GDS Holdings (GDS) director adds 1,840 ADSs from RSU settlement, now holds 207,048

Rhea-AI Filing Summary

GDS Holdings Ltd director Sio Tat Hiang reported a compensation-related share acquisition. He received 1,840 American Depositary Shares (ADSs) of GDS at a stated price of $0.0000 per ADS upon settlement of fully vested Restricted Stock Unit (RSU) awards. Following this transaction, his direct holdings increased to 207,048 ADSs. A separate entry shows 4,000 ADSs held indirectly through his spouse. Each ADS represents eight Class A ordinary shares, so these positions provide meaningful direct and family exposure without any open-market buying or selling.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider SIO TAT HIANG

Role null

Type	Security	Shares	Price	Value
Other	American Depositary Shares	1,840	$0.00	--
holding	American Depositary Shares	--	--	--

Holdings After Transaction: American Depositary Shares — 207,048 shares (Direct, null); 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 fully vested Restricted Stock Unit ("RSU") awards.

Key Figures

RSU settlement ADSs: 1,840 ADSs Direct ADS holdings after transaction: 207,048 ADSs Indirect ADS holdings (spouse): 4,000 ADSs +1 more

4 metrics

RSU settlement ADSs 1,840 ADSs Acquired upon settlement of fully vested RSU awards

Direct ADS holdings after transaction 207,048 ADSs Total American Depositary Shares held directly after Form 4 event

Indirect ADS holdings (spouse) 4,000 ADSs American Depositary Shares reported as held by spouse

ADS to ordinary share ratio 1 ADS = 8 Class A ordinary shares Economic equivalence of each GDS American Depositary Share

Key Terms

American Depositary Shares, American Depositary Share ("ADS"), Class A ordinary shares, Restricted Stock Unit ("RSU") awards

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.

American Depositary Share ("ADS") financial

"Each American Depositary Share ("ADS") represents eight (8) Class A ordinary shares."

An American Depositary Share (ADS) is a U.S.-listed certificate issued by a U.S. bank that represents one or more ordinary shares of a foreign company, letting U.S. investors buy and sell that foreign stock in dollars on U.S. markets. It matters because ADSs make access to overseas companies easier and more convenient—like a local ticket that stands in for a foreign product—while affecting liquidity, dividend payments, currency conversion and the regulatory disclosures investors rely on.

Class A ordinary shares financial

"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.

Restricted Stock Unit ("RSU") awards 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^*

SIO TAT HIANG

(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
[[9698]]

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)		1,840	A	$0	207,048(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 fully vested Restricted Stock Unit ("RSU") awards.

	/s/ Sio Tat Hiang	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 director Sio Tat Hiang report on this Form 4 for GDS?

Sio Tat Hiang reported receiving 1,840 American Depositary Shares of GDS at a stated price of $0.0000 per share. These ADSs were issued upon settlement of fully vested RSU awards, increasing his direct holdings to 207,048 ADSs.

How many GDS ADSs does Sio Tat Hiang hold after the reported Form 4 transaction?

After the transaction, Sio Tat Hiang directly holds 207,048 American Depositary Shares of GDS. In addition, a separate entry shows 4,000 ADSs held indirectly through his spouse, reflecting both personal and family ownership positions in the company.

Was the GDS Form 4 transaction an open-market buy or sell of shares?

The reported transaction was not an open-market buy or sell. It reflects 1,840 GDS ADSs acquired at $0.0000 per share upon settlement of fully vested RSU awards, which is a compensation-related issuance rather than a market trade.

What does each GDS American Depositary Share represent according to the Form 4 footnotes?

Each GDS American Depositary Share represents eight Class A ordinary shares. This means the director’s 207,048 ADSs correspond to a substantially larger number of underlying ordinary shares, amplifying the economic exposure represented by the ADS holdings.

How much indirect ownership in GDS does Sio Tat Hiang report through his spouse?

The Form 4 shows 4,000 American Depositary Shares of GDS held indirectly through Sio Tat Hiang’s spouse. This indirect position is reported separately from his 207,048 ADSs of direct ownership, together representing his and his family’s disclosed holdings.