BAHARUDIN ZULKIFLI BIN 4

What Happened Baharudin Zulkifli, a director of GDS Holdings Ltd, acquired 1,500 American Depositary Shares (ADSs) on 2026-05-15. The ADSs were reported at $0.00 per ADS (no cash paid) and reflect the settlement of fully vested restricted stock units (RSUs). Each ADS represents eight (8) Class A ordinary shares, so the award is equivalent to 12,000 underlying ordinary shares. This was an award/settlement of compensation, not an open-market purchase.

Key Details

• Transaction date: 2026-05-15; reported acquisition of 1,500 ADSs at $0.00 per ADS (Form 4 code J — other acquisition/disposition).
• Underlying shares: 1,500 ADSs × 8 = 12,000 Class A ordinary shares (per footnote).
• Reason: Settlement of fully vested RSU awards (footnote F2).
• Shares owned after transaction: Not specified in the supplied filing details.
• Filing: Form 4 filed 2026-05-15 covering the 2026-05-15 transaction (filed same day).
• Footnotes: F1 — each ADS = 8 Class A ordinary shares; F2 — acquisition reflects settlement of fully vested RSUs.

Context This transaction is a compensation-related award (RSU settlement), which is common for executives and directors and does not by itself indicate a purchase financed from personal funds or a change in market sentiment. Transaction code J is often used to report non-standard acquisitions or dispositions such as award settlements.