<SEC-DOCUMENT>0001047469-18-000354.txt : 20180123
<SEC-HEADER>0001047469-18-000354.hdr.sgml : 20180123
<ACCEPTANCE-DATETIME>20180123163115
ACCESSION NUMBER:		0001047469-18-000354
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20180123
DATE AS OF CHANGE:		20180123
EFFECTIVENESS DATE:		20180123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDS Holdings Ltd
		CENTRAL INDEX KEY:			0001526125
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-222659
		FILM NUMBER:		18542703

	BUSINESS ADDRESS:	
		STREET 1:		2/F, TOWER 2, YOUYOU CENTURY PLACE,
		STREET 2:		428 SOUTH YANGGAO ROAD,
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200127
		BUSINESS PHONE:		86-21-2033-0303

	MAIL ADDRESS:	
		STREET 1:		2/F, TOWER 2, YOUYOU CENTURY PLACE,
		STREET 2:		428 SOUTH YANGGAO ROAD,
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GDS Services Ltd
		DATE OF NAME CHANGE:	20110719
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>a2233403zf-3asr.htm
<DESCRIPTION>F-3ASR
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg46801_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on January 23, 2018  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B><BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM F-3<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>GDS Holdings Limited<BR>  </B></FONT><FONT SIZE=1>(Exact name of Registrant as specified in its charter) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Not Applicable<BR>  </B></FONT><FONT SIZE=1>(Translation of Registrant's name into English) </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Cayman Islands</B></FONT><FONT SIZE=1><BR>
(State or other jurisdiction of<BR>
incorporation&nbsp;or&nbsp;organization)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> 7370</B></FONT><FONT SIZE=1><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Not Applicable</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2/F, Tower 2, Youyou Century Place<BR>
428&nbsp;South Yanggao Road<BR>
Pudong, Shanghai 200127<BR>
People's Republic of China<BR>
+86-21-2033-0303<BR>  </B></FONT><FONT SIZE=1>(Address and telephone number of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Law Debenture Corporate Services&nbsp;Inc.<BR>
801 2nd&nbsp;Avenue, Suite&nbsp;403<BR>
New&nbsp;York, NY 10017, United&nbsp;States<BR>
+1-212-750-6474<BR>  </B></FONT><FONT SIZE=1>(Name, address, and telephone number of agent for service) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>


<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Copies to:  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Daniel Fertig, Esq.<BR>
Chris Lin, Esq.<BR>
Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP<BR>
35th&nbsp;Floor, ICBC Tower<BR>
3&nbsp;Garden Road<BR>
Central, Hong Kong<BR>
+852-2514-7600  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Approximate date of commencement of proposed sale to the public:<BR>
From time to time after the effective date of this registration statement.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a registration statement pursuant to General Instruction&nbsp;I.C. or&nbsp;a post-effective amendment thereto that shall become effective upon
filing with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction&nbsp;I.C. filed to register additional securities
or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of&nbsp;1933. </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging
growth company&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company that prepares its financial statements in accordance with U.S.&nbsp;GAAP, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities
Act&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="30%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of each class of securities<BR>
to be registered(1)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to be<BR>
registered(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed maximum<BR>
offering price per<BR>
share(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed maximum<BR>
aggregate offering<BR>
price(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
registration fee(2)</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1>Class&nbsp;A ordinary shares, par value US$0.00005&nbsp;per share(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"> &nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
securities initially offered and sold outside the United&nbsp;States that may be resold from time to time in the United&nbsp;States either as part of
their distribution or within 40&nbsp;days after the later of the effective date of this registration statement and the date the securities are first bona&nbsp;fide offered to the public. These
securities are not being registered for the purposes of sales outside of the United&nbsp;States.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>An
unspecified number of securities to be offered at unspecified prices are being registered pursuant to this registration statement. In accordance with
Rules&nbsp;456(b) and&nbsp;457(r), the Registrant is deferring payment of all of the registration fee and excluding this information.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>These
Class&nbsp;A ordinary shares are represented by American depositary shares, each of which represents eight Class&nbsp;A ordinary shares. The ADSs issuable
on deposit of the Class&nbsp;A ordinary shares registered hereby have been registered under a separate registration statement on Form&nbsp;F-6 (File No.&nbsp;333-214177).  </FONT></DD></DL>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>

<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>

<P style="font-family:times;"><FONT SIZE=1><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=371942,FOLIO='blank',FILE='DISK125:[17ZCT1.17ZCT46801]BA46801A.;14',USER='CHE109863',CD='22-JAN-2018;23:02' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><U>PROSPECTUS</U>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g600335.jpg" ALT="LOGO" WIDTH="309" HEIGHT="105">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>GDS Holdings Limited  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>CLASS A ORDINARY SHARES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=4><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may from time to time in one or more offerings offer and sell our Class&nbsp;A ordinary shares, including Class&nbsp;A ordinary shares
represented by American depositary shares, or&nbsp;ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, from time to time, the selling shareholders to be named in a prospectus supplement may offer and sell our Class&nbsp;A ordinary shares or ADSs held by them. The selling
shareholders may sell shares of our Class&nbsp;A ordinary shares or ADSs through public or private transactions at prevailing market prices or at privately negotiated prices. We will not receive any
proceeds from the sale of shares of our Class&nbsp;A ordinary shares by the selling shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide specific terms of any offering in a supplement to this prospectus. Any prospectus supplement may also add, update, or change information contained in this prospectus. You
should carefully read this prospectus and the applicable prospectus supplement as well as the documents incorporated or deemed to be incorporated by reference in this prospectus before you purchase
any of the securities offered&nbsp;hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
securities may be offered and sold in the same offering or in separate offerings; to or through underwriters, dealers, and agents; or directly to purchasers. The names of any
underwriters, dealers, or agents involved in the sale of our securities, their compensation and any options to purchase additional securities granted to them will be described in the applicable
prospectus supplement. For a more complete description of the plan of distribution of these securities, see the section entitled "Plan of Distribution" beginning on page&nbsp;35 of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ADSs are listed on the Nasdaq Global Market under the symbol "GDS." On January 22, 2018, the last reported sale price of the ADSs on the Nasdaq Global Market was
US$26.97&nbsp;per&nbsp;ADS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
outstanding share capital consists of Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. The rights of the holders of our Class&nbsp;A ordinary shares and our
Class&nbsp;B ordinary shares are virtually identical other than with respect to voting, conversion and director nomination rights. Each of our Class&nbsp;A and Class&nbsp;B ordinary shares is
entitled to one vote per share except that each Class&nbsp;B ordinary share is entitled to 20&nbsp;votes with respect to (i)&nbsp;the election of a simple majority of our directors and
(ii)&nbsp;any change to our articles of association that would adversely affect the rights of the holders of Class&nbsp;B ordinary shares at general meetings of our shareholders. Each
Class&nbsp;B ordinary share is convertible at any time into one Class&nbsp;A ordinary share. For so long as there are Class&nbsp;B ordinary shares outstanding, the holders of Class&nbsp;B
ordinary shares will also have the right to nominate one less than a simple majority, or five, of the directors to our board of directors, which directors shall be subject to the voting arrangements
described above. See "Description of Share&nbsp;Capital." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B>Investing in these securities involves a high degree of risk. You should carefully consider the risks and uncertainties discussed under the
heading "Risk Factors" included in the applicable prospectus supplement or under similar headings in other documents which are incorporated by reference in this prospectus.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus may not be used to offer or sell any securities unless accompanied by a prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Neither the United&nbsp;States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined if
this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The date of this prospectus is January 23, 2018. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=693687,FOLIO='blank',FILE='DISK125:[17ZCT1.17ZCT46801]BC46801A.;14',USER='CHE109869',CD='23-JAN-2018;12:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg46801_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG46801A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg46801_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG46801_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_about_this_prospectus"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_about_this_prospectus"><FONT SIZE=2>1</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_forward-looking_statements"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_forward-looking_statements"><FONT SIZE=2><BR>
3</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_our_company"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OUR COMPANY</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_our_company"><FONT SIZE=2><BR>
4</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_corporate_information"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CORPORATE INFORMATION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_corporate_information"><FONT SIZE=2><BR>
5</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_risk_factors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_risk_factors"><FONT SIZE=2><BR>
6</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_use_of_proceeds"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca46801_use_of_proceeds"><FONT SIZE=2><BR>
7</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cc46801_description_of_share_capital"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF SHARE CAPITAL</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cc46801_description_of_share_capital"><FONT SIZE=2><BR>
8</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ce46801_description_of_american_depositary_shares"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF AMERICAN DEPOSITARY SHARES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ce46801_description_of_american_depositary_shares"><FONT SIZE=2><BR>
18</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cg46801_enforceability_of_civil_liabilities"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cg46801_enforceability_of_civil_liabilities"><FONT SIZE=2><BR>
31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cg46801_taxation"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TAXATION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cg46801_taxation"><FONT SIZE=2><BR>
33</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cg46801_selling_shareholders"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SELLING SHAREHOLDERS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cg46801_selling_shareholders"><FONT SIZE=2><BR>
34</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ci46801_plan_of_distribution"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ci46801_plan_of_distribution"><FONT SIZE=2><BR>
35</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ci46801_legal_matters"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ci46801_legal_matters"><FONT SIZE=2><BR>
38</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ci46801_experts"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ci46801_experts"><FONT SIZE=2><BR>
39</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ck46801_where_you_can_find_more_information_about_us"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION ABOUT
US</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ck46801_where_you_can_find_more_information_about_us"><FONT SIZE=2><BR>
40</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ck46801_incorporation_of_documents_by_reference"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ck46801_incorporation_of_documents_by_reference"><FONT SIZE=2><BR>
41</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=527198,FOLIO='i',FILE='DISK125:[17ZCT1.17ZCT46801]BG46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ca46801_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca46801_about_this_prospectus"> </A>
<A NAME="toc_ca46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of an automatic shelf registration statement that we filed with the Securities and Exchange Commission, or the SEC, as a
"well-known seasoned issuer" as defined in Rule&nbsp;405 under the Securities Act of 1933, as amended, or the Securities Act. By using an automatic shelf registration statement, we may, at any time
and from time to time, offer and sell the securities described in this prospectus in one or more offerings. We may also add, update or change information contained in this prospectus by means of a
prospectus supplement or by incorporating by reference information that we file or furnish to the SEC. As allowed by the SEC rules, this prospectus and any accompanying prospectus supplement do not
contain all of the information included in the registration statement. For further information, we refer you to the registration statement, including its exhibits. Statements contained in this
prospectus or the prospectus supplement about the provisions or contents of any agreement or other document are not necessarily complete. If the SEC's rules and regulations require that an agreement
or document be filed as an exhibit to the registration statement, please see that agreement or document for a complete description of these&nbsp;matters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should carefully read this document and the applicable prospectus supplement. You should also read the documents we have referred you to under "Where You Can Find More Information
About Us" and "Incorporation of Documents by Reference" below for information on our company, the risks we face and our financial statements. The registration statement and exhibits can be read at the
SEC's website or at the SEC as described under "Where You Can Find More Information About Us." In this prospectus, unless otherwise indicated or unless the context otherwise
requires:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "ADSs" are to our American depositary shares, each of which represents eight Class&nbsp;A ordinary shares, and "ADRs" are to the American
depositary receipts that evidence our&nbsp;ADSs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "area committed" are to the net floor area of data centers in service for which agreements from customers remain in&nbsp;effect; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "area held for future development" are to the estimated data center net floor area that we expect to be able to develop on land, at buildings
and pursuant to development or lease agreements which we have secured, but which are not under construction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "area in service" are to the net floor area of data centers in service for which one or more modules have been equipped and fitted out ready
for utilization by&nbsp;customers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "area pre-committed" are to the net floor area of data centers under construction for which agreements from customers remain in&nbsp;effect; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "area utilized" are to the net floor area of data centers in service that is also revenue generating pursuant to customer agreements
in&nbsp;effect; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "area under construction" are to the net floor area of data centers which are under construction and are not yet ready for&nbsp;service; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "China" and the "PRC" are to the People's Republic of China, excluding, for the purposes of this prospectus only, Taiwan, the Hong Kong Special
Administrative Region and the Macao Special Administrative Region; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "commitment rate" are to the ratio of area committed to area in service; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "ordinary shares" refers to, collectively, our Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares, par value
US$0.00005&nbsp;per&nbsp;share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "pre-commitment rate" are to the ratio of area pre-committed to area under construction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RMB" or "Renminbi" are to the legal currency of China; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=1021224,FOLIO='1',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<A NAME="page_ca46801_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "self-developed data centers" are to data centers that we have either purpose-built, acquired while under construction and completed, or
converted from existing buildings to fit our&nbsp;standards; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "sqm" are to square meters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "third party data centers" are to data center net floor area that we lease on a wholesale basis from other data center providers and use to
provide data center services to our&nbsp;customers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "US$," "U.S.&nbsp;dollars," or "dollars" are to the legal currency of the United&nbsp;States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "utilization rate" are to the ratio of area utilized to area in service; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "we," "us," "our company" and "our" are to GDS Holdings Limited and its subsidiaries and consolidated affiliated entities, as the context
requires. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
specifically indicated otherwise or unless the context otherwise requires, all references to our ordinary shares exclude Class&nbsp;A ordinary shares issuable upon the exercise
of outstanding options with respect to our ordinary shares under our share incentive plans. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not making an offer to sell the securities in any jurisdiction where the offer or sale is not&nbsp;permitted. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=445791,FOLIO='2',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<A NAME="page_ca46801_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca46801_forward-looking_statements"> </A>
<A NAME="toc_ca46801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the documents incorporated by reference herein contain forward-looking statements that involve risks and uncertainties,
including statements based on our current expectations, assumptions, estimates and projections about us and our industry. We have based these forward-looking statements on our current expectations and
projections about future events. The forward-looking statements included in this prospectus, any prospectus supplement and the documents incorporated by reference are subject to known and unknown
risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
Factors that might cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" included in documents we file from time to time with the SEC, including
our Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2016 (incorporated by reference herein). In some cases, these forward-looking statements can be identified by words
or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The forward-looking
statements included or incorporated by reference in this prospectus relate to, among&nbsp;others:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our goals and strategies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our expansion plans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our future business development, financial condition and results of&nbsp;operations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expected growth of the data center and cloud services market; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our expectations regarding demand for, and market acceptance of, our&nbsp;services; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our expectations regarding keeping and strengthening our relationships with customers;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general economic and business conditions in the regions where we operate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate is necessarily subject to a high degree
of uncertainty and risk due to a variety of factors, including those discussed under the heading "Risk Factors" included in the applicable prospectus supplement or under similar headings in other
documents which are incorporated by reference in this prospectus. You should not place undue reliance on these forward-looking statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forward-looking statements made in this prospectus and the documents incorporated by reference relate only to events or information as of the date on which the statements are made in
this prospectus or the date of the incorporated document, as applicable. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or
circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=6,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=616592,FOLIO='3',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<A NAME="page_ca46801_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca46801_our_company"> </A>
<A NAME="toc_ca46801_3"> </A>
<BR></FONT><FONT SIZE=2><B>  OUR COMPANY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a leading developer and operator of high-performance data centers in China. Our facilities are strategically located in China's primary
economic hubs where demand for high-performance data center services is concentrated. Our data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancy
across all critical systems. We are carrier and cloud neutral, which enables our customers to connect to all major PRC telecommunications carriers, and to access a number of the largest PRC cloud
service providers, whom we host in our facilities. We offer colocation and managed services, including direct private connection to major cloud platforms. We have a 17-year track record of service
delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. Our base of approximately 500&nbsp;customers
consists predominantly of hyper-scale Cloud service providers, large Internet companies, financial institutions, telecommunications and IT service providers, and large domestic private sector and
multinational corporations. As of September&nbsp;30, 2017, we had an aggregate net floor area of 77,832&nbsp;sqm in service, 89.8% of which was committed, and an aggregate net floor area of
37,478&nbsp;sqm under construction, 34.6% of which was pre-committed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe the market for high-performance data center services in China is experiencing strong growth. Demand is driven by the confluence of several secular economic and industry
trends, including: rapid growth of the Internet, e-commerce, e-payments and big data; rising adoption of Cloud computing and server virtualization, which requires data centers with higher power
capacity, density and efficiency; increasing criticality of information technology and data in the enterprise environment which requires data centers with higher reliability; and growing reliance by
enterprises on outsourcing as a solution to the increasing complexity and cost of managing mission-critical IT infrastructure. We believe that, as a result of this strong demand and the challenges of
sourcing, developing and operating new facilities that meet the required standard, there is a relative scarcity of high-performance data center capacity in China. In addition to our core markets, we
have recently commenced construction of build-to-suit data centers for one of our largest customers, Alibaba, at a low-cost location in North&nbsp;China. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
portfolio of data centers and secured expansion capacity are strategically located to address this growing demand. We operate our data centers to service our customers predominantly
in Shanghai, Beijing, Shenzhen, Guangzhou, Chengdu and Hong Kong, the primary financial, commercial, industrial and communications hubs in each region of China. Our data centers are located in close
proximity to the corporate headquarters and key operation centers of many large enterprises, providing convenient access for our customers. Furthermore, the extensive multi-carrier telecommunications
networks in these markets enable our customers to enhance the performance and lower the cost of connectivity to our&nbsp;facilities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
data centers are large-scale, highly reliable and highly efficient facilities that provide a flexible, modular and secure operating environment in which our customers can house,
power and cool the computer systems and networking equipment that support their mission-critical IT infrastructure. We install large power capacity and optimize power usage efficiency, which enables
our customers to deploy
their IT infrastructure more efficiently and reduce their operating and capital costs. As a result of our advanced data center design, high technical specifications and robust operating procedures, we
are able to make service level commitments related to service availability and other key metrics that meet our customers' required standards. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently serve approximately 500&nbsp;customers, including large Internet companies, a diverse community of approximately 250&nbsp;financial institutions, telecommunications and
IT service providers and large domestic private sector and multinational corporations, many of which are leaders in their respective industries. Within our customer base, we host a number of major
cloud platforms, including Ali Cloud and Tencent Cloud, which are each present in several of our data centers. Contracts with our large Internet and hyper-scale cloud customers have terms of three to
ten years, while contracts with our enterprise customers typically have terms of one to five years. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=7,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=989458,FOLIO='4',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<A NAME="page_ca46801_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca46801_corporate_information"> </A>
<A NAME="toc_ca46801_4"> </A>
<BR></FONT><FONT SIZE=2><B>  CORPORATE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 2/F Tower 2, Youyou Century Place, 428&nbsp;South Yanggao Road, Pudong, Shanghai 200127,
People's Republic of China. Our telephone number at this address is +86-21-2033-0303. Our registered office in the Cayman Islands is located at the offices of Codan Trust Company (Cayman) Limited,
Cricket Square, Hutchins Drive, P.O.&nbsp;Box&nbsp;2681, Grand Cayman, KY1-1111, Cayman Islands. Our telephone number at this address is +1 (345)&nbsp;949 1040. We also have six regional offices
in Suzhou, Beijing, Chengdu, Shenzhen, Guangzhou and Hong Kong. Investors should submit any inquiries to the address and telephone number of our principal executive offices set forth&nbsp;above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
main website is </FONT><FONT SIZE=2><I>www.gds-services.com</I></FONT><FONT SIZE=2>, and the information contained on this website is not a part of this prospectus. Our agent for
service of process in the United&nbsp;States is Law Debenture Corporate Services&nbsp;Inc. located at 801 2nd&nbsp;Avenue, Suite&nbsp;403, New&nbsp;York, NY&nbsp;10017. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a foreign private issuer, we are exempt under the Exchange Act of 1934, as amended, or the Exchange Act, from, among other things, the rules prescribing the furnishing and content of
proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the
Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S.&nbsp;companies whose
securities are registered under the Exchange Act. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual audited consolidated
financial statements prepared in conformity with generally accepted accounting principles in the United&nbsp;States, and all notices of shareholders' meeting and other reports and communications
that are made generally available to our shareholders. The depositary will make such notices, reports and communications available to holders of ADSs and will mail to all record holders of ADSs the
information contained in any notice of a shareholders' meeting received by the depositary from&nbsp;us. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a company with less than US$1.07&nbsp;billion in revenue for the last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of
2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions
include exemption from the auditor attestation requirement under Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, in the assessment of the emerging growth company's internal control over
financial reporting. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is
otherwise required to comply with such new or revised accounting standards. However, we have elected to "opt out" of this provision and, as a result, we will comply with new or revised accounting
standards as required when they are adopted for public companies. This decision to opt out of the extended transition period under the JOBS Act is&nbsp;irrevocable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will remain an emerging growth company until the earliest of (a)&nbsp;the last day of our fiscal year during which we have total annual gross revenues of at least
US$1.07&nbsp;billion; (b)&nbsp;December&nbsp;31, 2021; (c)&nbsp;the date on which we have, during the previous three year period, issued more than US$1.0&nbsp;billion in non-convertible
debt; or (d)&nbsp;the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which would occur if the market value of our ADSs that are held by non-affiliates exceeds
US$700&nbsp;million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions
provided in the JOBS Act discussed above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=8,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=286143,FOLIO='5',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<A NAME="page_ca46801_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca46801_risk_factors"> </A>
<A NAME="toc_ca46801_5"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any investment in our securities involves a high degree of risk. You should carefully consider the risk factors discussed or incorporated by
reference in the applicable prospectus supplement, together with all the other information contained in the prospectus supplement or incorporated by reference in this prospectus. You should also
consider the risks and uncertainties discussed under the heading "Risk Factors" in our annual report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2016, which is incorporated by
reference in this prospectus, and which may be amended, supplemented or superseded from time to time by other reports we file with the SEC in the&nbsp;future. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=9,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=875789,FOLIO='6',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<A NAME="page_ca46801_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca46801_use_of_proceeds"> </A>
<A NAME="toc_ca46801_6"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds from the sale of the securities we offer as set forth in the applicable prospectus supplement(s). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=10,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=617272,FOLIO='7',FILE='DISK125:[17ZCT1.17ZCT46801]CA46801A.;11',USER='CHE109169',CD='23-JAN-2018;14:09' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cc46801_1_8"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc46801_description_of_share_capital"> </A>
<A NAME="toc_cc46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF SHARE CAPITAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Cayman Islands exempted company with limited liability and our affairs are governed by our memorandum and articles of association, the
Companies Law (2016 Revision), as amended, of the Cayman Islands, which is referred to as the Companies Law below, and the common law of the Cayman&nbsp;Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this prospectus, our authorized share capital was US$100,100 divided into 2,002,000,000&nbsp;ordinary shares, comprising 1,800,000,000&nbsp;Class&nbsp;A ordinary
shares, 200,000,000&nbsp;Class&nbsp;B ordinary shares and 2,000,000&nbsp;preferred shares, with a par value of US$0.00005 each. As of the date of this prospectus, there are
873,679,337&nbsp;Class&nbsp;A ordinary shares and 67,590,336&nbsp;Class&nbsp;B ordinary shares issued, fully-paid and outstanding. All of our ordinary shares issued and outstanding prior to
the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully&nbsp;paid. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are summaries of material provisions of our memorandum and articles of association and the Companies Law insofar as they relate to the material terms of our ordinary
shares. The following summary is not complete, and you should read our memorandum and articles of association, which were filed with the SEC as Exhibit&nbsp;3.2 to&nbsp;the registration statement
on Form&nbsp;F-1 (File No.&nbsp;333-213951), originally filed on October&nbsp;4, 2016, as&nbsp;amended. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Registered Office, Entry Number and Objects  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our registered office in the Cayman Islands is located at the Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive,
P.O.&nbsp;Box&nbsp;2681, Grand Cayman, KY1-1111, Cayman Islands. We were incorporated as an exempted company under the laws of the Cayman Islands in 2006 and our incorporation number is 178332.
The memorandum of association provides, </FONT><FONT SIZE=2><I>inter&nbsp;alia</I></FONT><FONT SIZE=2>, that the liability of each of the members of our company is limited to the amount from time
to time unpaid on such member's shares. The objects for which our company is established are unrestricted, and we shall have full power and authority to carry out any object not prohibited or limited
by the Companies&nbsp;Law. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Board of Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Item&nbsp;6. Directors, Senior Management and Employees&#151;C. Board Practices&#151;Duties of Directors" and
"Item&nbsp;6. Directors, Senior Management and Employees&#151;C. Board Practices&#151;Appointment, Nomination and Terms of Directors" in our annual report on Form&nbsp;20-F for the
fiscal year ended December&nbsp;31, 2016, which item is incorporated by reference in this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ordinary Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All of our outstanding ordinary shares are fully paid and non-assessable. Certificates representing the ordinary shares
are issued in
registered form. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their ordinary shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors
subject to the Companies
Law and to the articles of&nbsp;association. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share capital is currently divided into two classes of shares, namely, ordinary shares and preferred shares. Our outstanding share capital
consists of Class&nbsp;A ordinary shares, Class&nbsp;B ordinary shares and preferred shares. Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares carry equal rights, generally rank </FONT> <FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT
SIZE=2> with one another and are entitled to one vote per share at general meetings of shareholders, except for only the following matters at
general meetings of shareholders, with respect to which Class&nbsp;B ordinary shares are entitled to 20&nbsp;votes per share: (i)&nbsp;the election of a simple </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=11,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=69265,FOLIO='8',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>majority,
or six, of our directors; and (ii)&nbsp;any change to our articles of association that would adversely affect the rights of Class&nbsp;B shareholders. With respect to any other matters
at general meetings of our shareholders, each Class&nbsp;A ordinary share is entitled to one vote, and each Class&nbsp;B ordinary share is entitled to one vote. Class&nbsp;B ordinary shares are
convertible into Class&nbsp;A ordinary shares, and will automatically convert into Class&nbsp;A ordinary shares under certain circumstances. Any Class&nbsp;A ordinary shares which Class&nbsp;B
shareholders acquire will be converted into Class&nbsp;B ordinary shares. See "Description of Share Capital&#151;Ordinary Shares&#151;Conversion" of our Registration Statement on
Form&nbsp;F-1 originally filed with the SEC on October&nbsp;4, 2016, as amended (File No.&nbsp;333-213951). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
at any meeting of shareholders is by way of a poll, unless the chairman allows a vote by show of hands on a resolution which relates purely to a procedural or administrative
matter. Procedural and administrative matters are those that are not on the agenda of the general meeting and relate to the chairman's duties to maintain the orderly conduct of the meeting or allow
the business of the meeting to be properly and effectively dealt with, while affording all shareholders a reasonable opportunity to express their&nbsp;views. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to our amended articles of association the following matters will be subject to ordinary resolution of the shareholders, with Class&nbsp;A ordinary shares and Class&nbsp;B
ordinary shares each being entitled to one vote per share: (i)&nbsp;the election of two independent directors nominated by our nominating and corporate governance committee; (ii)&nbsp;any
allotment or issuance of any of our shares or securities (in&nbsp;any 12-month period, whether in a single transaction or a series of transactions) equal to 10% or more of our share capital, or 10%
or more of our voting power, prior to such allotment or issuance (without regard to any exemption from shareholder approval available under the Nasdaq Stock Market Rules); and (iii)&nbsp;any
disposition of all, or 10% or more, of our undertakings or assets, as defined in our amended articles of&nbsp;association. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the abovementioned matters at general meetings of shareholders with respect to which Class&nbsp;B ordinary shares are entitled to 20&nbsp;votes per share, an ordinary
resolution to be passed by the shareholders requires the affirmative vote of a simple majority of votes attached to the ordinary shares cast in a general meeting, while a special resolution requires
the affirmative vote of no less than 75% of votes cast attached to the ordinary shares. A special resolution will be required for important matters such as a change of name or making changes to our
memorandum and articles of&nbsp;association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;B ordinary shares are convertible into Class&nbsp;A ordinary shares. All Class&nbsp;B ordinary shares are
subject to
automatic conversion into Class&nbsp;A ordinary shares on the same business day as the first to occur of the following: (i)&nbsp;Mr.&nbsp;William Wei Huang, our founder, chairman and chief
executive officer, collectively ceasing to have beneficial ownership (as&nbsp;such term is interpreted pursuant to applicable U.S.&nbsp;securities laws and rules, regulations and forms promulgated
thereunder by the SEC), in aggregate, of not less than five per&nbsp;cent (5%) of our issued and outstanding share capital on an as-converted basis; (ii)&nbsp;the Foreign Investment Law in the
form implemented does not require that our VIE entities as it relates to VIE entities be owned or controlled by PRC nationals or entities; (iii)&nbsp;the PRC law no longer requires the conduct of
the businesses carried out, or contemplated to be carried out, by us in the PRC, be owned or controlled by PRC nationals or entities; (iv)&nbsp;the promulgation of the Foreign Investment Law as it
relates to VIE entities is abandoned by the relevant authorities in the PRC; or (v)&nbsp;the relevant authorities in the PRC approve our VIE structure without the need for our VIE entities to be
controlled by PRC nationals or entities; provided, however, that the Class&nbsp;B ordinary shares shall not be automatically converted upon ceasing to constitute five per&nbsp;cent (5%) of our
issued and outstanding share capital on an as-converted basis if 75% of the board of directors resolve that such automatic conversion shall, in their opinion, result in our failing to comply with any
applicable foreign ownership restrictions under PRC law. Class&nbsp;B shareholders may elect to convert any or all of their Class&nbsp;B ordinary shares into Class&nbsp;A ordinary shares. Each
Class&nbsp;B ordinary share is generally convertible into one Class&nbsp;A ordinary share, or at a conversion rate of 1:1. However, if and when the nominal amount of one Class&nbsp;A ordinary
share changes by reason of consolidation or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=12,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=524056,FOLIO='9',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>sub-division,
the applicable conversion rate of Class&nbsp;B ordinary shares into Class&nbsp;A ordinary shares shall equal the quotient of the revised nominal amount, divided by the former nominal
amount, of one Class&nbsp;A ordinary&nbsp;share. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transfer of Ordinary Shares.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the restrictions contained in our articles of association, as applicable, any of our shareholders may transfer all or any of his or
her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors. Class&nbsp;B ordinary shares may not be assigned or transferred in
whole or in part by a holder or such holder's affiliate. Class&nbsp;B ordinary shares must be converted into Class&nbsp;A ordinary shares prior to any such assignment or&nbsp;transfer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share. Our board of directors may also decline to register any transfer of any
ordinary share&nbsp;unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other
evidence as our board of directors may reasonably require to show the right of the transferor to make the&nbsp;transfer; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the instrument of transfer is in respect of only one class of ordinary shares; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the instrument of transfer is properly stamped, if required; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ordinary shares transferred are fully paid and free of any lien in favor of us;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any fee related to the transfer has been paid to us; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transfer is not to more than four joint holders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the
transferee notice of such&nbsp;refusal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of ordinary
shares), assets
available for distribution among the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
basis. If our assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by our shareholders proportionately. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calls on Ordinary Shares and Forfeiture of Ordinary Shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors may from time to time make calls upon
shareholders for any amounts
unpaid on their ordinary shares. The ordinary shares that have been called upon and remain unpaid are subject to&nbsp;forfeiture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Ordinary Shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the Companies Law and other applicable law, we may issue shares on
terms that are subject
to redemption, at our option or at the option of the holders, on such terms and in such manner, including out of capital, as may be determined by the board of&nbsp;directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Variations of Rights of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time, our share capital is divided into different classes of shares, all or any of the special rights attached to any class of shares
may, subject to the provisions of the Companies Law, be varied with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class. Consequently, the
rights of any class of shares cannot be detrimentally altered without a majority of two-thirds of the vote of all of the shares in that class. The rights conferred upon the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=13,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=272665,FOLIO='10',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>holders
of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the
creation or issue of further shares ranking </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> with such existing class of&nbsp;shares </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General Meetings of Shareholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' meetings may be convened by a majority of our board of directors or our chairman. Advance notice of at least ten clear days is
required for the convening of our annual general shareholders' meeting and any other general meeting of our shareholders. A quorum required for a meeting of shareholders consists of at least two
shareholders present or by proxy, representing not less than one-third in nominal value of the total issued voting shares in our&nbsp;company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman
Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general
meeting. However, these rights may be provided in a company's articles of association. Our memorandum and articles of association allows our Class&nbsp;A shareholders (excluding STT GDC and its
controlled affiliates) holding shares representing in aggregate not less than one-third of the issued and outstanding Class&nbsp;A ordinary shares of our company (calculated excluding Class&nbsp;A
ordinary shares beneficially owned by STT GDC or its controlled affiliates), to requisition an extraordinary general meeting of our shareholders, in which case our directors are obliged to call such
meeting and to put the resolutions so requisitioned to a vote at such meeting; however, our memorandum and articles of association does not provide our shareholders with any right to put any proposals
before annual general meetings or extraordinary
general meetings not called by such shareholders. When STT GDC no longer has any director appointment right as described herein, STT GDC will be eligible for the same right to requisition a
shareholder meeting described above on the same terms as other Class&nbsp;A ordinary shareholders, where the one-third of the Class&nbsp;A ordinary shares will then be calculated based upon all
Class&nbsp;A ordinary shares issued and outstanding. STT GDC and the Class&nbsp;B shareholders also have the right to requisition a general meeting insofar as is necessary to exercise and protect
their respective nomination and appointment rights. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Inspection of Books and Records  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or
our corporate records. However, we will in our articles provide our shareholders with the right to inspect our list of shareholders and to receive annual audited financial statements. See "Where You
Can Find More Information About&nbsp;Us." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Changes in Capital  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may from time to time by ordinary resolution:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increase the share capital by such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sub-divide our existing shares, or any of them into shares of a smaller amount;&nbsp;or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the
amount of our share capital by the amount of the shares so&nbsp;cancelled. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may by special resolution reduce our share capital or any capital redemption reserve in any manner permitted by&nbsp;law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=14,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=738270,FOLIO='11',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Enumerated Rights under Our Amended Articles of Association  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Appointment Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended articles of association provide that for so long as STT GDC beneficially owns: not less than 25% of our issued and outstanding share
capital, they may appoint three directors to our board of directors, including our vice-chairman; less than 25%, but not less than 15%, of our issued and outstanding share capital, they may appoint
two directors to our board of directors, including our vice-chairman; and less than 15%, but not less than 8%, of our issued and outstanding share capital, they may appoint one director to our board
of directors, including our vice-chairman, none of which appointments will be subject to a vote by our shareholders. Our amended articles of association also provide that for so long as STT GDC has
the right to appoint one or more directors to our board of directors, any change in the total number of directors on our board shall require the approval of the director or directors appointed by STT
GDC. The above rights of STT GDC may not be amended without the approval of STT&nbsp;GDC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended articles of association further provide that for so long as there are Class&nbsp;B ordinary shares outstanding, if any of the directors nominated by or subject to election
by Class&nbsp;B shareholders at 20&nbsp;votes per share (i)&nbsp;is not elected or (ii)&nbsp;ceases to be a director, then the Class&nbsp;B shareholders may appoint an interim replacement
for each such director. As of and after such time as there cease to be any Class&nbsp;B ordinary shares outstanding, and for so long as Mr.&nbsp;William Wei Huang beneficially owns not less than
2% of our then issued share capital, Mr.&nbsp;William Wei Huang may appoint one director (which is intended to be Mr.&nbsp;William Wei Huang) to our board of directors. Such appointments will not
be subject to a vote by our shareholders. Any person so appointed shall hold office until the next general meeting of our shareholders and be subject to re-nomination and re-election at
such&nbsp;meeting. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Nomination Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended articles of association also provide that for so long as there are Class&nbsp;B ordinary shares outstanding, the Class&nbsp;B
shareholders shall have the right to nominate one less than a simple majority, or five, of our directors, all of whom will be subject to a vote at general meetings of our shareholders and with respect
to whom Class&nbsp;B ordinary shares will be entitled to 20&nbsp;votes per share. If any of the directors nominated by or subject to election by the Class&nbsp;B shareholders at 20&nbsp;votes
per share (i)&nbsp;is not elected or (ii)&nbsp;ceases to be a director, then Mr.&nbsp;Huang may appoint another person to serve in the stead of such director. Any person so appointed shall hold
office until the next general meeting of our shareholders and be subject to re-nomination and re-election at such&nbsp;meeting. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exempted Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are an exempted company with limited liability under the Companies Law of the Cayman Islands. The Companies Law in the Cayman Islands
distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to
be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges
listed&nbsp;below:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company does not have to file an annual return of its shareholders with the Registrar of&nbsp;Companies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company's register of members is not open to inspection; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company does not have to hold an annual general meeting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company may issue no par value, negotiable or bearer shares; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=15,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=543348,FOLIO='12',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
20&nbsp;years in the first instance); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman&nbsp;Islands; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company may register as a limited duration company; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an exempted company may register as a segregated portfolio company. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. We are subject to reporting and other
informational requirements of the Exchange Act, as applicable to foreign private issuers. We currently comply with the Nasdaq Stock Market Rules in lieu of following home country practice. The Nasdaq
Stock Market Rules require that every company listed on the Nasdaq hold an annual general meeting of shareholders. In addition, our articles of association allow directors to call special meeting of
shareholders pursuant to the procedures set forth in our&nbsp;articles. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Differences in Corporate Law  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Companies Law is modeled after that of England and Wales but does not follow recent statutory enactments in England. In addition, the
Companies Law differs from laws applicable to United&nbsp;States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the
Companies Law applicable to us and the laws applicable to companies incorporated in the State of&nbsp;Delaware. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mergers and Similar Arrangements.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by a special resolution of the members of each constituent company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is a
company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent&nbsp;company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman&nbsp;Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Save
in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or
consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void
or&nbsp;unlawful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each
class of shareholders and creditors (representing 75% by value) with whom the arrangement is to be made, and who must, in addition, represent three-fourths in value of each such class of shareholders
or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the
arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved,
the court can be expected to approve the arrangement if it determines&nbsp;that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the statutory provisions as to the required majority vote have been met; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=16,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=356886,FOLIO='13',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona&nbsp;fide without
coercion of the minority to promote interests adverse to those of the&nbsp;class; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his
interest;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the arrangement is not one that would more properly be sanctioned under some other provision of the Companies&nbsp;Law. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
a take over offer is made and accepted by holders of 90% of the shares within four months, the offeror may, within a two-month period commencing on the expiration of such four month
period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed
in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or&nbsp;collusion. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to
dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the&nbsp;shares. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shareholders' Suits.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In principle, we will normally be the proper plaintiff and as a general rule&nbsp;a derivative action may not be brought by a minority
shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle,
including&nbsp;when:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a company acts or proposes to act illegally or ultra vires; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not
been obtained;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> those who control the company are perpetrating a "fraud on the minority." </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Indemnification of Directors and Executive Officers and Limitation of Liability.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and
directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences
of committing a crime. Our memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless
such losses or damages arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation
Law for a Delaware corporation. In addition, we have entered into indemnification agreements with our directors and senior executive officers that provide such persons with additional indemnification
beyond that provided in our memorandum and articles of&nbsp;association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=17,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=6738,FOLIO='14',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Anti-Takeover Provisions in the Memorandum and Articles of Association.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some provisions of our amended articles of association may discourage, delay or prevent a change in control of our company or management that
shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences,
privileges and restrictions of such preferred shares without any further vote or action by our shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of association, as amended and restated from
time to time, for what they believe in good faith to be in the best interests of our&nbsp;company. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Directors' Fiduciary Duties.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has
two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar
circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty
requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or
advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer
or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief
that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented
concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the
following duties to the company&#151;a duty to act bona&nbsp;fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the
company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director
of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater
degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to
the required skill and care and these authorities are likely to be followed in the Cayman&nbsp;Islands. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shareholder Action by Written Consent  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its
certificate of incorporation. Cayman Islands law provides that shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would
have been entitled to vote on such matter at a general meeting without a meeting being held. However, our articles of association provides that corporate matters may not be resolved or voted upon
without a meeting being&nbsp;held. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=18,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=135355,FOLIO='15',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shareholder Proposals.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but
shareholders may be precluded from calling special meetings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Cayman Islands law nor our articles of association allow our shareholders to requisition a shareholders' meeting. As an exempted Cayman Islands company, we are not obliged by law
to call shareholders' annual general meetings. However, our articles of association require us to call such meetings every&nbsp;year. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cumulative Voting.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate
of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. As permitted under Cayman
Islands law, our articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a
Delaware corporation. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Removal of Directors.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our articles of association, directors may be removed only in accordance
with the enumerated appointment and nomination rights provided to certain of our shareholders. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions with Interested Shareholders.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested
shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of
the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders
would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either
the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of
any acquisition transaction with the target's board of&nbsp;directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona&nbsp;fide in the best interests
of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=19,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=327680,FOLIO='16',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cc46801_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dissolution; Winding Up.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's
outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as
they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and
equitable to do&nbsp;so. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law of the Cayman Islands and our articles of association, our company may be dissolved, liquidated or wound up by the vote of holders of two-thirds of our shares
voting at a meeting or the unanimous written resolution of all shareholders. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Variation of Rights of Shares.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the
outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our articles of association, if our share capital is divided into more than
one class of shares, we may vary the rights attached to any class only with the sanction of a special resolution passed at a general meeting of the holders of the shares of that&nbsp;class. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Amendment of Governing Documents.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our memorandum and articles of association may only be amended by
special resolution or the unanimous written resolution of all shareholders. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rights of Non-Resident or Foreign Shareholders.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no limitations imposed by our memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or
exercise voting rights on our shares. In addition, there are no provisions in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must
be&nbsp;disclosed. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Directors' Power to Issue Shares.  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred,
deferred, qualified or other special rights or restrictions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=20,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=411257,FOLIO='17',FILE='DISK125:[17ZCT1.17ZCT46801]CC46801A.;6',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ce46801_1_18"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce46801_description_of_american_depositary_shares"> </A>
<A NAME="toc_ce46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF AMERICAN DEPOSITARY SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


American Depositary Receipts  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A., as depositary will issue the ADSs which you will be entitled to receive in this offering. Each ADS will represent an
ownership interest a designated number of Class&nbsp;A ordinary shares which we will deposit with the custodian, as agent of the depositary, under the deposit agreement among ourselves, the
depositary and yourself as a holder of American depository receipts, or ADRs. In the future, each ADS will also represent any securities, cash or other property
deposited with the depositary but which they have not distributed directly to you. Unless certificated ADRs are specifically requested by you, all ADSs will be issued on the books of our depositary in
book-entry form and periodic statements will be mailed to you which reflect your ownership interest in such ADSs. In our description, references to American depositary receipts or ADRs shall include
the statements you will receive which reflect your ownership of&nbsp;ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary's office is located at 4&nbsp;New&nbsp;York Plaza, Floor 12, New&nbsp;York, NY,&nbsp;10004. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of
the depositary, you are an ADR holder. This description assumes you hold your ADSs directly. If you hold the ADSs through your broker or financial institution nominee, you must rely on the procedures
of such broker or financial institution to assert the rights of an ADR holder described in this section. You should consult with your broker or financial institution to find out what those
procedures&nbsp;are. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
an ADR holder, we will not treat you as a shareholder of ours and you will not have any shareholder rights. Cayman Island law governs shareholder rights. Because the depositary or its
nominee will be the shareholder of record for the Class&nbsp;A ordinary shares represented by all outstanding ADSs, shareholder rights rest with such record holder. Your rights are those of an ADR
holder. Such rights derive from the terms of the deposit agreement to be entered into among us, the depositary and all registered holders from time to time of ADSs issued under the deposit agreement.
The obligations of the depositary and its agents are also set out in the deposit agreement. Because the depositary or its nominee will actually be the registered owner of the Class&nbsp;A ordinary
shares, you must rely on it to exercise the rights of a shareholder on your behalf. The deposit agreement and the ADSs are governed by New&nbsp;York law. Under the deposit agreement, as an ADR
holder, you agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs or the transactions contemplated
thereby, may only be instituted in a state or federal court in New&nbsp;York, New&nbsp;York, and you irrevocably waive any objection which you may have to the laying of venue of any such
proceeding and irrevocably submit to the exclusive jurisdiction of such courts in any such suit, action or&nbsp;proceeding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of what we believe to be the material terms of the deposit agreement. Notwithstanding this, because it is a summary, it may not contain all the information
that you may otherwise deem important. For more complete information, you should read the entire deposit agreement and the form of ADR which contains the terms of your ADSs. You can read a copy of the
deposit agreement which is filed as an exhibit to the registration statement of which this prospectus forms&nbsp;a part. You may also obtain a copy of the deposit agreement at the SEC's Public
Reference Room which is located at 100&nbsp;F Street, NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. You may
also find the registration statement and the attached deposit agreement on the SEC's website at </FONT><FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=21,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=318209,FOLIO='18',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Share Dividends and Other Distributions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How will I receive dividends and other distributions on the Class&nbsp;A ordinary shares underlying
my&nbsp;ADSs?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may make various types of distributions with respect to our securities. The depositary has agreed that, to the extent practicable, it will
pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S.&nbsp;dollars (if&nbsp;it
determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in the deposit agreement. The depositary may utilize a division, branch or
affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement. Such division, branch and/or affiliate may charge the
depositary a fee in connection with such sales, which fee is considered an expense of the depositary. You will receive these distributions in proportion to the number of underlying securities that
your ADSs&nbsp;represent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as stated below, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following manner: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Cash.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The depositary will distribute any U.S.&nbsp;dollars available to
it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to&nbsp;the extent applicable), on an averaged or other
practicable basis, subject to (i)&nbsp;appropriate adjustments for taxes withheld, (ii)&nbsp;such distribution being impermissible or impracticable with respect to certain registered ADR holders,
and (iii)&nbsp;deduction of the depositary's and/or its agents' expenses in (1)&nbsp;converting any foreign currency to U.S.&nbsp;dollars to the extent that it determines that such conversion
may be made on a reasonable basis, (2)&nbsp;transferring foreign currency or U.S.&nbsp;dollars to the United&nbsp;States by such means as the depositary may determine to the extent that it
determines that such transfer may be made on a reasonable basis, (3)&nbsp;obtaining any approval or license of any governmental authority required for such conversion or transfer, which is
obtainable at a reasonable cost and within a reasonable time and (4)&nbsp;making any sale by public or private means in any commercially reasonable manner. If exchange rates fluctuate during a time
when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In the case of a distribution in shares, the depositary will issue
additional ADRs to evidence the number of ADSs representing such Class&nbsp;A ordinary shares. Only whole ADSs will be issued. Any shares which would result in fractional ADSs will be sold and the
net proceeds will be distributed in the same manner as cash to the ADR holders entitled thereto.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Rights to receive additional shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In the case of a distribution of
rights to subscribe for additional shares or other rights, if we timely provide evidence satisfactory to the depositary that it may lawfully distribute such rights, the depositary will distribute
warrants or other instruments in the discretion of the depositary representing such rights. However, if we do not timely furnish such evidence, the depositary&nbsp;may: </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;sell
such rights if practicable and distribute the net proceeds in the same manner as cash to the ADR holders entitled thereto;&nbsp;or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
it is not practicable to sell such rights by reason of the non-transferability of the rights, limited markets therefor, their short duration or otherwise, do nothing
and allow such rights to lapse, in which case ADR holders will receive nothing and the rights may&nbsp;lapse.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Other Distributions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In the case of a distribution of securities or
property other than those described above, the depositary may either (i)&nbsp;distribute such securities or property in any manner it deems equitable and practicable or (ii)&nbsp;to the extent the
depositary deems distribution </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=22,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=891602,FOLIO='19',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>of
such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds in the same way it distributes&nbsp;cash. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the depositary determines in its discretion that any distribution described above is not practicable with respect to any specific registered ADR holder, the depositary may choose any
method of distribution that it deems practicable for such ADR holder, including the distribution of foreign currency, securities or property, or it may retain such items, without paying interest on or
investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained&nbsp;items. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
U.S.&nbsp;dollars will be distributed by checks drawn on a bank in the United&nbsp;States for whole dollars and cents. Fractional cents will be withheld without liability and
dealt with by the depositary in accordance with its then current practices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.</I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other
securities at a specified price, nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled by the Depositary in
accordance with its then current policies, which are currently set forth in the "Depositary Receipt Sale and Purchase of Security" section of https://www.adr.com/Investors/FindOutAboutDRs, the
location and contents of which the Depositary shall be solely responsible&nbsp;for.</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Deposit, Withdrawal and Cancellation  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How does the depositary issue ADSs?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary will issue ADSs if you or your broker deposit Class&nbsp;A ordinary shares or evidence of rights to receive Class&nbsp;A
ordinary shares with the custodian and pay the fees and expenses owing to the depositary in connection with such issuance. In the case of the ADSs to be issued under this prospectus, we will arrange
with the underwriters named herein to deposit such Class&nbsp;A ordinary shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;A
ordinary shares deposited in the future with the custodian must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in
the name of JPMorgan Chase Bank, N.A., as depositary for the benefit of holders of ADRs or in such other name as the depositary shall&nbsp;direct. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
custodian will hold all deposited shares (including those being deposited by or on our behalf in connection with the offering to which this prospectus relates) for the account and to
the order of the depositary. ADR holders thus have no direct ownership interest in the Class&nbsp;A ordinary shares and only have such rights as are contained in the deposit agreement. The custodian
will also hold any additional securities, property and cash received on or in substitution for the deposited Class&nbsp;A ordinary shares. The deposited Class&nbsp;A ordinary shares and any such
additional items are referred to as "deposited securities". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
each deposit of Class&nbsp;A ordinary shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of
the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing
the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically requested to the contrary, be part of the depositary's direct registration system, and a
registered holder will receive periodic statements from the depositary which will show the number of ADSs registered in such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=23,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=884241,FOLIO='20',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>holder's
name. An ADR holder can request that the ADSs not be held through the depositary's direct registration system and that a certificated ADR be&nbsp;issued. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How do ADR holders cancel an ADS and obtain deposited securities?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When you turn in your ADR certificate at the depositary's office, or when you provide proper instructions and documentation in the case of
direct registration ADSs, the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying Class&nbsp;A ordinary shares to you or upon your written order.
Delivery of deposited securities in certificated form will be made at the custodian's office. At your risk, expense and request, the depositary may deliver deposited securities at such other place as
you may&nbsp;request. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary may only restrict the withdrawal of deposited securities in connection&nbsp;with:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> temporary delays caused by closing our transfer books or those of the depositary or the deposit of Class&nbsp;A ordinary shares in connection
with voting at a shareholders' meeting, or the payment of&nbsp;dividends; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the payment of fees, taxes and similar charges; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
right of withdrawal may not be limited by any other provision of the deposit agreement. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Record Dates  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary may, after consultation with us if practicable, fix record dates for the determination of the registered ADR holders who will be
entitled (or&nbsp;obligated, as the case may&nbsp;be):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to receive any distribution on or in respect of shares, </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to give instructions for the exercise of voting rights at a meeting of holders of&nbsp;shares, </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to pay the fee assessed by the depositary for administration of the ADR program and for any expenses as provided for in the ADR,&nbsp;or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to receive any notice or to act in respect of other matters, </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>all
subject to the provisions of the deposit agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How do I vote?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are an ADR holder and the depositary asks you to provide it with voting instructions, you may instruct the depositary how to exercise the
voting rights for the Class&nbsp;A ordinary shares which underlie your ADSs. Subject to the next sentence, as soon as practicable after receipt from us of notice of any meeting at which the holders
of shares are entitled to vote, or of our solicitation of consents or proxies from holders of shares, the depositary shall fix the ADS record date in accordance with the provisions of the deposit
agreement in respect of such meeting or solicitation of consent or proxy. The depositary shall, if we request in writing in a timely manner (the&nbsp;depositary having no obligation to take any
further action if our request shall not have been received by the depositary at least 30&nbsp;days prior to the date of such vote or meeting) and at our expense and provided no legal prohibitions
exist, distribute to the registered ADR holders a notice stating such information as is contained in the voting materials received by the depositary and describing how you may instruct the depositary
to exercise the voting rights for the Class&nbsp;A ordinary shares which underlie your ADSs, including instructions for giving a discretionary proxy to a person designated by us. For instructions to
be valid, the depositary </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=24,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=658706,FOLIO='21',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>must
receive them in the manner and on or before the date specified. The depositary will try, as far as is practical, subject to the provisions of and governing the underlying Class&nbsp;A ordinary
shares or other deposited securities, to vote or to have its agents vote the Class&nbsp;A ordinary shares or other deposited securities as you instruct. The depositary will only vote or attempt to
vote as you instruct. Holders are strongly encouraged to forward their voting instructions to the depositary as soon as possible. Voting instructions will not be deemed to be received until such time
as the ADR department responsible for proxies and voting has received such instructions notwithstanding that such instructions may have been physically received by the depositary prior to such time.
The depositary will not itself exercise any voting discretion. Furthermore, neither the depositary nor its agents are responsible for any failure to carry out any voting instructions, for the manner
in which any vote is cast or for the effect of any vote. Notwithstanding anything contained in the deposit agreement or any ADR, the depositary may, to the extent not prohibited by law or regulations,
or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the depositary in connection with any meeting of, or solicitation of
consents or proxies from, holders of deposited securities, distribute to the registered holders of ADRs a notice that provides such holders with, or otherwise publicizes to such holders, instructions
on how to retrieve such materials or receive such materials upon request (i.e.,&nbsp;by reference to a website containing the materials for retrieval or a contact for requesting copies of
the&nbsp;materials). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have advised the depositary that under the Cayman Islands law and our constituent documents, each as in effect as of the date of the deposit agreement, voting at any meeting of
shareholders is by show of hands unless a poll is (before or on the declaration of the results of the show of hands)
demanded. In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with our constituent documents, the depositary will refrain from voting and the
voting instructions received by the depositary from holders shall lapse. The depositary will not demand a poll or join in demanding a poll, whether or not requested to do so by holders of ADSs. There
is no guarantee that you will receive voting materials in time to instruct the depositary to vote and it is possible that you, or persons who hold their ADSs through brokers, dealers or other third
parties, will not have the opportunity to exercise a right to&nbsp;vote. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Reports and Other Communications  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Will ADR holders be able to view our reports?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary will make available for inspection by ADR holders at the offices of the depositary and the custodian the deposit agreement, the
provisions of or governing deposited securities, and any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally
available to the holders of deposited securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
if we make any written communications generally available to holders of our Class&nbsp;A ordinary shares, and we furnish copies thereof (or&nbsp;English translations or
summaries) to the depositary, it will distribute the same to registered ADR&nbsp;holders. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Fees and Expenses  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of Class&nbsp;A
ordinary shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger,
exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADRs are
cancelled or reduced for any other reason, $5.00 for each
100&nbsp;ADSs (or&nbsp;any portion thereof) issued, delivered, reduced, cancelled or surrendered, as the case may be. The depositary may </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=25,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=58889,FOLIO='22',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>sell
(by&nbsp;public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay
such&nbsp;charge. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following additional charges shall be incurred by the ADR holders, by any party depositing or withdrawing Class&nbsp;A ordinary shares or by any party surrendering ADSs and/or to
whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADSs or the deposited securities or a
distribution of ADSs), whichever is&nbsp;applicable:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a fee of U.S.$1.50 per ADR or ADRs for transfers of certificated or direct registration&nbsp;ADRs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a fee of up to U.S.$0.05 per ADS for any cash distribution made pursuant to the deposit agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an aggregate fee of up to U.S.$0.05 per ADS per calendar year (or&nbsp;portion thereof) for services performed by the depositary in
administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary
during each calendar year and shall be payable in the manner described in the next succeeding provision); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a fee for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including, without
limitation, the custodian and expenses incurred on behalf of holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in
connection with the servicing of the Class&nbsp;A ordinary shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of
deposited securities or otherwise in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate
basis against holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such holders or by deducting such charge from one or
more cash dividends or other cash distributions); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a fee for the distribution of securities (or&nbsp;the sale of securities in connection with a distribution), such fee being in an amount
equal to the $0.05 per ADS issuance fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were
shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those holders entitled thereto; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> stock transfer or other taxes and other governmental charges; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cable, telex and facsimile transmission and delivery charges incurred at your request in connection with the deposit or delivery of
Class&nbsp;A ordinary shares, ADRs or deposited securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the
deposit or withdrawal of deposited securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in connection with the conversion of foreign currency into U.S.&nbsp;dollars, JPMorgan Chase Bank, N.A. shall deduct out of such foreign
currency the fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion;&nbsp;and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or
private sale of securities under the deposit agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan
Chase Bank, N.A. and/or its agent may act as principal for such conversion of foreign currency. For further details see </FONT> <FONT SIZE=2><I>https://www.adr.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=26,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=318507,FOLIO='23',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_24"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will pay all other charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the
depositary. The charges described above may be amended from time to time by agreement between us and the&nbsp;depositary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the
depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing Class&nbsp;A ordinary shares or surrendering ADSs
for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by
selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors,
or by charging the book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no
distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further services to holders that have not paid those fees and expenses owing
until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement are due in advance and/or when declared owing by
the&nbsp;depositary. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Payment of Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any taxes or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or
the depositary with respect to any ADR, any deposited securities represented by the ADSs evidenced thereby or any distribution thereon, including, without limitation, any Chinese Enterprise Income Tax
owing if the Circular Guoshuifa [2009] No.&nbsp;82 issued by the Chinese State Administration of Taxation (SAT) or any other circular, edict, order or ruling, as issued and
as from time to time amended, is applied or otherwise, such tax or other governmental charge shall be paid by the holder thereof to the depositary and by holding or having held an ADR the holder and
all prior holders thereof, jointly and severally, agree to indemnify, defend and save harmless each of the depositary and its agents in respect thereof. If an ADR holder owes any tax or other
governmental charge, the depositary may (i)&nbsp;deduct the amount thereof from any cash distributions, or (ii)&nbsp;sell deposited securities (by&nbsp;public or private sale) and deduct the
amount owing from the net proceeds of such sale. In either case the ADR holder remains liable for any shortfall. If any tax or governmental charge is unpaid, the depositary may also refuse to effect
any registration, registration of transfer, split-up or combination of deposited securities or withdrawal of deposited securities until such payment is made. If any tax or governmental charge is
required to be withheld on any cash distribution, the depositary may deduct the amount required to be withheld from any cash distribution or, in the case of a non-cash distribution, sell the
distributed property or securities (by&nbsp;public or private sale) in such amounts and in such manner as the depositary deems necessary and practicable to pay such taxes and distribute any
remaining net proceeds or the balance of any such property after deduction of such taxes to the ADR holders entitled thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
holding an ADR or an interest therein, you will be agreeing to indemnify us, the depositary, its custodian and any of our or their respective officers, directors, employees, agents
and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes,
reduced rate of withholding at source or other tax benefit obtained. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Reclassifications, Recapitalizations and Mergers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we take certain actions that affect the deposited securities, including (i)&nbsp;any change in par value, split-up, consolidation,
cancellation or other reclassification of deposited securities or (ii)&nbsp;any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=27,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=1019634,FOLIO='24',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>distributions
of shares or other property not made to holders of ADRs or (iii)&nbsp;any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all
or substantially all of our assets, then the depositary may choose to, and shall if reasonably requested by&nbsp;us: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>amend
the form of ADR;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>distribute
additional or amended ADRs;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>distribute
cash, securities or other property it has received in connection with such&nbsp;actions;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>sell
any securities or property received and distribute the proceeds as cash;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>none
of the above. </FONT></DD></DL>
</UL>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the depositary does not choose any of the above options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will
then represent a proportionate interest in such&nbsp;property. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Amendment and Termination  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How may the deposit agreement be amended?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may agree with the depositary to amend the deposit agreement and the ADSs without your consent for any reason. ADR holders must be given at
least 30&nbsp;days notice of any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees,
SWIFT, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or otherwise prejudices any substantial existing right of ADR holders. Such notice need not describe in
detail the specific amendments effectuated thereby, but must identify to ADR holders a means to access the text of such amendment. If an ADR holder continues to hold an ADR or ADRs after being so
notified, such ADR holder is deemed to agree to such amendment and to be bound by the deposit agreement as so amended. Notwithstanding the foregoing, if any governmental body or regulatory body should
adopt new laws, rules or regulations which would require amendment or supplement of the deposit agreement or the form of ADR to ensure compliance therewith, we and the depositary may amend or
supplement the deposit agreement and the ADR at any time in accordance with such changed laws, rules or regulations, which amendment or supplement may take effect before a notice is given or within
any other period of time as required for compliance. No amendment, however, will impair your right to surrender your ADSs and receive the underlying securities, except in order to comply with
mandatory provisions of applicable&nbsp;law. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How may the deposit agreement be terminated?  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary may, and shall at our written direction, terminate the deposit agreement and the ADRs by mailing notice of such termination to
the registered holders of ADRs at least 30&nbsp;days prior to the date fixed in such notice for such termination; provided, however, if the depositary shall have (i)&nbsp;resigned as depositary
under the deposit agreement, notice of such termination by the depositary shall not be provided to registered holders unless a successor depositary shall not be operating under the deposit agreement
within 60&nbsp;days of the date of such resignation, and (ii)&nbsp;been removed as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to
registered holders of ADRs unless a successor depositary shall not be operating under the deposit agreement on the 120th&nbsp;day after our notice of removal was first provided to the depositary.
After the date so fixed for termination, (a)&nbsp;all direct registration ADRs shall cease to be eligible for the direct registration system and shall be considered ADRs issued on the ADR register
maintained by the depositary and (b)&nbsp;the depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible so that neither DTC nor any of its nominees shall
thereafter be a registered holder of ADRs. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=28,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=443356,FOLIO='25',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>nominees
is a registered holder of ADRs, the depositary shall (a)&nbsp;instruct its custodian to deliver all Class&nbsp;A ordinary shares to us along with a general stock power that refers to the
names set forth on the ADR register maintained by the depositary and (b)&nbsp;provide us with a copy of the ADR register maintained by the depositary. Upon receipt of such Class&nbsp;A ordinary
shares and the ADR register maintained by the depositary, we have agreed to use our best efforts to issue to each registered holder a Share certificate representing the Shares represented by the ADSs
reflected on the ADR register maintained by the depositary in such registered holder's name and to deliver such Share certificate to the registered holder at the address set forth on the ADR register
maintained by the depositary. After providing such instruction to the custodian and delivering a copy of the ADR register to us, the depositary and its agents will perform no further acts under the
deposit agreement or the ADRs and shall cease to have any obligations under the deposit agreement and/or the&nbsp;ADRs. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Limitations on Obligations and Liability to ADR Holders  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Limits on our obligations and the obligations of the depositary; limits on liability to ADR holders and
holders of&nbsp;ADSs  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any
distribution in respect thereof, and from time to time in the case of the production of proofs as described below, we or the depositary or its custodian
may&nbsp;require:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> payment with respect thereto of (i)&nbsp;any stock transfer or other tax or other governmental charge, (ii)&nbsp;any stock transfer or
registration fees in effect for the registration of transfers of Class&nbsp;A ordinary shares or other deposited securities upon any applicable register and (iii)&nbsp;any applicable fees and
expenses described in the deposit agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the production of proof satisfactory to it of (i)&nbsp;the identity of any signatory and genuineness of any signature and (ii)&nbsp;such
other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law,
regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs, as it may deem necessary or proper;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with such regulations as the depositary may establish consistent with the deposit agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of ADRs, the acceptance of deposits of Class&nbsp;A ordinary shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of
Class&nbsp;A ordinary shares, may be suspended, generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action is deemed
advisable by the depositary; provided that the ability to withdraw Class&nbsp;A ordinary shares may only be limited under the following circumstances: (i)&nbsp;temporary delays caused by closing
transfer books of the depositary or our transfer books or the deposit of Class&nbsp;A ordinary shares in connection with voting at a shareholders' meeting, or the payment of dividends,
(ii)&nbsp;the payment of fees, taxes, and similar charges, and (iii)&nbsp;compliance with any laws or governmental regulations relating to ADRs or to the withdrawal of deposited securities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
deposit agreement expressly limits the obligations and liability of the depositary, ourselves and our respective agents, provided, however, that no disclaimer of liability under the
Securities Act is intended by any of the limitations of liabilities provisions of the deposit agreement. In the deposit agreement it provides that neither we nor the depositary nor any such agent will
be liable&nbsp;if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any present or future law, rule, regulation, fiat, order or decree of the United&nbsp;States, the Cayman Islands, the People's Republic of
China (including the Hong Kong Special Administrative Region, the People's Republic of China) or any other country or jurisdiction, or of any governmental or regulatory authority or securities
exchange or market or automated </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=29,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=106732,FOLIO='26',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>quotation
system, the provisions of or governing any deposited securities, any present or future provision of our charter, any act of God, war, terrorism, nationalization, expropriation, currency
restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond our, the depositary's or our respective agents' direct and immediate
control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the deposit agreement or the ADRs provide shall be done or
performed by us, the depositary or our respective agents (including, without limitation, voting); </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> it exercises or fails to exercise discretion under the deposit agreement or the ADRs including, without limitation, any failure to determine
that any distribution or action may be lawful or reasonably practicable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> it performs its obligations under the deposit agreement and ADRs without gross negligence or willful misconduct; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> it takes any action or refrains from taking any action in reliance upon the advice of or information from legal counsel, accountants, any
person presenting Class&nbsp;A ordinary shares for deposit, any registered holder of ADRs, or any other person believed by it to be competent to give such advice or information;&nbsp;or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> it relies upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented
or given by the proper party or&nbsp;parties. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the depositary nor its agents have any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or the ADRs. We
and our agents shall
only be obligated to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or the ADRs, which in our opinion may involve us in expense or
liability, if indemnity satisfactory to us against all expense (including fees and disbursements of counsel) and liability is furnished as often as may be required. The depositary and its agents may
fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the deposit agreement, any registered holder or holders of ADRs, any ADRs or
otherwise related to the deposit agreement or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules,
regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities
depository, clearing agency or settlement system. Furthermore, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any
custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. Notwithstanding anything to the contrary contained in the deposit agreement or any ADRs, the depositary shall not be
responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the custodian except to the extent that the custodian has
(i)&nbsp;committed fraud or willful misconduct in the provision of custodial services to the depositary or (ii)&nbsp;failed to use reasonable care in the provision of custodial services to the
depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. The depositary and the custodian(s) may use third party delivery services
and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection with the ADRs and the deposit agreement, and
use local agents to provide extraordinary services such as attendance at annual meetings of issuers of securities. Although the depositary and the custodian will use reasonable care (and&nbsp;cause
their agents to use reasonable care) in the selection and retention of such third party providers and local agents, they will not be responsible for any errors or omissions made by them in providing
the relevant information or services. The depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action or
omission to act nor shall it be responsible for any error or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=30,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=1004722,FOLIO='27',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>delay
in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed&nbsp;sale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary has no obligation to inform ADR holders or other holders of an interest in any ADSs about the requirements of Cayman Islands or People's Republic of China law, rules or
regulations or any changes therein or&nbsp;thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
none of us, the depositary or the custodian shall be liable for the failure by any registered holder of ADRs or beneficial owner therein to obtain the benefits of credits
on the basis of non-U.S.&nbsp;tax paid against such holder's or beneficial owner's income tax liability. Neither we nor the depositary shall incur any liability for any tax consequences that may be
incurred by registered holders or beneficial owners on account of their ownership of ADRs or&nbsp;ADSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any such vote is
cast or for the effect of any such vote. The depositary may rely upon instructions from us or our counsel in respect of any approval or license required for any currency conversion, transfer or
distribution. The depositary shall not incur any liability for the content of any information submitted to it by us or on our behalf for distribution to ADR holders or for any inaccuracy of any
translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the credit-worthiness of any
third party, for allowing any rights to lapse upon the terms of the deposit agreement or for the failure or timeliness of any notice from us. The depositary shall not be liable for any acts or
omissions made by a successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising wholly after the removal or resignation of the
depositary. Neither the depositary nor any of its agents shall be liable to registered holders or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages
(including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in
which such a claim may be&nbsp;brought. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the deposit agreement each party thereto (including, for avoidance of doubt, each holder and beneficial owner and/or holder of interests in ADRs) irrevocably waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of or relating to the
Class&nbsp;A ordinary shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract,
tort, common law or any other&nbsp;theory). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary and its agents may own and deal in any class of securities of our company and our affiliates and in&nbsp;ADRs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Disclosure of Interest in ADSs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the provisions of or governing any deposited securities may require disclosure of or impose limits on beneficial or other
ownership of deposited securities, other shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, you agree to comply with all
such disclosure requirements and ownership limitations and to comply with any reasonable instructions we may provide in respect thereof. We reserve the right to instruct you to deliver your ADSs for
cancellation and withdrawal of the deposited securities so as to permit us to deal with you directly as a holder of shares and, by holding an ADS or an interest therein, you will be agreeing to comply
with such instructions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=31,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=111539,FOLIO='28',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Books of Depositary  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary or its agent will maintain a register for the registration, registration of transfer, combination and split-up of ADRs, which
register shall include the depositary's direct registration system. Registered holders of ADRs may inspect such records at the depositary's office at all reasonable times, but solely for the purpose
of communicating with other holders in the interest of the business of our company or a matter relating to the deposit agreement. Such register may be closed at any time or from time to time, when
deemed expedient by the&nbsp;depositary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary will maintain facilities for the delivery and receipt of ADRs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pre-release of ADSs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In its capacity as depositary, the depositary shall not lend shares or ADSs; provided, however, that the depositary may (i)&nbsp;issue ADSs
prior to the receipt of Class&nbsp;A ordinary shares and (ii)&nbsp;deliver Class&nbsp;A ordinary shares prior to the receipt of ADSs for withdrawal of deposited securities, including ADSs which
were issued under (i)&nbsp;above but for which shares may not have been received (each such transaction a "pre-release"). The depositary may receive ADSs in lieu of Class&nbsp;A ordinary shares
under (i)&nbsp;above (which ADSs will promptly be canceled by the depositary upon receipt by the depositary) and receive Class&nbsp;A ordinary shares in lieu of ADSs under (ii)&nbsp;above. Each
such pre-release will be subject to a written agreement whereby the person or entity (the&nbsp;"applicant") to whom ADSs or Class&nbsp;A ordinary shares are to be delivered (a)&nbsp;represents
that at the time of the pre-release the applicant or its customer owns the Class&nbsp;A ordinary shares or ADSs that are to be delivered by the applicant under such pre-release, (b)&nbsp;agrees to
indicate the depositary as owner of such Class&nbsp;A ordinary shares or ADSs in its records and to hold such Class&nbsp;A ordinary shares or ADSs in trust for the depositary until such
Class&nbsp;A ordinary shares or ADSs are delivered to the depositary or the custodian, (c)&nbsp;unconditionally guarantees to deliver to the depositary or the custodian, as applicable, such
Class&nbsp;A ordinary shares or ADSs, and (d)&nbsp;agrees to any additional restrictions or requirements that the depositary deems appropriate. Each such pre-release will be at all times fully
collateralized with cash, U.S.&nbsp;government securities or such other collateral as the depositary deems appropriate, terminable by the depositary on not more than five (5)&nbsp;business days'
notice and subject to such further indemnities and credit regulations as the depositary deems appropriate. The depositary will normally
limit the number of ADSs and Class&nbsp;A ordinary shares involved in such pre-release at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding
under (i)&nbsp;above), provided, however, that the depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The depositary may also set limits with
respect to the number of ADSs and Class&nbsp;A ordinary shares involved in pre-release with any one person on a case-by-case basis as it deems appropriate. The depositary may retain for its own
account any compensation received by it in conjunction with the foregoing. Collateral provided in connection with pre-release transactions, but not the earnings thereon, shall be held for the benefit
of the ADR holders (other than the&nbsp;applicant). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Appointment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the deposit agreement, each registered holder of ADRs and each person holding an interest in ADSs, upon acceptance of any ADSs (or&nbsp;any
interest therein) issued in accordance with the terms and conditions of the deposit agreement will be deemed for all purposes&nbsp;to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> be a party to and bound by the terms of the deposit agreement and the applicable ADR or ADRs,&nbsp;and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in
the deposit agreement and the applicable ADR or ADRs, to adopt any and all procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem
necessary or appropriate to carry </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=32,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=487529,FOLIO='29',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ce46801_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>out
the purposes of the deposit agreement and the applicable ADR and ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. </FONT></P>

</UL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Governing Law  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deposit agreement and the ADRs shall be governed by and construed in accordance with the laws of the State of New&nbsp;York. In the
deposit agreement, we have submitted to the jurisdiction of the courts of the State of New&nbsp;York and appointed an agent for service of process on our behalf. Notwithstanding the foregoing,
(i)&nbsp;any action based on the deposit agreement or the transactions contemplated thereby may be instituted by the depositary in any competent court in the Cayman Islands, Hong Kong, the People's
Republic of China and/or the United&nbsp;States, (ii)&nbsp;the depositary may, in its sole discretion, elect to institute any action, controversy, claim or dispute directly or indirectly based on,
arising out of or relating to the deposit agreement or the ADRs or the transactions contemplated thereby, including without limitation any question regarding its or their existence, validity,
interpretation, performance or termination, against any other party or parties to the deposit agreement (including, without limitation, against ADR holders and owners of interests in ADSs), by having
the matter referred to and finally resolved by an arbitration conducted under the terms described below, and (iii)&nbsp;the depositary may in its sole discretion require that any action,
controversy, claim, dispute, legal suit or proceeding brought against the depositary by any party or parties to the deposit agreement (including, without limitation, by ADR holders and owners of
interests in ADSs) shall be referred to and finally settled by an arbitration conducted under the terms described below. Any such arbitration shall be conducted in the English language either in
New&nbsp;York, New&nbsp;York in accordance with the Commercial Arbitration Rules of the American Arbitration Association or in Hong Kong following the arbitration rules of the United Nations
Commission on International Trade Law&nbsp;(UNCITRAL). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
holding an ADS or an interest therein, registered holders of ADRs and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving us or the
depositary, arising out of or based upon the deposit agreement, the ADSs or the transactions contemplated thereby, may only be instituted in a state or federal court in New&nbsp;York,
New&nbsp;York, and each irrevocably waives any objection which it may have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any
such suit, action or&nbsp;proceeding. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=33,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=426010,FOLIO='30',FILE='DISK125:[17ZCT1.17ZCT46801]CE46801A.;7',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cg46801_1_31"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg46801_enforceability_of_civil_liabilities"> </A>
<A NAME="toc_cg46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ENFORCEABILITY OF CIVIL LIABILITIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman
Islands because of certain benefits associated with being a Cayman Islands corporation, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of
foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the
United&nbsp;States and provides protections for investors to a lesser extent. In addition, Cayman Islands companies may not have standing to sue before the federal courts of the
United&nbsp;States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of our operations are conducted in China, and substantially all of our assets are located in China. In addition, most of our directors and officers are residents of
jurisdictions other than the United&nbsp;States and all or a substantial portion of their assets are located outside the United&nbsp;States. As a result, it may be difficult for investors to
effect service of process within the United&nbsp;States upon us
or these persons, or to enforce against us or them judgments obtained in United&nbsp;States courts, including judgments predicated upon the civil liability provisions of the securities laws of the
United&nbsp;States or any state in the United&nbsp;States. It may also be difficult for you to enforce in United&nbsp;States courts judgments obtained in United&nbsp;States courts based on the
civil liability provisions of the United&nbsp;States federal securities laws against us and our officers and&nbsp;directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have appointed Law Debenture Corporate Services&nbsp;Inc. as our agent to receive service of process with respect to any action brought against us in the United&nbsp;States
District Court for the Southern District of New&nbsp;York under the federal securities laws of the United&nbsp;States or of any state in the United&nbsp;States or any action brought against us
in the Supreme Court of the State of New&nbsp;York in the County of New&nbsp;York under the securities laws of the State of New&nbsp;York. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conyers
Dill&nbsp;&amp; Pearman, our counsel as to Cayman Islands law, and King&nbsp;&amp; Wood Mallesons, our counsel as to PRC law, have advised us that there is uncertainty as to whether
the courts of the Cayman Islands or the PRC would, respectively, (1)&nbsp;recognize or enforce judgments of United&nbsp;States courts obtained against us or our directors or officers predicated
upon the civil liability provisions of the securities laws of the United&nbsp;States or any state in the United&nbsp;States and (2)&nbsp;entertain original actions brought in the Cayman Islands
or the PRC against us or our directors or officers predicated upon the securities laws of the United&nbsp;States or any state in the United&nbsp;States. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conyers
Dill&nbsp;&amp; Pearman has informed us that the uncertainty with regard to Cayman Islands law relates to whether a judgment obtained from the United&nbsp;States courts under the
civil liability provisions of the securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman
Islands will not recognize or enforce the judgment against a Cayman company. Because the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is
uncertain whether they would be enforceable in the Cayman Islands. Conyers Dill&nbsp;&amp; Pearman has further advised us that a final and conclusive judgment in the federal or state courts of the
United&nbsp;States under which a sum of money is payable, other than a sum payable in respect of taxes, fines, penalties or similar charges, may be subject to enforcement proceedings as a debt in
the courts of the Cayman Islands under the common law doctrine of&nbsp;obligation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Conyers Dill&nbsp;&amp; Pearman has advised us that there is no statutory recognition in the Cayman Islands of judgments obtained in the United&nbsp;States, although the
Cayman Islands will generally recognize as a valid judgment, a final and conclusive judgment in personam obtained in the federal or state courts in the United&nbsp;States under which a sum of money
is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) and would give a judgment based thereon
provided that (i)&nbsp;such courts had proper jurisdiction over the parties subject to such judgment; (ii)&nbsp;such courts did not contravene the rules of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=34,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=420381,FOLIO='31',FILE='DISK125:[17ZCT1.17ZCT46801]CG46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cg46801_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>natural
justice of the Cayman Islands; (iii)&nbsp;such judgment was not obtained by fraud; (iv)&nbsp;the enforcement of the judgment would not be contrary to the public policy of the Cayman
Islands; (v)&nbsp;no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (vi)&nbsp;there is due compliance
with the correct procedures under the laws of the Cayman&nbsp;Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King&nbsp;&amp;
Wood Mallesons has advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. PRC courts may recognize and
enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of
reciprocity between jurisdictions. King&nbsp;&amp; Wood Mallesons has advised us further that under PRC law, a foreign judgment, which does not otherwise violate basic legal principles, state
sovereignty, safety or social public interest, may be recognized and enforced by a PRC court, based either on treaties between China and the country where the judgment is made or on principles of
reciprocity between jurisdictions. As there exists no treaty or other form of reciprocal arrangement between China and the United&nbsp;States governing the recognition and enforcement of judgments
as of the date of this registration statement, including those predicated upon the liability provisions of the United&nbsp;States federal securities laws, there is uncertainty on whether and on what
basis a PRC court will recognize or enforce a judgment ruled by a United&nbsp;States&nbsp;court. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=35,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=614083,FOLIO='32',FILE='DISK125:[17ZCT1.17ZCT46801]CG46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cg46801_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg46801_taxation"> </A>
<A NAME="toc_cg46801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  TAXATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material income tax consequences relating to the purchase, ownership and disposition of any of the securities offered by this prospectus will be
set forth in the applicable prospectus supplement(s) relating to the offering of those securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=36,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=227685,FOLIO='33',FILE='DISK125:[17ZCT1.17ZCT46801]CG46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_cg46801_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg46801_selling_shareholders"> </A>
<A NAME="toc_cg46801_3"> </A>
<BR></FONT><FONT SIZE=2><B>  SELLING SHAREHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>S</B></FONT><FONT SIZE=2>elling shareholders to be named in a prospectus supplement may, from time to time, offer and
sell some or all of the shares of our Class&nbsp;A ordinary shares or ADSs held by them pursuant to this prospectus and the applicable prospectus supplement. Such selling shareholders may sell
shares of our Class&nbsp;A ordinary shares or ADSs held by them to or through underwriters, dealers or agents or directly to purchasers or as otherwise set forth in the applicable prospectus
supplement. See "Plan of Distribution." Such selling shareholders may also sell, transfer or otherwise dispose of some or all of our Class&nbsp;A ordinary shares held by them in transactions exempt
from the registration requirements of the Securities&nbsp;Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide you with a prospectus supplement, which will set forth the name of each selling shareholder, the number of shares of our ordinary shares beneficially owned by such
selling shareholder and the number of our Class&nbsp;A ordinary shares or ADSs they are offering. The prospectus supplement also will disclose whether any of the selling shareholders have held any
position or office with, have been employed by or otherwise have had a material relationship with us during the three years prior to the date of the prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=37,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=768302,FOLIO='34',FILE='DISK125:[17ZCT1.17ZCT46801]CG46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ci46801_1_35"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci46801_plan_of_distribution"> </A>
<A NAME="toc_ci46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the selling shareholders may sell the securities offered through this prospectus (1)&nbsp;to or through underwriters or dealers,
(2)&nbsp;directly to purchasers, including our affiliates, (3)&nbsp;through agents, or (4)&nbsp;through a combination of any these methods. The securities may be distributed at a fixed price or
prices, which may be changed, market prices prevailing at the time of sale, prices related to the prevailing market prices, or negotiated prices. The prospectus supplement will include the following
information, if&nbsp;applicable:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms of the offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the names of any underwriters, dealers or agents; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the name or names of any managing underwriter or underwriters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the purchase price of the securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the net proceeds from the sale of the securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any delayed delivery arrangements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any underwriting discounts, commissions and other items constituting underwriters' compensation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any offering price to the public; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any discounts or concessions allowed or reallowed or paid to dealers; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any commissions paid to agents. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale through underwriters or dealers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If underwriters are used in the sale, the underwriters will acquire the securities for their own account, including through underwriting,
purchase, security lending or repurchase agreements. The underwriters may resell the securities from time to time in one or more transactions, including negotiated transactions. Underwriters may sell
the securities in order to facilitate transactions in any of our other securities (described in this prospectus or otherwise), including other public or private transactions and short sales.
Underwriters may offer securities to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. Unless
otherwise indicated in the prospectus supplement, the obligations of the underwriters to purchase the securities will be subject to certain conditions, and the underwriters will be obligated to
purchase all the offered securities if they purchase any of them. The underwriters may change from time to time any public offering price and any discounts or concessions allowed or reallowed or paid
to dealers. The prospectus supplement will include the names of the principal underwriters the respective amount of securities underwritten, the nature of the obligation of the underwriters to take
the securities and the nature of any material relationship between an underwriter and&nbsp;us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
dealers are used in the sale of securities offered through this prospectus, we will sell the securities to them as principals. They may then resell those securities to the public at
varying prices determined by the dealers at the time of resale. The prospectus supplement will include the names of the dealers and the terms of the transaction. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Direct sales and sales through agents  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the selling shareholders may sell the securities offered through this prospectus directly. In this case, no underwriters or agents would
be involved. Such securities may also be sold through agents designated from time to time. The prospectus supplement will name any agent involved in the offer or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=38,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=808714,FOLIO='35',FILE='DISK125:[17ZCT1.17ZCT46801]CI46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ci46801_1_36"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>sale
of the offered securities and will describe any commissions payable to the agent by us and the selling shareholders. Unless otherwise indicated in the prospectus supplement, any agent will agree
to use its reasonable best efforts to solicit purchases for the period of its appointment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the selling shareholders may sell the securities directly to institutional investors or others who may be deemed to be underwriters within the meaning of the Securities Act with
respect to any sale of those securities. The terms of any such sales will be described in the prospectus supplement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Delayed delivery contracts  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the prospectus supplement indicates, we or the selling shareholders may authorize agents, underwriters or dealers to solicit offers from
certain types of institutions to purchase securities at the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified date in the
future. The contracts would be subject only to those conditions described in the prospectus supplement. The applicable prospectus supplement will describe the commission payable for solicitation of
those contracts. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Market making, stabilization and other transactions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the applicable prospectus supplement states otherwise or the shares are offered by the selling shareholders, each series of offered
securities will be a new issue and will have no established trading market. We may elect to list any series of offered securities on an exchange. Any underwriters that we and the selling shareholders
use in the sale of offered securities may make a market in such securities, but may discontinue such market making at any time without notice. Therefore, we cannot assure you that the securities will
have a liquid trading&nbsp;market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
underwriter may also engage in stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Rule&nbsp;104 under the Exchange Act. Stabilizing
transactions involve bids to purchase the underlying security in the open market for the purpose of pegging, fixing or maintaining the price of the securities. Syndicate covering transactions involve
purchases of the securities in the open market after the distribution has been completed in order to cover syndicate short positions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalty
bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a syndicate
covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions and penalty bids may cause the price of the securities to be higher than it would be
in the absence of the transactions. The underwriters may, if they commence these transactions, discontinue them at any&nbsp;time. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivative transactions and hedging  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the selling shareholders, the underwriters or other agents may engage in derivative transactions involving the securities. These derivatives
may consist of short sale transactions and other hedging activities. The underwriters or agents may acquire a long or short position in the securities, hold or resell securities acquired and purchase
options or futures on the securities and other derivative instruments with returns linked to or related to changes in the price of the securities. In order to facilitate these derivative transactions,
we may enter into security lending or repurchase agreements with the underwriters or agents. The underwriters or agents may effect the derivative transactions through sales of the securities to the
public, including short sales, or by lending the securities in order to facilitate short sale transactions by others. The underwriters or agents may also use the securities purchased or borrowed from
us, the selling shareholders or others (or, in the case of derivatives, securities received from us or the selling shareholders in settlement of those derivatives) to directly or indirectly settle
sales of the securities or close out any related open borrowings of the&nbsp;securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=39,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=602797,FOLIO='36',FILE='DISK125:[17ZCT1.17ZCT46801]CI46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ci46801_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Electronic auctions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the selling shareholders may also make sales through the Internet or through other electronic means. Since we and the selling
shareholders may from time to time elect to offer securities directly to the public, with or without the involvement of agents, underwriters or dealers, utilizing the Internet or other forms of
electronic bidding or ordering systems for the pricing and allocation of such securities, you should pay particular attention to the description of that system we will provide in a prospectus
supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
electronic system may allow bidders to directly participate, through electronic access to an auction site, by submitting conditional offers to buy that are subject to acceptance by
us, and which may directly affect the price or other terms and conditions at which such securities are sold. These bidding or ordering systems may present to each bidder, on a so-called "real-time"
basis, relevant information to assist in making a bid, such as the clearing spread at which the offering would be sold, based on the bids submitted, and whether a bidder's individual bids would be
accepted, prorated or rejected. Of course, many pricing methods can and may also be&nbsp;used. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of such an electronic auction process, securities will be allocated based on prices bid, terms of bid or other factors. The final offering price at which securities would
be sold and the allocation of securities among bidders would be based in whole or in part on the results of the Internet or other electronic bidding process or&nbsp;auction. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General information  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents, underwriters, and dealers may be entitled, under agreements entered into with us, to indemnification by us against certain liabilities,
including liabilities under the Securities&nbsp;Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=40,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=898752,FOLIO='37',FILE='DISK125:[17ZCT1.17ZCT46801]CI46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ci46801_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci46801_legal_matters"> </A>
<A NAME="toc_ci46801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are being represented by Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP with respect to certain legal matters of United&nbsp;States federal
securities and New&nbsp;York state law. Certain legal matters of United&nbsp;States federal securities and New&nbsp;York state law in connection with this offering will be passed upon for the
underwriters by a law firm or firms named in the applicable prospectus supplement. The validity of the securities offered in this offering and legal matters as to Cayman Islands law will be passed
upon for us by Conyers Dill&nbsp;&amp; Pearman. Certain legal matters as to PRC law will be passed upon for us by King&nbsp;&amp; Wood Mallesons and for the underwriters by a law firm or firms named in
the applicable prospectus supplement. Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP and Conyers Dill&nbsp;&amp; Pearman may rely upon King&nbsp;&amp; Wood Mallesons with respect to matters governed by
PRC&nbsp;law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=41,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=217533,FOLIO='38',FILE='DISK125:[17ZCT1.17ZCT46801]CI46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<A NAME="page_ci46801_1_39"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci46801_experts"> </A>
<A NAME="toc_ci46801_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of GDS Holdings Limited as of December&nbsp;31, 2015 and 2016, and for each of the years in the
three-year period ended December&nbsp;31, 2016, have been incorporated by reference herein in reliance upon the report of KPMG Huazhen&nbsp;LLP, independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and&nbsp;auditing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
office of KPMG Huazhen&nbsp;LLP is located at 25th&nbsp;Floor, Tower II, Plaza 66, 1266&nbsp;Nanjing West Road, Shanghai, People's Republic of&nbsp;China. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=42,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=329731,FOLIO='39',FILE='DISK125:[17ZCT1.17ZCT46801]CI46801A.;5',USER='CHE107309',CD='22-JAN-2018;23:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ck46801_1_40"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck46801_where_you_can_find_more_information_about_us"> </A>
<A NAME="toc_ck46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION ABOUT US    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private
issuers. Accordingly, we are required to file reports, including annual reports on Form&nbsp;20-F, and other information with the SEC. All information filed with the SEC can be inspected and copied
at the public reference facilities maintained by the SEC at 100&nbsp;F&nbsp;Street, N.E., Washington,&nbsp;D.C. 20549. You can request copies of these documents upon payment of a duplicating
fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330&nbsp;for further information on the operation of the public reference room. Our SEC filings may also be obtained over the Internet
at the SEC's website at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
main website is </FONT><FONT SIZE=2><I>www.gds-services.com</I></FONT><FONT SIZE=2>, and the information contained on this website is not a part of this prospectus. Our agent for
service of process in the United&nbsp;States is Law Debenture Corporate Services&nbsp;Inc. located at 801 2nd&nbsp;Avenue, Suite&nbsp;403, New&nbsp;York, NY&nbsp;10017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is part of a registration statement that we filed with the SEC and does not contain all the information in the registration statement. You will find additional
information about us in the registration statement. Any statement made in this prospectus concerning a contract or other document of ours is not necessarily complete, and you should read the documents
that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter. Each such statement is qualified in all respects
by reference to the document to which it&nbsp;refers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=43,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=860316,FOLIO='40',FILE='DISK125:[17ZCT1.17ZCT46801]CK46801A.;8',USER='CHE108065',CD='23-JAN-2018;09:02' -->
<A NAME="page_ck46801_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck46801_incorporation_of_documents_by_reference"> </A>
<A NAME="toc_ck46801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  INCORPORATION OF DOCUMENTS BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to "incorporate by reference" the information we file with them. This means that we can disclose important information to you
by referring you to those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such documents shall not create any
implication that there has been no change in our affairs since the date thereof or that the information contained therein is current as of any time subsequent to its date. The information incorporated
by reference is considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by
making future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and superseded. In other words, in the case of a conflict or
inconsistency between information contained in this prospectus and information incorporated by reference in this prospectus, you should rely on the information contained in the document that was
filed&nbsp;later. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
incorporate by reference the documents listed below:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our annual report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2016, originally filed with the SEC on
April&nbsp;19,&nbsp;2017; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our current report on Form&nbsp;6-K furnished to the SEC on January 23, 2018, including exhibits thereto; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the description of the securities contained in our registration statement on Form&nbsp;8-A filed on October&nbsp;20, 2016 pursuant to
Section&nbsp;12 of the Exchange Act, together with all amendments and reports filed for the purpose of updating that description; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any future annual reports on Form&nbsp;20-F filed with the SEC after the date of this prospectus and prior to the termination of the offering
of the securities offered by this prospectus;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any future reports on Form&nbsp;6-K that we furnish to the SEC after the date of this prospectus that are identified in such reports as being
incorporated by reference in this prospectus. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specially incorporated by reference in this
prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made&nbsp;to: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>GDS
Holdings Limited<BR>
2/F, Tower 2, Youyou Century Place<BR>
428&nbsp;South Yanggao Road<BR>
Pudong, Shanghai 200127<BR>
People's Republic of China<BR>
+86-21-2033-0303 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information that we incorporate by reference or provide in this prospectus. We have not authorized anyone to provide you with different information. We are
not making any offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus is accurate as of any date other than the
date on the front of those documents. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=44,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=190733,FOLIO='41',FILE='DISK125:[17ZCT1.17ZCT46801]CK46801A.;8',USER='CHE108065',CD='23-JAN-2018;09:02' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ja46801_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja46801_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II<BR>  <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46801_item_8._indemnification_of_directors_and_officers"> </A>
<A NAME="toc_ja46801_2"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors,
except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as
providing indemnification against civil fraud or the consequences of committing a crime. The registrant's articles of association provide that each officer or director of the registrant shall be
indemnified out of the assets of the registrant against any liability incurred by him or her in defending any proceedings, whether civil or criminal, in which judgment is given in his or her favor, or
the proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part, or in which he or she is acquitted or in connection with any application
in which relief is granted to him or her by the court from liability for negligence, default, breach of duty or breach of trust in relation to the affairs of the&nbsp;registrant. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the indemnification agreements with our directors and executive officers, the form of which was filed as Exhibit&nbsp;10.14 to&nbsp;our registration statement on
Form&nbsp;F-1 originally filed with the SEC on October&nbsp;4, 2016, as amended (File No.&nbsp;333-213951), we have agreed to indemnify our directors and executive officers against certain
liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or executive officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
underwriting agreement entered into in connection with an offering of our securities may also provide for indemnification of us and our officers and directors in
certain&nbsp;cases. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been
informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46801_item_9._exhibits"> </A>
<A NAME="toc_ja46801_3"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit Index beginning on page&nbsp;II-4 of this registration statement.  </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46801_item_10._undertakings."> </A>
<A NAME="toc_ja46801_4"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of&nbsp;1933; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or&nbsp;the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or any decrease
in volume of securities offered (if&nbsp;the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in
the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;&nbsp;and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=45,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=283615,FOLIO='II-1',FILE='DISK125:[17ZCT1.17ZCT46801]JA46801A.;9',USER='CHE108055',CD='22-JAN-2018;23:03' -->
<A NAME="page_ja46801_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>provided,
however, that paragraphs&nbsp;(a)(1)(i), (a)(1)(ii) and&nbsp;(a)(1)(iii) of this section do not apply if the registration statement is on Form&nbsp;F-3 and&nbsp;the information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of
the registration statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona&nbsp;fide offering thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the&nbsp;offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;To
file&nbsp;a post-effective amendment to the registration statement to include any financial statements required by Item&nbsp;8.A of Form&nbsp;20-F at the start
of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3) of the Securities Act need not be furnished, provided
that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph&nbsp;(a)(4) and&nbsp;other information necessary to
ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on
Form&nbsp;F-3, a post-effective amendment need not be filed to include financial statements and information required by Section&nbsp;10(a)(3) of the Securities Act or Rule&nbsp;3-19 of
Regulation&nbsp;S-K if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the Registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Form&nbsp;F-3. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any&nbsp;purchaser: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Each
prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement;&nbsp;and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or&nbsp;(b)(7) as part of a registration statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or&nbsp;(x) for the purpose of providing the information required by section&nbsp;10(a) of the Securities Act of
1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract
of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona&nbsp;fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=46,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=698332,FOLIO='II-2',FILE='DISK125:[17ZCT1.17ZCT46801]JA46801A.;9',USER='CHE108055',CD='22-JAN-2018;23:03' -->
<A NAME="page_ja46801_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>purchaser
with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective&nbsp;date. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the&nbsp;securities: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to such&nbsp;purchaser: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided
by or on behalf of the undersigned Registrant;&nbsp;and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned Registrant to the&nbsp;purchaser. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual
report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona&nbsp;fide offering thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of
such&nbsp;issue. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=47,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=12110,FOLIO='II-3',FILE='DISK125:[17ZCT1.17ZCT46801]JA46801A.;9',USER='CHE108055',CD='22-JAN-2018;23:03' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_jc46801_1_4"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc46801_index_to_exhibits"> </A>
<A NAME="toc_jc46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INDEX TO EXHIBITS    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description of Document </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Underwriting Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1474274/000119380516004148/e615511_ex99-a.htm">Registrant's Specimen American Depositary Receipt evidencing American Depositary Shares (included in Exhibit&nbsp;4.3)
(incorporated by reference to Exhibit&nbsp;4.3 to&nbsp;the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-213951), initially filed with the Securities and Exchange Commission on October&nbsp;4, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000104746916016170/a2229935zex-4_1.htm">Registrant's Specimen Class&nbsp;A Ordinary Share Certificate (incorporated herein by reference to Exhibit&nbsp;4.1
to&nbsp;the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-213951), initially filed with the Securities and Exchange Commission on October&nbsp;4, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1474274/000119380516004148/e615511_ex99-a.htm">Form of Deposit Agreement, among the Registrant, JPMorgan Chase Bank, N.A., as depositary and holders of the American
Depositary Receipts (incorporated by reference to Exhibit&nbsp;(a) to&nbsp;our Registration Statement on Form&nbsp;F-6 (File No.&nbsp;333-214177) with respect to American depositary shares representing our Class&nbsp;A ordinary shares, filed with the
Securities and Exchange Commission on October&nbsp;19, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000104746916015923/a2229616zex-4_5.htm">Sixth Amended and Restated Members Agreement, dated May&nbsp;19, 2016 (incorporated by reference to Exhibit&nbsp;4.5
to&nbsp;our Registration Statement on Form&nbsp;F-1 (File No.&nbsp;333-213951), initially filed with the Securities and Exchange Commission on October&nbsp;4, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000104746916015923/a2229616zex-4_6.htm">Sixth Amended and Restated Voting Agreement, dated May&nbsp;19, 2016 (incorporated by reference to Exhibit&nbsp;4.6
to&nbsp;our Registration Statement on Form&nbsp;F-1 (File No.&nbsp;333-213951), initially filed with the Securities and Exchange Commission on October&nbsp;4, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000104746916015923/a2229616zex-4_7.htm">Sixth Amended and Restated Right of First Refusal And Co-sale Agreement, dated May&nbsp;19, 2016 (incorporated by reference
to Exhibit&nbsp;4.7 to&nbsp;our Registration Statement on Form&nbsp;F-1 (File No.&nbsp;333-213951), initially filed with the Securities and Exchange Commission on October&nbsp;4, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000110465917063570/a17-24352_1ex99d2.htm">Investor Rights Agreement, dated October&nbsp;23, 2017, between the Registrant, Cheetah Asia Holdings&nbsp;LLC,
CyrusOne&nbsp;LLC and Mr.&nbsp;William Wei Huang (only with respect to Article&nbsp;I (insofar as and only to the extent to which such Definitions are used in the other sections with respect to which Mr.&nbsp;Huang is entering into this Agreement),
Section&nbsp;2.2, and Article&nbsp;VI) (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;our report on Form&nbsp;6-K (File No.&nbsp;001-37925), initially filed with the Securities and Exchange Commission on October&nbsp;24, 2017)
</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000110465917063570/a17-24352_1ex99d3.htm">Investor Rights Agreement, dated October&nbsp;23, 2017, between the Registrant and STT GDC Pte.&nbsp;Ltd. (incorporated by
reference to Exhibit&nbsp;99.3 to&nbsp;our report on Form&nbsp;6-K (File No.&nbsp;001-37925), initially filed with the Securities and Exchange Commission on October&nbsp;24, 2017)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1526125/000110465917063570/a17-24352_1ex99d4.htm">Investor Rights Agreement, dated October&nbsp;23, 2017, between the Registrant, SBCVC Fund&nbsp;II,&nbsp;L.P., SBCVC
Company Limited, SBCVC Fund II-Annex,&nbsp;L.P., SBCVC Venture Capital and SBCVC Fund III,&nbsp;L.P. (incorporated by reference to Exhibit&nbsp;99.4 to&nbsp;our report on Form&nbsp;6-K (File No.&nbsp;001-37925), initially filed with the Securities
and Exchange Commission on October&nbsp;24, 2017)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="a2233403zex-5_1.htm">Opinion of Conyers Dill&nbsp;&amp; Pearman regarding the validity of the ordinary shares</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="a2233403zex-5_1.htm">Opinion of Conyers Dill&nbsp;&amp; Pearman regarding certain Cayman Islands tax matters (included in Exhibit&nbsp;5.1)</A></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=569187,FOLIO='II-4',FILE='DISK125:[17ZCT1.17ZCT46801]JC46801A.;20',USER='CHE107555',CD='23-JAN-2018;09:06' -->
<A NAME="page_jc46801_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description of Document </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="a2233403zex-8_2.htm">Opinion of King&nbsp;&amp; Wood Mallesons regarding certain PRC tax matters</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="a2233403zex-23_1.htm">Consent of KPMG, Independent Registered Public Accounting Firm</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="a2233403zex-5_1.htm">Consent of Conyers Dill&nbsp;&amp; Pearman (included in Exhibit&nbsp;5.1)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="a2233403zex-23_3.htm">Consent of King&nbsp;&amp; Wood Mallesons</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="#H1">Powers of Attorney (included as part of signature page)</A></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
be filed as an exhibit to a post-effective amendment to this registration statement or as an exhibit to a report filed or furnished under the Exchange Act and
incorporated by&nbsp;reference.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Filed
with this registration statement on Form&nbsp;F-3.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>As
permitted by Item&nbsp;601(b)(4)(iii)(A) of Regulation&nbsp;S-K, the Company has not filed with this registration statement certain instruments defining the rights of holders of long-term debt
of the Company and its subsidiaries because the total amount of securities authorized under any such instruments does not exceed 10% of the total assets of the Company and its subsidiaries on a
consolidated basis. The Company agrees to furnish a copy of any such agreement to the Commission upon&nbsp;request.  </FONT></P>

</DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=49,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=259722,FOLIO='II-5',FILE='DISK125:[17ZCT1.17ZCT46801]JC46801A.;20',USER='CHE107555',CD='23-JAN-2018;09:06' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_je46801_1_6"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="H1"></A>SIGNATURES  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;F-3 and&nbsp;has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Shanghai on January
23,&nbsp;2018. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> GDS&nbsp;HOLDINGS LIMITED</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;WILLIAM WEI HUANG<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William Wei Huang</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Chairman and Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je46801_power_of_attorney"> </A>
<A NAME="toc_je46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  POWER OF ATTORNEY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints each of William Wei Huang and Daniel Newman as his or her true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments
(including post-effective amendments) to this registration statement and any and all related registration statements pursuant to Rule&nbsp;462(b) of the Securities Act, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the SEC, hereby ratifying and confirming all that said attorney-in-fact and agent, or its substitute or substitutes, may
lawfully do or cause to be done by virtue&nbsp;hereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities set forth below on January 23,&nbsp;2018. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;WILLIAM WEI HUANG<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: William Wei Huang</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Chairman and Chief Executive Officer (principal<BR>
executive officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;DANIEL NEWMAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Daniel Newman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chief Financial Officer (principal financial and accounting officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;SIO TAT HIANG<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Sio Tat Hiang</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Vice-chairman</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ERIK SIAO<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Erik Siao</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;PETER PING HUA<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Peter Ping Hua</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=50,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=973568,FOLIO='II-6',FILE='DISK125:[17ZCT1.17ZCT46801]JE46801A.;12',USER='CHE109864',CD='22-JAN-2018;23:01' -->
<A NAME="page_je46801_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;SATOSHI OKADA<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Satoshi Okada</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;BRUNO LOPEZ<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Bruno Lopez</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;LEE CHOONG KWONG<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Lee Choong Kwong</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;LIM AH DOO<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Lim Ah Doo</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;BIN YU<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Bin Yu</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ZULKIFLI BAHARUDIN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Zulkifli Baharudin</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;CHANG SUN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Chang Sun</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=51,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=515242,FOLIO='II-7',FILE='DISK125:[17ZCT1.17ZCT46801]JE46801A.;12',USER='CHE109864',CD='22-JAN-2018;23:01' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_jg46801_1_8"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jg46801_signature_of_authorize__jg402397"> </A>
<A NAME="toc_jg46801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Securities Act, the undersigned, the duly authorized representative in the United&nbsp;States of GDS Holdings Limited, has signed
this registration statement in New&nbsp;York, New&nbsp;York, on January&nbsp;23,&nbsp;2018. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> Authorized U.S.&nbsp;Representative</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2>  </FONT><FONT SIZE=2>/s/&nbsp;DIANA ARIAS<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Diana Arias</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Service of Process Officer</I></FONT><FONT SIZE=2><BR>
Law Debenture Corporate Services&nbsp;Inc.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=52,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="1",CHK=410208,FOLIO='II-8',FILE='DISK125:[17ZCT1.17ZCT46801]JG46801A.;11',USER='CHE108062',CD='22-JAN-2018;23:12' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>a2233403zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23 January&nbsp;2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Matter No.:825959</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Doc Ref: RH/103917822v1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GDS Holdings Limited</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cricket Square, Hutchins Drive</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PO Box 2681</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grand Cayman KY1-1111</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cayman Islands</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GDS Holdings Limited (the &#147;Company&#148;)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as special legal counsel in the Cayman Islands to the Company in connection with a registration statement on form F-3 filed with the U.S. Securities and Exchange Commission (the &#147;<b>Commission</b>&#148;) on </font>23 January&nbsp;2018 (the &#147;<b>Registration Statement</b>&#148;) and the base prospectus contained in the Registration Statement (the &#147;<b>Prospectus</b>&#148;) relating to the registration under the U.S. Securities Act of 1933, as amended, (the &#147;<b>Securities Act</b>&#148;) of the Company&#146;s class A ordinary shares par value US$0.00005 each (the &#147;<b>Class&nbsp;A Ordinary Shares</b>&#148;), which are to be represented by American Depositary Shares (&#147;<b>ADSs</b>&#148;). Each ADS represents eight (8)&nbsp;of Class&nbsp;A Ordinary Shares.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of giving this opinion, we have examined a copy of (i)&nbsp;the Registration Statement, and (ii)&nbsp;the Prospectus, which are </font>sometimes collectively referred to as the &#147;<b>Offer Documents</b>&#148; (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have also reviewed (1)&nbsp;the</font> amended and restated memorandum and articles of association of the Company provided to us on 23 January&nbsp;2018, (2)&nbsp;minutes of a meeting of the board of directors of the Company held on 23 January&nbsp;2018 (the &#147;<b>Director Resolutions</b>&#148;), and minutes of the annual general meeting of members of the Company held on 22 December&nbsp;2017 (the &#147;<b>Member Resolutions</b>&#148;), (3)&nbsp;a Certificate of Good Standing issued by the Registrar of Companies in relation to the Company on 23 January&nbsp;2018 (the &#147;<b>Certificate Date</b>&#148;), (4)&nbsp;the register of members of the Company certified by the Secretary of the Company on 23 January&nbsp;2018, and (5)&nbsp;such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="2",CHK=166989,FOLIO='',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KE_ZCT46802.CHC",USER="CMATTI",CD='Jan 23 18:54 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have assumed (a)&nbsp;the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken, (b)&nbsp;that where a document has been examined by us in draft form, it will be or has been executed and/or filed in the form of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention, (c)&nbsp;the accuracy and completeness of all factual representations made in the Offer Documents and other documents reviewed by us, (</font>d)&nbsp;that the Director Resolutions and the Member Resolutions were passed at one or more duly convened, constituted and quorate meetings, remain in full force and effect and have not been rescinded or amended, (e)&nbsp;that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have a<i>n</i>y implication in relation to the opinions expressed herein, (f)&nbsp;that upon issue of any Class&nbsp;A Ordinary Shares to be sold by the Company, the Company will have sufficient authorised and unissued share capital to effect the issue of such Class&nbsp;A Ordinary Shares and will receive consideration for the full issue price thereof which shall be equal to at least the par value thereof, (g)&nbsp;the validity and binding effect under the laws of the United States of America of the Offer Documents, and (h)&nbsp;that the Registration Statement will be duly filed with the Commission.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands.&#160; This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the basis of and subject to the foregoing, we are of the opinion that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company is duly incorporated and existing under the law of the Cayman Islands and, based on the Certificate of Good Standing, is in good standing as at the Certificate Date.&#160; Pursuant to the Companies Law (the &#147;Law&#148;), a company is deemed to be in good standing if all fees and penalties under the Law have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based solely on our review of the memorandum of association of the Company, the Company has an authorised share capital of US$100,100, divided into 2,002,000,000 shares of a nominal or par value of US$0.00005, of which 1,800,000,000 shall be designated as class A ordinary shares, 200,000,000 shall be designated as class B ordinary shares and 2,000,000 shall be designated as preferred shares.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When issued and paid for as contemplated by the Offer Documents, the Class&nbsp;A  Ordinary Shares will be validly issued, fully paid and non-assessable (which term means when used herein that no further sums are required to be paid by the holders thereof in connection with the issue of such shares).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The statements in the Prospectus under the caption &#147;Taxation &#151; Cayman Islands</p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="22468-2-KE_PB_2_170308_7540"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="2",CHK=278635,FOLIO='2',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KE_ZCT46802.CHC",USER="CMATTI",CD='Jan 23 18:54 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxation&#148; insofar and to the extent that they constitute a summary or description of the laws and regulations of the Cayman Islands fairly and accurately present the information and summarise the matters referred to therein and nothing has been omitted from such statements that would make them misleading in any material respect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the captions &#147;Enforceability of Civil Liabilities&#148;</font>, &#147;Taxation&#148; and &#147;Legal Matters&#148; in the prospectus forming a part of the Registration Statement.&#160; In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the Rules&nbsp;and Regulations of the Commission promulgated thereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours faithfully,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ </font>Conyers Dill&nbsp;&amp; Pearman</p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conyers Dill&nbsp;&amp; Pearman</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="22468-2-KE_PB_3_170356_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="2",CHK=275429,FOLIO='3',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KE_ZCT46802.CHC",USER="CMATTI",CD='Jan 23 18:54 2018' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>3
<FILENAME>a2233403zex-8_2.htm
<DESCRIPTION>EX-8.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 8.2</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">To:</font></b>&#160;&#160; <b>GDS Holdings Limited</b></p>
<p style="margin:0in 0in .0001pt;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2/F, Tower 2, Youyou Century Place,</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">428 South Yanggao Road, Pudong</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shanghai 200127</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">People&#146;s Republic of China</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b>&#160;&#160; <b>Tax Matters in connetion with the Offering of</b><b> GDS Holdings Limited</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">January&nbsp;23, 2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are qualified lawyers of the People&#146;s Republic of China (the &#147;<u>PRC</u>&#148;, for the purpose of this opinion, excluding the Hong Kong Special Administrative Region, Macao Special Administrative Region and the region of Taiwan) and as such are qualified to issue legal opinions on the PRC laws, regulations or rules&nbsp;effective on the date hereof (the &#147;<u>PRC Laws</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are acting as the PRC counsel to GDS Holdings Limited (the &#147;<u>Company</u>&#148;), a company incorporated under the laws of the Cayman Islands in connection with the Company&#146;s Registration Statement on Form&nbsp;F-3, including the prospectus and all amendments or supplements thereto (the &#147;<u>Registration Statement</u>&#148;), filed by the Company with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) under the U.S. Securities Act of 1933, as amended in relation to the offering (the &#147;<u>Offering</u>&#148;) by the Company of American Depositary Shares (the &#147;<u>ADSs</u>&#148;), each representing eight class A ordinary shares of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This legal opinion (the &#147;<u>Opinion</u>&#148;) is furnished pursuant to the instructions of the Company on the captioned matters, and is delivered to the Company for the purposes of the Offering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="3",CHK=774893,FOLIO='',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KM_ZCT46802.CHC",USER="CMATTI",CD='Jan 23 17:33 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Opinion is subject to the following qualifications:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>this Opinion is limited to matters of the PRC Laws effective as the date hereof. We have not investigated, and we do not express or imply any opinion on accounting, auditing, or laws of any other jurisdiction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;this Opinion is intended to be used in the context which is specially referred to herein and each section should be considered as a whole and no part should be extracted and referred to independently.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;for the purpose of the Offering, we consent to the filing with the SEC of this letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the regulations promulgated thereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the foregoing and subject to the qualifications set out above, as of the issuance date of this Opinion:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we are of the opinion that, the discussions of PRC taxation in the Registration Statement are true and accurate based on the PRC Laws; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the statements of law and legal conclusions in the Registration Statement under the caption &#147;Taxation&#151;PRC Taxation&#148; constitute our opinion as to the material tax consequences of an investment in the ADSs under the PRC Laws.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sincerely yours,</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ King&nbsp;&amp; Wood Mallesons</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">King&nbsp;&amp; Wood Mallesons</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="3",CHK=230835,FOLIO='',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KM_ZCT46802.CHC",USER="CMATTI",CD='Jan 23 17:33 2018' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>a2233403zex-23_1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consent of Independent Registered Public Accounting Firm</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GDS Holdings Limited:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the use of our report incorporated by reference herein and to the reference to our firm under the heading &#147;Experts&#148; in the registration statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ KPMG Huazhen   LLP</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shanghai, China</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;23,   2018</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="4",CHK=647612,FOLIO='',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KQ_ZCT46802.CHC",USER="CMATTI",CD='Jan 22 12:10 2018' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>a2233403zex-23_3.htm
<DESCRIPTION>EX-23.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.3</font></b></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:-.5pt;">
<tr>
<td width="53%" valign="top" style="padding:0in .5pt 0in .5pt;width:53.34%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial"><img width="174" height="76" src="g224682ksi001.jpg"></font></p>    </td>
<td width="46%" valign="top" style="padding:0in .5pt 0in .5pt;width:46.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial"><img width="227" height="118" src="g224682ksi002.gif"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;23, 2018</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GDS Holdings Limited</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2/F, Tower 2, Youyou Century Place,</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">428 South Yanggao Road,</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pudong, Shanghai 200127, P.R.C.</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re: Consent of People&#146;s Republic of China Counsel</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the reference to our firm under the headings &#147;RISK FACTORS&#148;, &#147;ENFORCEABILITY OF CIVIL LIABILITIES&#148; and &#147;LEGAL MATTERS&#148; in the Registration Statement on Form&nbsp;F-3, including the prospectus and all amendments or supplements thereto, of GDS Holdings Limited to be filed with the Securities and Exchange Commission in the month of January&nbsp;2018.</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ King&nbsp;&amp; Wood Mallesons</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">King&nbsp;&amp; Wood Mallesons</font></b></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233403",CP="GDS HOLDINGS LIMITED",DN="5",CHK=641910,FOLIO='',FILE="DISK126:[17ZCT2.17ZCT46802]22468-2-KS_ZCT46802.CHC",USER="CMATTI",CD='Jan 23 17:15 2018' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g600335.jpg
<DESCRIPTION>G600335.JPG
<TEXT>
begin 644 g600335.jpg
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M0GB!D;096'&7L;/7&",G,S8Z1UEB9'*6F*&EN,'1V.'P_\0 ' $!  $% 0$
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M?P,$E3;:^)!!*,7R3!],NHYX^:I)/31K1-<J?."^RQ'%5#=14P!XE2:XJF
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MTQL<7Y/&SU]N+NI*CL$^#^P7Z['5R%0% #"K($7]WW5PH_*8B:\#W/-P.?\
MJ]UG6#I(7$.3:,^/\T#D/%KTV=?)/XWLZ^NVU=]RPHG-.[J7@J"9]'9FZB0
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MZRZRB@^TW-I>@SCV[SNZJ>0HJK3;VB4S&.1HJTW!%BJ%<A9:QMH5I"0SJ74
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BQC''''&,<<<<8QQQQQC''''&,<<<<8QQQQQC''''&,__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g224682ksi001.jpg
<DESCRIPTION>G224682KSI001.JPG
<TEXT>
begin 644 g224682ksi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !, *X# 2(  A$! Q$!_\0
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MRVS,0T$W=D&,8/<<?I65\._&FHZ_-);:V(1-+#]IM&C3:'C#%&'7J&'ZUWM
M'/\ AG0KG1Y=;:Y>)A?:A)<Q;"3A& QGCKQ3_!>BW/A[PM::=>-&T\)<L8R2
MO+EAU]C7/:%XTU+6?'K6:B$:-*LYMB$^:01D*6SGH6S7?4 <A\0?!3^*].5[
M"1(-2B4QK(Q(62-OO(Q';O\ 4>];TVCV^H>'QI6HQK-"\"Q2+V. .0?J,@UR
M5MXZO9O&OEM'%_PCTUTVG0S ?,;A5!SG/0G(%=]0!QL&G^,/#L0M=.GL=9L4
MXB%ZS13HO8%@"&QZGFDE\.Z]XH=$\47-K;:8I#-I]B6/G$=!)(<''L*T=-UJ
M[NO'.M:5*4^RV<,#Q +ALN"3D]ZZ*@"CJ>D6NJZ-/I=Q&!:S1&(JG&T8XQZ8
MXQ]*Y:&T\>:=9KI=M+I-S$B^7%J$Q99%7H"R8P6 K6\*:S=ZO-K:W90BSU*6
MVBV+CY%QC/J>:W+AVCMI77&Y4)&?7% '$O\ #C[!IMM<:+?-%XAM6:7[<_\
MR\NQRRR#NI_3WKLC;M=Z8;>_6,M-#LG$>=I)&&QGG'6N(\.W7C;Q%H-IJD.K
M:5"ERI8(]FQ(P2.H;VKJM,.IZ=I=Q+X@O+:XDC+2>9;PF-1&!G&"3SP: ,/X
M?^$+[PR+U]4GBN)Y!'#"R$G;#&"%'('K4?CCP5>>)-6L+FRGCBB*?9[X.2#)
M#O5L# YY!J+3KOQCXGTX:SI][8:=;3 O:6DEOYA=.Q=\\9]JZ'PIKTGB'15N
M;BW-M=1R-!<1=ED4X./;O^- S8V+LV;1LQC;CC'I7.IHNJ:'(_\ 8$T$EF[%
MOL=UD",GKL8=![&JEWXFU76M6N-,\)06[+:MY=UJ-SDQ1OW1 .68=^U$EGXX
MTY#<0ZIINJE>6M9;;R-WLK@\'ZTFKFM*M*G=+5/=/8DU#2-=\20"UU)K33[7
M(8FW8R2D^S' 6K=C9:OHMG'8V<5E/;Q#;&Q)1L?[0]:L>&_$=OXDL7FBCDM[
MB!S%<VTO#P2#JI_H>]<QKGC?4M$\<3V\D4<FAVL4+715/WD0DX#YSR <9XZ5
MI";BK/7U,:_[YZ>[_AT^_>_SO;H=/%I-U>7<=UJ\T<AB.Z*WB!$:GU.>2:H>
M,M$U359]'NM'-KY^GW1N-MRS!6^4C' SWKI4=9$5XV#(PRK*<@CU%8/A#6;K
M6K;4WO#&6MM1FMH]BX^12,9]^:)S<]S.G2C33MU^\I,GCRZ4QF30+('_ ):H
MLLK#Z*<#\ZTO#GAF#P^EQ*T\MY?W;;[J\F^_*>W'91V K$@U/Q'XLO;Z30[V
MTTS3;2=K>.22#SGN'7AC@G 7/XUJ>%-<O]0DU#3M9@CCU+39%25X@?+F5AE7
M7/J.U0:'":4DFG_#GP[XEMU)ETB>1I@.KV[R,L@_D?PKM_&NM-:>%L::X>\U
M,K:V6T_>:3@,/H,FJGP\T\R?#>UL;^!T$JS1R1R*5.UG;L?8UB>#='U6?Q)#
M::Q$_P!D\,J\-K(X.)V<_*_/7"#''M0!=M-*AT3XA^'=-M_]7;:/+&#ZD,,G
M\3D_C6]XZU__ (1SPG>7B,%N&7RH,G_EHW /X<G\*IWUO,WQ6TJ<12&%=-F5
MI IV@[AP3TS3-0M9?$7Q#M;>:!_[,T:+[0Q=#LEG<84 ]#M7GZT <S>:AX3'
MPW70;;7[/[7;Q"6*4,<FX4[MV<=VS^!KO?"6NKXD\,V6I*1OECQ*H_AD'##\
MQ6C]@M/^?6#_ +]BN5T&VF\.^.=4TM8)!INHC[=;.J'9')TD3/09Z@4 +HG_
M "5/Q-_U[6O_ *":[&O/I-93P[\2-=N;RRU"2&Y@MUC>WM7D!*J<\CZUTNA^
M*[37KJ2WMK74(6C3>3<VK1*1D#@GOS0!E^ ?^/GQ/_V&I_Z5U5Y_QY3_ /7-
MOY5Y]H/B.'PUJ7B&"_L-49I]5FF1H;-W4J< '('M76:;X@M_$.GWK6EM>Q>4
MI4BYMVB+$@] >M ''^ ]5\26_@O38M/\.PW=JJ-Y<S7RQEQN/\)''.:[G39+
MW4]+E76M.2SDD+1M LXE!0C&=PQUR>*X?P5XPM="\(Z?IU[IVL"X@0JX2PD8
M9+$]<>]=?;ZI_P )1H%ZVEF\LIBKPQR3PF)D?;PP!'3D4 <]::;XL\%VGV72
MDM=;TJ'/DPR,8KB-.NT'HU;EEXFBUWPC=ZGIRR1S112JT,@P\4JJ<J1ZYQ6-
MIWC[^S--BLO$5AJ<>L0((Y$2U:07##C<C+P<]>W6M'P/I=Y;66HWVIV_V>XU
M6\>Z-L>3$IP I]\#)^M !\-H(8/ &DF'!,T7FR-W9V)+$^^?Y5U%<):KJ/P^
MN)[=+&XU'PY)(TL+6R[Y;,DY*E>K)GH1TJW)\1K.X3R]&TW5-1O&'RPI:O&
M?]IF "CWH ;:JMK\7[U+;A+K2DFN%'3>LFU2??%1VMM#>?%+Q#;W,:R0RZ9
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M>/O50W.EFP&B#1-6!1?.51$/-!S_ *S.[.<]Z .SJGJFI1:38/=SJ[(I52$
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MV)"%]S 9R N3C'K3/^$PT?>4\^7>!DK]GDSCZ;:QX=4GTFWUF>VCCDE?5_*
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M)-0TB2"5G5&9#E",\,#W^E "Z7IUMHR3PPS?)+,THC9AB/=V'M6;X+EC3P\
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-G97E>0ER"<L<F@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g224682ksi002.gif
<DESCRIPTION>G224682KSI002.GIF
<TEXT>
begin 644 g224682ksi002.gif
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MWN9[6F-"0DIS<VL0(0@0(2'FQ;7O[[T
M
M
M
M
M
M
M
M
M
M
M
M
M
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M"@QH@"&"\L:D,U0 4;JF50 !9$55 P9TD !;AL7D6 4$9+#  K1Q(! (# C
M00<; /  2WP=2!D$DB% 06,'""!0!PR$L!10ZK7XE  3;'  50,8\-T"#@:P
M@$ #5%#  CXNH,%*!R10DP;$:8C3 0VLQ,$!(AP0GF/.!3#!:CL*E,%1 X1P
MV@(;>) E@1XTM@ ""HP@T%B),49!>0ET196+='HTE4$=9*<!=,6A-%R &P8
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M*X)X #J4X\]EVC(A$PUD1^G#UW<"A0#DD"LY#_ )!/\\,(&!$,9G[RM(@10
MFP5XP ,%D(#",G";G"4  7DYX$%N0S5-!86&[+)A_[RWFY2X[#D,"--R\$6!
M#+@Q X&1"-7(%8$",, N0=G=4!H@HP$X8%X( -<#B.(I*GX'30.(0!$-X $0
M(& H J#-(ZV4EH%4( (+N$"6X'8 #<AL1,$92_2>HR"!"$T 38(;J!B(MP#8
M[ $1R  #-,#(4,WK +DI5V1F= "Q@"4!$' )3&PREO8P;B&^08!S>B@ #12Q
M)PIJRL8@IX +!(=D\$%)OL!"FPEHD2%+H<#Z%  V@6B  IZ2V59V]".G=04Q
MC.*:T^"6I33%B26N4P"G6(C_  P8 "LZ*L%WL). #C0K P(X(L+JU[(+?*<!
M SC30"+@-H3X)0 A(,'.A$8:B)J.;3,:P,$$4)KVF( #"0A+!9P2NA! QZ6F
M"@H#?&0B3 Y  ,&Y(GR,EI>##" X$#.:A ) 4:V5QP.M7 ATM$8 KB@F !#@
M@ 88Q8#*N00"48.;D02R 66NII<&L%B AJJC"'3@ABR$G' @ECX&C&"2+7-;
MHZ*G 9<<ZD=-:LY 1)#4 '@ )=EQD$X#1)GU,:!VWJ-- 33  =H$9:X4T-I,
M@ >9!SH0.E4EI?Y$ "$2=$A! F@6!@@PE+/0)#C](Q #SHH #\!*AFIE"/<^
MEIF5_T0@*%1DD@9"EU"^E(A;": *",A5Q !=D8"\:D %5(@?XQFD 5OZ'P&&
M6IBWH#(F#2BB]@)D(@M(D*B^,X@=,S#(MLC3(-YU"D*!2(*0.8=[J@$23,-[
M$ 6T!P$"<("%QE+1P2J* EK]JWB"<T1\N8U[RDD.?E?7$,JX42<[ZDD E#-3
M$BS -QQPRA7YLCO2+*6XC&H23>#J5QOJ:" D+4B)=-26GQVE)D.+#]4( A,=
M13*1*%8A0:QS&E35!@*3U&=7[AE)@SS@K&/SB:6(VM><-&D"0+DMOH*S !$@
M+4NC-0@!*@HW^ !L* \H(8LB AVX5*8U!E 3K'(79@Y4 /]"L ,,8BA3XP L
MYJ8"*4#2EN8ZI+4L?B)8D4\4-I\X)><@FJK*>%9:(1O9V5PJ;L!9#S !#6"'
M!$$9@!N' DD&!X $!U38<S3@3(;0JRB'SDI%]5>H?&'Q(!FH: ;\":D 4  G
M!1" H4H0-C+_)J%[\4D&'/!FHB)U!*KCJ?.>TP 5N>11!$(+I*ICE$<A^<2M
M>] %MCT3TPX$;#K.%MD2@\K95.TZIGX+*0_2O\[PZ#0&>=!@6CN!(BLD STC
MCZVKA&A/6W0U#IUP<G J98AD8$X2*.4!FC6<[V1E-)NKW6D)(A:*%\PU%I'5
MW[R7$/XH;B*Q/8 *8_OQDIO\Y"C_3[G*5\[REKO\Y3"/N<QG3O.:V_SF.,^Y
MSG?.\Y[[W.8D5W'0'2(Y@\QH(4=W4=+EUG+*#426)3P(D[)EK+_$LW6:/""3
MB#UFAYSW3$(S87$*_+4&(""(/+$(CA+2R[Z,9C[$&7-/@N@YDRO 4SP*9"*I
M&4&:&.#@]K91&_.TG8)01IBQ?,@(<(( #LC%OMHT[3Z?>\1<'Z#/%&$0VX\G
MF F[#@)NZ>5N@IE#E.>NN$T)D 4@1X";K8G &-Q1W>7&;\P,0(%H=XR/"1*Z
M[!!D+X,A"'V7YCO+^"7,+I$E#0DP]^)2L2F)-!HVK2,TEQPODN,1_EIZ]E.5
MMX:!H5.:_U "E<C%-P!$/WN. 51$0)IXKD0)&-1-C=02L,T).A^,=Y/7%(&?
M444KLC1H$V =LN19"#445>4!@X(!##(6"V< )D,84\) LC2![P9S%<<OB/$P
M8D$5_<-5Z4,@*'%$H6,LQ;4HX05_-I0 +A4]'^0[NT, PQ=<#J$26M$RI#$E
M0_%WHL,2"S "J^% #!5)'3 4@6$!GG-;(T \A0)I+/=]$T85&_13Y$03-A0"
M.044SY(0-4%C;:$@D#$"(< U S@0#W0"I61G4$16=J9%!7-8S:(324$>5=6#
M 8 7*?8<%X  Q:5KG"(F:H%Y$^8@[N85+9$3P_=Q7:,CC=%U3_\G09CD-'<F
M$!=0&I 31!/U*4N#&DN3;ZF2)25R%G"E/QK'0(2R'%.R</F'+QDP D,5'WIF
M3LW!%R1C0V.!A 2!3?:F/09R1SNE<L#C@^)7$!D0+YGA1$4"&/ZR.C6R&"[#
M:L'W(*$C-HSA2@;0.HRT)IDA@G8FB%0D3D9Q8O/B6L?X(.*';@22CJ.D0] !
M&4 17O53(P\"5]P#&>/6<J6X$!ZG$%TF=-<F=4,'*__8*ME243MV  .Y8Y=C
M$ H0-ZEG=$-W(OD8 *L7D3_W->IAD1$!-H/!AA?YD1GG1B YDB19DB9Y-3U1
M&CTQ)Y/!8 D@<8[A;RE1&@-@/?DA%,?_LQ@_8H$-T7V(]B 8)),.<3L(P7$^
M]9#" 5'?%G4\<@$G"#$%8Y125QD7E8P(E!&8-4G-QCU!H1B/8I#\\A>UMA#'
M% ![L2CM1Q-_42.D-0#^A#4F1A 2\'?#L1.S!Q$0DA B=1!EPCU'02 <@"8L
MQ@%#0QT$$AY7!&VDD2\(81=P)C0=4 +7AHL7\4+:V(7"\4B(L6(HUC/7:)2R
M(E*,<SP>H$(1Y3045(H^R1).4QZ 04&TDP!EDH:+^6T.L %&DH%4^'9&.!L)
ML#:)P7R^HS48%%N;21@1X!)KT7!0]4CJTC*3@61'L0$.8&$(00%_1!H4D!4'
M\$03$B!42!IP__%-!J%)(]85[V8T @$!:H%BP34 () 9@^45VO-$?^05@,$!
M($ Y\A0"/V,3,OAME0@KL<@6=S=HT8,FV2&;"',0G)(!-ID=/S-(!C9&$1!
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M L$[CZ)AT^8YB3F66/HU%DPV"L SI.% (\88XP8!1A&8E".MM>:6H;,D!O!
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J!QDH,1VR5-8H(2:$)7*9!3%<6\$MZA)VA'Y. :Q6_O10'_52_Q0! 0 [

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
