Executive at GDS Holdings Ltd (NASDAQ: GDS) granted 12,166 ADS via RSUs

Rhea-AI Filing Summary

GDS Holdings Ltd executive Zhang Kejing, EVP, sales and service, acquired 12,166 American Depositary Shares (ADS) on August 3, 2026 through settlement of fully vested Restricted Stock Unit awards after certification of performance and time conditions. Following this compensation-related acquisition, Zhang directly holds 51,758 ADS, each representing eight Class A ordinary shares.

Insider Trade Summary

Net Buyer: 12,166 shares

Net Buy 1 txn

Insider Zhang Kejing

Role EVP, sales and service

Type	Security	Shares	Price	Value
Other	American Depositary Shares F1, F2	12,166	$0.00	$0.00

Holdings After Transaction: American Depositary Shares — 51,758 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 August 3, 2026 and satisfaction of time conditions.

Key Figures

ADS acquired: 12,166 American Depositary Shares ADS held after transaction: 51,758 American Depositary Shares Transaction price per ADS: 0.0000 per ADS +1 more

4 metrics

ADS acquired 12,166 American Depositary Shares Acquisition upon settlement of fully vested RSUs on August 3, 2026

ADS held after transaction 51,758 American Depositary Shares Direct holdings following the August 3, 2026 acquisition

Transaction price per ADS 0.0000 per ADS Reported per-share price for RSU settlement acquisition

ADS-to-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

"American Depositary Shares (ADS) representing eight Class A ordinary shares each"

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

"settlement of fully vested Restricted Stock Unit awards after certification"

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 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.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/04/2026 - 06:40 AM Accepted by SEC EDGAR 08/04/2026 - 06:40 AM Learn about SEC filing dates

FAQ

What insider transaction did GDS (GDS) report for Zhang Kejing?

Zhang Kejing, EVP of GDS Holdings, acquired 12,166 ADS on August 3, 2026 via RSU settlement. This compensation-related acquisition increased his direct holdings to 51,758 ADS, with each ADS representing eight Class A ordinary shares rather than a market purchase.

How many ADS did GDS (GDS) executive Zhang Kejing acquire in this filing?

He acquired 12,166 American Depositary Shares of GDS Holdings in the reported transaction. The ADS were received upon settlement of fully vested Restricted Stock Unit awards after performance conditions were certified and time-based conditions were satisfied on August 3, 2026.

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

Each GDS Holdings American Depositary Share (ADS) represents eight Class A ordinary shares. This means Zhang Kejing’s ADS position reflects an economic interest in a larger number of underlying ordinary shares, even though only ADS are listed in the insider transaction.

How many GDS (GDS) ADS does Zhang Kejing hold after the RSU settlement?

After the transaction, Zhang Kejing directly holds 51,758 American Depositary Shares of GDS Holdings. This figure includes the 12,166 ADS received from settlement of fully vested RSUs following certification of performance and time conditions on August 3, 2026.

Was Zhang Kejing’s GDS (GDS) transaction a market purchase or RSU settlement?

The transaction is described as settlement of fully vested Restricted Stock Units, not a market purchase. ADS were acquired after performance conditions were certified and time conditions met, with a reported per-share transaction price of 0.0000, indicating compensation delivery rather than cash buying.

Was the GDS (GDS) insider transaction reported under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not affirmed, and no footnote mentions a trading plan. Instead, the activity is characterized as acquisition of ADS upon settlement of fully vested RSU awards after satisfaction of performance and time-based vesting conditions.

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 Kejing

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, sales and service

2a. Foreign Trading Symbol
[9698]

3. Date of Earliest Transaction (Month/Day/Year)
08/03/2026

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)	08/03/2026		J(2)		12,166	A	$0	51,758(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 August 3, 2026 and satisfaction of time conditions.

	/s/ Kejing Zhang	08/04/2026
	** 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)