GDS Holdings Director Zulkifli Bin Baharudin Receives 1,740 ADS via RSU Vesting at No Cost on July 15, 2026

Details of Director Zulkifli Bin Baharudin’s RSU Settlement on July 15, 2026

According to the filing dated July 15, 2026, director Zulkifli Bin Baharudin received 1,740 ADS units in GDS Holdings Ltd through Restricted Stock Unit awards that vested fully and immediately upon grant. The transaction was reported as an acquisition at a price of $0.00 per ADS, reflecting the standard practice for RSU settlements where no purchase price is paid at vesting.

The filing identifies Zulkifli Bin Baharudin as a director of GDS Holdings Ltd, listing his address as c/o F4/F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong, Shanghai, China, 200137. This report was submitted by a single reporting person and is not an amendment to any prior filing. The transaction date of July 15, 2026 is the earliest reported date in the document.

Understanding American Depositary Shares in GDS Holdings’ Capital Structure

The disclosure clarifies that each American Depositary Share represents eight Class A ordinary shares of GDS Holdings. This conversion ratio is important for investors interpreting ADS-denominated ownership figures or transactions.

Accordingly, the 1,740 ADS units acquired correspond to 13,920 underlying Class A ordinary shares. The director’s total beneficial ownership of 92,390 ADS units equates to approximately 739,120 Class A ordinary shares. The filing does not provide additional commentary on the equity structure or RSU award terms beyond these footnotes.

Director’s Beneficial Ownership After the RSU Vesting

Following the RSU settlement, Zulkifli Bin Baharudin directly holds 92,390 ADS units, representing his beneficial ownership as of July 15, 2026. This total includes the 1,740 ADS units acquired through vesting. The filing reports no indirect ownership through trusts, family, or affiliated entities.

Investors tracking insider holdings at GDS Holdings may note this is a significant stake, given the ADS-to-Class A share ratio. The filing does not provide historical data on prior RSU grants or the initial establishment of the director’s position.

RSU Awards and Zero-Dollar Acquisition Price Explained

The acquisition price of $0.00 per ADS aligns with typical RSU compensation, where shares are granted without purchase consideration upon vesting. These RSUs vested fully and immediately upon grant, with no deferred vesting schedule disclosed.

Immediate vesting RSUs are often used as part of director compensation to align interests without multi-year restrictions. The filing does not specify the original grant date separate from the transaction date, nor disclose the total RSUs granted or valuation methods.

GDS Holdings’ Dual Listing and Foreign Symbol Information

The disclosure references GDS Holdings Ltd under NASDAQ ticker GDS and foreign trading symbol 9698, reflecting its dual-listed status. The company’s shares trade both on NASDAQ and a foreign exchange, relevant for global investors monitoring ownership across venues.

This filing pertains specifically to NASDAQ-listed ADS units. The director’s ownership is reported solely in ADS units, with no holdings reported under the foreign symbol. No further details on the foreign listing or regulatory requirements were provided.

Section 16(a) Reporting Compliance for GDS Holdings Insiders

This disclosure complies with Section 16(a) of the Securities Exchange Act of 1934, requiring officers, directors, and significant beneficial owners to report ownership changes. Zulkifli Bin Baharudin is identified as a director, subject to these reporting obligations. He is not a ten-percent owner nor an officer.

The filing warns that intentional misstatements or omissions are federal criminal offenses. Signed by Zulkifli Bin Baharudin on July 15, 2026, the filing is not an amendment and was submitted individually.

No Derivative Securities Transactions Reported

Table II, covering derivative securities like options or warrants, contains no entries. Thus, the director did not transact any derivative securities in connection with this RSU vesting. All reported activity involves non-derivative ADS units in Table I.

This absence of derivative activity indicates the director’s economic interest is held entirely through directly owned ADS units without contingent instruments. The company did not disclose any broader summary of outstanding equity awards.

Investor Insights on Board Equity Compensation at GDS Holdings

Equity compensation, including RSU grants, is commonly used to align board directors’ interests with shareholders. The immediate vesting of these RSUs suggests they serve as periodic compensation rather than performance-based incentives tied to long-term goals. The filing does not include resolutions or narrative on award rationale or structure.

Investors may observe how GDS Holdings structures its board compensation, especially given its large-scale data center operations in China and U.S. equity listing. The zero-dollar acquisition price, immediate vesting, and modest grant size relative to the director’s existing holdings are factual observations from this disclosure. Broader conclusions require additional public information.

Market Impact and Context of the Insider Transaction

The immediate market impact of this insider transaction was not evident from public data. RSU settlements at zero cost and modest ADS quantities are routine compensation events and typically do not trigger significant market reactions. Nonetheless, changes in director ownership are closely monitored by institutional investors, governance analysts, and trading algorithms scanning insider activity.

GDS Holdings operates in the data center sector, which has gained investor interest amid growth in cloud computing and AI infrastructure demand. This disclosure is limited to reporting a director ownership change from an RSU vesting event on July 15, 2026, with no operational or strategic updates provided.