Liu Chee Ming 4

What Happened

• Liu Chee Ming, a director of GDS Holdings Ltd (GDS), acquired 980 American Depositary Shares (ADSs) on 2026-05-15. The reported transaction price was $0.00, reflecting issuance upon settlement of fully vested Restricted Stock Units (RSUs). Because each ADS represents eight Class A ordinary shares, 980 ADSs correspond to 7,840 underlying Class A shares. This was an award/vesting event (not an open-market purchase or sale).

Key Details

• Transaction date and filing: 2026-05-15 (Form 4 filed same day).
• Reported transaction: Other acquisition (code J) — 980 ADSs acquired at $0.00; total cash paid reported as $0.
• ADS conversion: 1 ADS = 8 Class A ordinary shares (980 ADSs = 7,840 Class A shares). (Footnote F1)
• Reason for acquisition: Settlement of fully vested RSU awards (Footnote F2).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: Filing appears timely (period of report and filing date the same).

Context

• This was a compensation-related issuance (RSU vesting), which is common for executives and directors and does not necessarily indicate a buying or selling decision in the market. No immediate sale or cashless exercise is indicated in the filing.