What does one GDS American Depositary Share represent in underlying Class A ordinary shares?

Each GDS American Depositary Share represents 8 Class A ordinary shares . The Form 4 footnote states that one ADS corresponds to eight Class A ordinary shares, linking the listed ADS amount to the company’s underlying equity structure.

GDS Holdings (ticker: GDS) director receives 1,130 ADS equity award

Q: What insider transaction did Liu Chee Ming report for GDS on this Form 4?

Liu Chee Ming reported receiving a grant of 1,130 American Depositary Shares of GDS as equity compensation. The ADSs were delivered at $0.00 per ADS upon settlement of Restricted Stock Units that fully vested immediately at grant.

Q: How many GDS American Depositary Shares does Liu Chee Ming hold after this Form 4 transaction?

Following the reported award, Liu Chee Ming directly holds 30,400 American Depositary Shares of GDS. This total includes the 1,130 ADS received in the latest grant, reflecting his updated direct equity position in the company.

Q: Was Liu Chee Ming’s GDS Form 4 transaction an open-market purchase or a stock award?

The transaction was a stock award , not an open-market purchase. Code A and a $0.00 per ADS price show it was an equity grant delivered via settlement of fully vested Restricted Stock Units as compensation.

Q: How were the Restricted Stock Units in this GDS Form 4 structured for Liu Chee Ming?

The Restricted Stock Units were fully vested immediately upon grant and settled in 1,130 ADS . This means Liu received the shares outright at grant, with no vesting schedule beyond the grant date and no cash paid for the ADSs.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Liu Chee Ming reported acquisition or exercise transactions in this Form 4 filing.

GDS Holdings Ltd director Liu Chee Ming received a grant/award of 1,130 American Depositary Shares (ADS) on July 15, 2026, delivered at $0.00 per ADS upon settlement of Restricted Stock Unit awards that vested immediately at grant.

After this equity-based compensation award, Liu directly holds 30,400 ADS. Each ADS represents 8 Class A ordinary shares, so this filing reflects additional stock-based compensation rather than an open-market purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Liu Chee Ming

Role Director

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares	1,130	$0.00	--

Holdings After Transaction: American Depositary Shares — 30,400 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 grant: 1,130 ADS Grant price: $0.00 per ADS Post-transaction holdings: 30,400 ADS +1 more

4 metrics

ADS grant 1,130 ADS Grant/award of American Depositary Shares to director on July 15, 2026

Grant price $0.00 per ADS Delivery price for ADS issued on RSU settlement

Post-transaction holdings 30,400 ADS Total American Depositary Shares held directly after the award

ADS 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

"Transaction in American Depositary Shares representing company equity"

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 - 06:56 AM Accepted by SEC EDGAR 07/15/2026 - 06:56 AM

FAQ

What insider transaction did Liu Chee Ming report for GDS on this Form 4?

Liu Chee Ming reported receiving a grant of 1,130 American Depositary Shares of GDS as equity compensation. The ADSs were delivered at $0.00 per ADS upon settlement of Restricted Stock Units that fully vested immediately at grant.

How many GDS American Depositary Shares does Liu Chee Ming hold after this Form 4 transaction?

Following the reported award, Liu Chee Ming directly holds 30,400 American Depositary Shares of GDS. This total includes the 1,130 ADS received in the latest grant, reflecting his updated direct equity position in the company.

Was Liu Chee Ming’s GDS Form 4 transaction an open-market purchase or a stock award?

The transaction was a stock award, not an open-market purchase. Code A and a $0.00 per ADS price show it was an equity grant delivered via settlement of fully vested Restricted Stock Units as compensation.

How were the Restricted Stock Units in this GDS Form 4 structured for Liu Chee Ming?

The Restricted Stock Units were fully vested immediately upon grant and settled in 1,130 ADS. This means Liu received the shares outright at grant, with no vesting schedule beyond the grant date and no cash paid for the ADSs.

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^*

Liu Chee Ming

(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⁾		1,130	A	$0	30,400⁽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/ Chee Ming Liu	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