What does each GDS American Depositary Share represent in ordinary shares?

Each GDS American Depositary Share represents eight Class A ordinary shares. This ratio means the 1,140 ADSs reported from RSU settlement correspond to a larger number of underlying ordinary shares, even though the Form 4 itself tracks holdings in ADS units.

GDS Holdings (NASDAQ: GDS) director awarded 1,140 ADSs from RSU vesting

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

GDS Holdings Ltd director Judy Qing Ye reported an internal equity adjustment involving 1,140 American Depositary Shares (ADS) of the company. The ADSs were acquired at a stated price of $0.00 per ADS upon settlement of fully vested Restricted Stock Unit (RSU) awards, reflecting routine equity compensation rather than an open-market trade. After this transaction, Ye holds 37,394 ADS directly. Each ADS represents eight Class A ordinary shares, so the filing shows ongoing alignment with shareholder interests through stock-based compensation.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ye Judy Qing

Role null

Type	Security	Shares	Price	Value
Other	American Depositary Shares	1,140	$0.00	--

Holdings After Transaction: American Depositary Shares — 37,394 shares (Direct, null)

Footnotes (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

ADS received: 1,140 ADS Transaction price per ADS: $0.00 per ADS Holdings after transaction: 37,394 ADS +2 more

5 metrics

ADS received 1,140 ADS Settlement of fully vested RSU awards

Transaction price per ADS $0.00 per ADS Stated transaction price

Holdings after transaction 37,394 ADS Post-transaction direct holdings

ADS to ordinary share ratio 1 ADS = 8 Class A ordinary shares Equity representation per ADS

Restructuring shares 1,140 shares Shares involved in restructuring-type transaction

Key Terms

American Depositary Shares, Restricted Stock Unit ("RSU") awards, Class A ordinary shares, Other acquisition or disposition

4 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 ("RSU") awards financial

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

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.

Other acquisition or disposition financial

"transaction_code_description": "Other acquisition or disposition""

Form 4 Insider Transactions: What Each Field Means →

05/15/2026 - 07:15 AM

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, 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)
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⁾	05/15/2026		J⁽²⁾		1,140	A	$0	37,394⁽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 fully vested Restricted Stock Unit ("RSU") awards.

	/s/ Judy Qing Ye	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did GDS director Judy Qing Ye report on this Form 4?

GDS director Judy Qing Ye reported an internal equity transaction involving 1,140 American Depositary Shares. These ADSs were received at a stated price of $0.00 per ADS upon settlement of fully vested RSU awards, indicating routine compensation rather than an open-market trade.

Did Judy Qing Ye buy or sell GDS shares in the open market?

The Form 4 does not show an open-market buy or sell by Judy Qing Ye. Instead, it records 1,140 ADSs received at $0.00 per ADS through settlement of fully vested RSU awards, which is a compensation-related event, not a market transaction.

How many GDS American Depositary Shares does Judy Qing Ye hold after this transaction?

Following the reported RSU settlement, Judy Qing Ye holds 37,394 GDS American Depositary Shares directly. This post-transaction holding figure reflects her equity stake reported in the filing and provides context for the scale of the 1,140 ADS compensation-related transaction.

How is the 1,140 ADS transaction on GDS Form 4 categorized?

The 1,140 ADS transaction is coded as “J,” described as another type of acquisition or disposition. Footnotes specify it reflects acquisition of ADSs upon settlement of fully vested RSU awards, classifying it as a compensation-related restructuring rather than a standard buy or sell.