sale."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

fully vested financial

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

Form 4 Insider Transactions: What Each Field Means →

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^*

LOPEZ BRUNO

(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
	Officer (give title below)		Other (specify below)

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)
			Code	V	Amount	(A) or (D)	Price
American Depositary Shares(1)	05/15/2026		J(2)		1,290	A	$0	106,884(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.

	/s/ Bruno Lopez	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)

FAQ

What insider transaction did GDS (GDS) director Bruno Lopez report?

Bruno Lopez reported an internal equity transaction involving 1,290 American Depositary Shares (ADSs). The filing indicates these ADSs were linked to settlement of fully vested RSU awards, rather than an open-market buy or sell trade.

Is the GDS (GDS) Bruno Lopez Form 4 a stock purchase or sale?

The Form 4 for Bruno Lopez does not record an open-market purchase or sale. It shows 1,290 ADSs tied to settlement of fully vested RSUs, categorized as an “other” transaction rather than a standard buy or sell.

How many GDS (GDS) ADSs does Bruno Lopez hold after this Form 4 transaction?

Following the reported transaction, Bruno Lopez directly holds 106,884 American Depositary Shares. This figure reflects his position after the RSU-related ADS settlement disclosed in the Form 4.

What does one GDS (GDS) American Depositary Share represent in ordinary shares?

Each GDS Holdings American Depositary Share (ADS) represents eight Class A ordinary shares. This fixed ratio means changes in ADS holdings correspond to eight times as many underlying Class A ordinary shares.

How were the 1,290 GDS (GDS) ADSs in the Form 4 created?

The 1,290 ADSs reported were created through settlement of fully vested Restricted Stock Unit (RSU) awards. This represents equity compensation being delivered, not a cash transaction on the open market.