GDS Holdings (GDS) director receives 2,130 ADS award, holds 209,178 ADS

Rhea-AI Filing Summary

SIO TAT HIANG reported acquisition or exercise transactions in this Form 4 filing.

GDS Holdings Ltd director Sio Tat Hiang received a grant of 2,130 American Depositary Shares on 2026-07-15 through settlement of fully vested RSU awards at $0.0000 per ADS. Following the award, he holds 209,178 ADSs directly and 4,000 ADSs indirectly via his spouse; each ADS represents eight Class A ordinary shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider SIO TAT HIANG

Role Director

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares	2,130	$0.00	--
holding	American Depositary Shares	--	--	--

Holdings After Transaction: American Depositary Shares — 209,178 shares (Direct); American Depositary Shares — 4,000 shares (Indirect, By spouse)

Footnotes (1)

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 granted: 2,130 American Depositary Shares Grant price: $0.0000 per American Depositary Share Direct holdings after award: 209,178 American Depositary Shares +2 more

5 metrics

ADS granted 2,130 American Depositary Shares Grant/award acquisition on 2026-07-15 via RSU settlement

Grant price $0.0000 per American Depositary Share Price per share for RSU-related ADS acquisition

Direct holdings after award 209,178 American Depositary Shares Total ADS held directly by Sio Tat Hiang after reported transactions

Indirect holdings after award 4,000 American Depositary Shares ADS held indirectly via spouse

ADS to ordinary 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

"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 financial

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/15/2026 - 06:59 AM Accepted by SEC EDGAR 07/15/2026 - 06:58 AM Learn about SEC filing dates

FAQ

What insider transaction did GDS (GDS) report for Sio Tat Hiang?

GDS reported that director Sio Tat Hiang received a grant of 2,130 American Depositary Shares (ADS) on 2026-07-15. The ADSs were issued at $0.0000 per ADS through settlement of fully vested Restricted Stock Unit (RSU) awards.

How many GDS (GDS) shares does Sio Tat Hiang hold after this Form 4?

After the reported award, Sio Tat Hiang holds 209,178 ADSs directly and 4,000 ADSs indirectly via his spouse. These positions reflect his updated beneficial ownership in GDS expressed in American Depositary Shares.

Was the GDS (GDS) insider award an open-market purchase?

No. The filing shows a code “A” grant/award acquisition of 2,130 ADS at $0.0000 per ADS, reflecting settlement of fully vested RSU awards rather than an open-market purchase for cash.

What is the share ratio for GDS (GDS) American Depositary Shares?

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

How are some of Sio Tat Hiang’s GDS (GDS) holdings owned indirectly?

The Form 4 shows 4,000 ADS reported as indirectly owned, with the nature of ownership noted as “By spouse”. This indicates those ADSs are held through his spouse, not in his direct name.

What does the RSU settlement mean in the GDS (GDS) Form 4 filing?

The footnote explains that the 2,130 ADS were acquired upon settlement of Restricted Stock Unit (RSU) awards that were fully vested immediately upon grant, indicating a compensation-related equity award rather than a purchase.

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^*

SIO TAT HIANG

(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)
			Code	V	Amount	(A) or (D)	Price
American Depositary Shares(1)	07/15/2026		A(2)		2,130	A	$0	209,178(2)	D
American Depositary Shares(1)								4,000	I	By spouse

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 Restricted Stock Unit ("RSU") awards fully vested immediately upon their grant.

	/s/ Sio Tat Hiang	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)