LOPEZ BRUNO 4

What Happened
Bruno Lopez, a director of GDS Holdings Ltd (GDS), acquired 1,290 American Depositary Shares (ADSs) on 2026-05-15 through the settlement of fully vested Restricted Stock Units (RSUs). The filing reports the ADSs at $0.00 per ADS (code J — other acquisition), reflecting an award/settlement rather than an open-market purchase. Each ADS represents eight (8) Class A ordinary shares, so the ADSs correspond to 10,320 underlying ordinary shares.

Key Details

• Transaction date: 2026-05-15; reported on Form 4 filed 2026-05-15 (timely filing).
• Shares acquired: 1,290 ADSs; price reported: $0.00; total reported cash value: $0.
• ADS-to-ordinary share ratio: 1 ADS = 8 Class A ordinary shares (1,290 ADSs = 10,320 ordinary shares).
• Reason for acquisition: settlement of fully vested RSU awards (footnote F2).
• Shares owned after transaction: not specified in the provided filing.
• Transaction code: J (other acquisition/disposition); this is a compensatory award settlement, not a market purchase.

Context
This was a compensatory RSU settlement — a common form of executive/director compensation — not an open-market buy that would more directly signal personal bullishness. Such acquisitions increase insider holdings but typically reflect pre-granted compensation vesting rather than a discretionary cash purchase.