<SEC-DOCUMENT>0001104659-23-056900.txt : 20230508
<SEC-HEADER>0001104659-23-056900.hdr.sgml : 20230508
<ACCEPTANCE-DATETIME>20230508084724
ACCESSION NUMBER:		0001104659-23-056900
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		26
CONFORMED PERIOD OF REPORT:	20230508
FILED AS OF DATE:		20230508
DATE AS OF CHANGE:		20230508

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37925
		FILM NUMBER:		23896002

	BUSINESS ADDRESS:	
		STREET 1:		F4/F5, BUILDING C, SUNLAND INTERNATIONAL
		STREET 2:		NO. 999 ZHOUHAI ROAD, PUDONG,
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200137
		BUSINESS PHONE:		86-21-2029-2200

	MAIL ADDRESS:	
		STREET 1:		F4/F5, BUILDING C, SUNLAND INTERNATIONAL
		STREET 2:		NO. 999 ZHOUHAI ROAD, PUDONG,
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200137

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GDS Services Ltd
		DATE OF NAME CHANGE:	20110719
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2314967d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16 of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-37925</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS Holdings Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#8217;s name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>F4/F5, Building C, Sunland International</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. 999 Zhouhai Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pudong, Shanghai 200137</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&#8217;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&#9;
</FONT>Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press release &#8212; GDS to Hold Annual General Meeting and Additional Shareholders Meetings on June 5, 2023</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 0.25pt 6.25pt">&nbsp;</TD>
    <TD STYLE="width: 94%; padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-2.htm" STYLE="-sec-extract: exhibit">Notice of Annual General Meeting</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-3.htm" STYLE="-sec-extract: exhibit">99.3</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-3.htm" STYLE="-sec-extract: exhibit">Proxy Statement for Annual General Meeting</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-4.htm" STYLE="-sec-extract: exhibit">99.4</A></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-4.htm" STYLE="-sec-extract: exhibit">Proxy Card for Annual General Meeting</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-5.htm" STYLE="-sec-extract: exhibit">99.5</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-5.htm" STYLE="-sec-extract: exhibit">Notice of General Meeting of Holders of the Class A Ordinary Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-6.htm" STYLE="-sec-extract: exhibit">99.6</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-6.htm" STYLE="-sec-extract: exhibit">Proxy Statement for General Meeting of Holders of the Class A Ordinary Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-7.htm" STYLE="-sec-extract: exhibit">99.7</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-7.htm" STYLE="-sec-extract: exhibit">Proxy Card for General Meeting of Holders of the Class A Ordinary Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-8.htm" STYLE="-sec-extract: exhibit">99.8</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-8.htm" STYLE="-sec-extract: exhibit">Notice of General Meeting of Holders of the Preferred Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-9.htm" STYLE="-sec-extract: exhibit">99.9</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-9.htm" STYLE="-sec-extract: exhibit">Proxy Statement for General Meeting of Holders of the Preferred Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-10.htm" STYLE="-sec-extract: exhibit">99.10</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-10.htm" STYLE="-sec-extract: exhibit">Proxy Card for General Meeting of Holders of the Preferred Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-11.htm" STYLE="-sec-extract: exhibit">99.11</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-11.htm" STYLE="-sec-extract: exhibit">Notice of General Meeting of Holders of the Class B Ordinary Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-12.htm" STYLE="-sec-extract: exhibit">99.12</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-12.htm" STYLE="-sec-extract: exhibit">Proxy Statement for General Meeting of Holders of the Class B Ordinary Shares of the Company</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-13.htm" STYLE="-sec-extract: exhibit">99.13</A></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 6pt"><A HREF="tm2314967d1_ex99-13.htm" STYLE="-sec-extract: exhibit">Proxy Card for General Meeting of Holders of the Class B Ordinary Shares of the Company</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>GDS Holdings Limited</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: May 8, 2023</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2314967d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GDS to Hold Annual General Meeting and Additional
Shareholders Meetings on June 5, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">SHANGHAI, China, May 8, 2023 (GLOBE
NEWSWIRE) -- GDS Holdings Limited (&#8220;GDS Holdings&#8221;, &#8220;GDS&#8221; or the &#8220;Company&#8221;) (NASDAQ: GDS; HKEX:
9698), a leading developer and operator of high-performance data centers in China and South East Asia, today announced that it will
hold an Annual General Meeting of Shareholders (the &#8220;AGM&#8221;) at Beijing Meeting Room, F5, Building C, Sunland
International, No. 999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 4:00 p.m. (China Standard Time) on June 5, 2023 (which is 4:00 a.m.
(Eastern Time) on June 5, 2023). A meeting of the holders of the class A ordinary shares (the &#8220;Class A Shareholders
Meeting&#8221;) will be at the same place at 5:00 p.m. (China Standard Time) on June 5, 2023, a meeting of the holders of the
preferred shares (the &#8220;Preferred Shareholders Meeting&#8221;) will be at the same place at 5:30 p.m. (China Standard Time) on
June 5, 2023, and a meeting of the holders of the class B ordinary shares (the &#8220;Class B Shareholders Meeting&#8221; and,
together with the Class A Shareholders Meeting and the Preferred Shareholders Meeting, collectively, the &#8220;Shareholders
Meetings&#8221;) will be at the same place at 6:00 p.m. (China Standard Time) on June 5, 2023. The notices of the above meetings
have been dispatched.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Holders of the Company&#8217;s ordinary shares and Series A convertible
preferred shares listed in the register of members of the Company at the close of business on May 22, 2023 (China Standard Time) are
entitled to receive notice of, and vote at, the AGM, their relevant Shareholders Meeting(s) and/or at any adjournment that may take place.
Beneficial owners of the Company&#8217;s American Depositary Shares (&#8220;ADSs&#8221;) who wish to exercise their voting rights for
the underlying Class A ordinary shares must act through JPMorgan Chase Bank, N.A. (&#8220;JPMorgan&#8221;), the depositary of the Company&#8217;s
ADS program. Holders of ADSs at the close of business on May 22, 2023, New York time will be able to instruct JPMorgan as to how to
vote the Class A ordinary shares represented by such ADSs.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Copies of the Notices of the AGM and the respective Shareholders Meetings,
which sets forth the resolutions to be proposed and for which adoption from shareholders is sought, the Proxy Statements and the Proxy
Cards are available on the Investor Relations section of the Company&#8217;s website at http://investors.gds-services.com, on the SEC's
website at <U>www.sec.gov</U> and HKEX's website at <U>http://www.hkexnews.hk</U>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information About Proposal 1 at each of the AGM and the
Shareholders Meetings</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Mr. William Wei Huang (&#8220;Mr. Huang&#8221;), Chairman and Chief
Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class A ordinary shares in the
form of American Depositary Shares (&#8220;ADSs&#8221;) and 59,478,336 Class B ordinary shares owned by him or his associates), representing
5.0018 per cent. of the Company&#8217;s total issued share capital as of the date of this press release.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the Company&#8217;s articles of association (the &#8220;Articles
of Association&#8221;), the share capital of the Company shall be divided into shares of three classes, Class A ordinary shares, Class
B ordinary shares and preferred shares. The Class A ordinary shares and Class B ordinary shares shall carry equal rights and rank <I>pari
passu</I> with one another other than, among other things, so long as Mr. Huang continues to beneficially own not less than 5% of the
then issued share capital of the Company on an as-converted basis (the &#8220;Threshold&#8221;), the Class B ordinary shares are entitled
to cast 20 votes per Class B ordinary share on: (a) the election of a majority of the Directors of the Company in accordance with the
provisions of the Articles of Association; and (b) any amendment of Articles of Association that would adversely affect the rights of
the holders of the Class B ordinary shares (the &#8220;Class B Shares Entitlement&#8221;). All Class B ordinary shares are subject to
automatic conversion into Class A ordinary shares when, among other things, Mr. Huang ceases to have beneficial ownership in not less
than the Threshold.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Reference is made to the Company&#8217;s
annual report on Form 20-F for the year ended December 31, 2022, Mr. Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr. Huang&#8217;s beneficial
ownership in our company. Mr. Huang informed our company that certain variable pre-paid forward sale contract transactions in
respect of 30,457,504 ordinary shares beneficially owned by him (the &#8220;Subject Ordinary Shares&#8221;), which transactions he
originally entered into between May 2020 and June 2022, will expire between June 2023 and December 2023. If Mr. Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1 </SUP></FONT>to
the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&#8217;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of
the remaining Class B ordinary shares held by Mr. Huang will automatically convert into Class A ordinary shares in accordance with
Article 9(a)(ii)(B) of the existing Articles of Association.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">This will constitute a &#8220;change of
control&#8221; of the Company as Mr. Huang will no longer enjoy the Class B Shares Entitlement and therefore no longer be classified
as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences on the
Company, including but not limited to implications for the purposes of China&#8217;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr. Huang&#8217; s Class B ordinary shares and determined that it is
not in the interests of the Company&#8217;s shareholders as a whole if Mr. Huang ceased to be the controlling shareholder of the
Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing considerations
upon such change of control event and the potential adverse impact to the Group&#8217;s operation in the PRC due to such review and
filing. In addition, a change of control of the Company would also materially adversely affect the Company in a commercial operation
perspective as the lenders under certain facility agreements have the right to demand early repayment and customer agreements
entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In order to mitigate the aforementioned risk
of a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further
share issues by the Company in future, at the AGM and the Shareholders Meetings the Board is seeking the shareholders&#8217;
approval to reduce the Threshold, from not less than five per cent. (5%), to not less than two point seventy-five per cent. (2.75%)
of the then issued share capital of the Company on an as converted basis, excluding the following shares issued after June 5, 2023,
being the date of the special resolutions approving the adoption of the Articles effective from June 5, 2023, from the denominator
for the purpose of computing this percentage: (i) shares in the capital of the Company issued in, or upon the conversion, exchange
or exercise of convertible securities in accordance with the terms of such convertible securities issued in, equity or equity-linked
financings or refinancings (including any related ancillary derivative or share lending arrangement or transaction underlying such
convertible securities) undertaken by the Company pursuant to and in accordance with these Articles and (ii) shares in the capital
of the Company issued under the Company&#8217;s employee equity incentive plan existing as of June 5, 2023 or any other employee
share incentive plan(s) that may be approved by the Board, the thresholds for Mr. Huang&#8217; s beneficial ownership specified in
the following sections of the Company&#8217;s Articles of Association:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the definition of &#8220;Automatic Conversion Event,&#8221; below which threshold the Class B ordinary shares shall automatically
convert into Class A ordinary shares, and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in Article 86(4)(A), and other relevant articles in the Articles of Association, below which threshold the holders of the Class B
ordinary shares shall cease to have the right to nominate five (5) Directors (one of which is intended to be Mr. William Wei Huang) for
appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><SUP>1</SUP> If any Class
B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall be converted into Class
A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The effect of the above exclusion of certain
events of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible
financings as well as providing equity incentive to its employees in future without the issue of shares constituting an Automatic
Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling its future
financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 at each of the AGM and
the Shareholders Meetings is being adopted by the shareholders and based on the Company&#8217;s total issued share capital as of
the date of this press release, Mr. Huang&#8217;s aggregate voting power with Class A and Class B ordinary shares voting on a 1:1
basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon consideration, the Board (including the Independent Directors)
proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&#8217;s existing corporate
governance structure and to thereby avoid triggering a change of control and all of the aforementioned consequences that would not be
in the Company&#8217;s best interest. Mr. Huang has also confirmed to the Company that he and his associates (with respect to all of the
18,457,504 Class A ordinary shares in the form of ADSs and 59,478,336 Class B ordinary shares) will abstain from voting with respect to
Proposal 1, in both the AGM and the Class A Shareholders Meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About GDS Holdings Limited</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698)
is a leading developer and operator of high-performance data centers in China and South East Asia. The Company&#8217;s facilities are
strategically located in China&#8217;s primary economic hubs where demand for high-performance data center services is concentrated. The
Company also builds, operates and transfers data centers at other locations selected by its customers in order to fulfill their broader
requirements. The Company&#8217;s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies
across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access all the major PRC telecommunications
networks, as well as the largest PRC and global public clouds which are hosted in many of its facilities. The Company offers co-location
and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds,
managed network services, and, where required, the resale of public cloud services. The Company has a 22-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. The Company&#8217;s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial
institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>For investor and media inquiries, please
contact:</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">GDS Holdings Limited</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Laura Chen</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Phone: +86 (21) 2029-2203</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Email: ir@gds-services.com</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Piacente Group, Inc.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Ross Warner</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Phone: +86 (10) 6508-0677</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Email: GDS@tpg-ir.com</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Brandi Piacente</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Phone: +1 (212) 481-2050</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Email: GDS@tpg-ir.com</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">GDS Holdings Limited</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2314967d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 99.2</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><IMG SRC="tm2314967d1_ex99-2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TO BE HELD ON <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">June
5, 2023</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice is hereby given that GDS Holdings Limited,
a Cayman Islands company (the &#8220;<B>Company</B>&#8221;), will hold its annual general meeting of shareholders (the &#8220;<B>Meeting</B>&#8221;)
at Beijing Meeting Room, F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 4:00 p.m. (China Standard
Time) on June 5, 2023 for the following purposes. A meeting of the holders of the Class A ordinary shares will be at the same place at
5:00 p.m. (China Standard Time) on June 5, 2023, a meeting of the holders of the preferred shares will be at the same place at 5:30
p.m. (China Standard Time) on June 5, 2023, and a meeting of the holders of the Class B ordinary shares will be at the same place at 6:00
p.m. (China Standard Time) on June 5, 2023. The notices of the above meetings have been dispatched.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>To table the financial statements of the Company
for the year ended December 31, 2022, as contained in the annual report on Form 20-F and the Hong Kong annual report of the Company issued
on April 4, 2023.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. William Wei Huang (&#8220;<B>Mr. Huang</B>&#8221;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class A ordinary
shares in the form of American Depositary Shares (&#8220;<B>ADSs</B>&#8221;) and 59,478,336 Class B ordinary shares owned by him or his
associates), representing 5.0018 per cent. of the Company&#8217;s total issued share capital as of the date of this notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&#8217;s articles of association
(the &#8220;<B>Articles of Association</B>&#8221;), the share capital of the Company shall be divided into shares of three classes, Class
A ordinary shares, Class B ordinary shares and preferred shares. The Class A ordinary shares and Class B ordinary shares shall carry equal
rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr. Huang continues to beneficially own
not less than 5% of the then issued share capital of the Company on an as-converted basis (the &#8220;<B>Threshold</B>&#8221;), the Class
B ordinary shares are entitled to cast 20 votes per Class B ordinary share on: (a) the election of a majority of the Directors of the
Company in accordance with the provisions of the Articles of Association; and (b) any amendment of Articles of Association that would
adversely affect the rights of the holders of the Class B ordinary shares (the &#8220;<B>Class B Shares Entitlement</B>&#8221;). All Class
B ordinary shares are subject to automatic conversion into Class A ordinary shares when, among other things, Mr. Huang ceases to have
beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&#8217;s annual
report on Form 20-F for the year ended December 31, 2022, Mr. Huang has in the past entered into certain transactions from time to time,
including derivative transactions, that have and could have the effect of reducing Mr. Huang&#8217;s beneficial ownership in our company.
Mr. Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504 ordinary shares
beneficially owned by him (the &#8220;<B>Subject Ordinary Shares</B>&#8221;), which transactions he originally entered into between May
2020 and June 2022, will expire between June 2023 and December 2023. If Mr. Huang chooses to settle these transactions by transferring
ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
to the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&#8217;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of the
remaining Class B ordinary shares held by Mr. Huang will automatically convert into Class A ordinary shares in accordance with Article
9(a)(ii)(B) of the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This will constitute a &#8220;change of
control&#8221; of the Company as Mr. Huang will no longer enjoy the Class B Shares Entitlement and therefore no longer be classified
as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences on the
Company, including but not limited to implications for the purposes of China&#8217;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr. Huang&#8217;s Class B ordinary shares and determined that it is not
in the interests of the Company&#8217;s shareholders as a whole if Mr. Huang ceased to be the controlling shareholder of the
Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing considerations
upon such change of control event and the potential adverse impact to the Group&#8217;s operation in the PRC due to such review and
filing. In addition, a change of control of the Company would also materially adversely affect the Company in a commercial operation
perspective as the lenders under certain facility agreements have the right to demand early repayment and customer agreements
entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&#8217; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June 5, 2023, being the date of the special resolutions approving the adoption of the Articles
effective from June 5, 2023, from the denominator for the purpose of computing this percentage: (i) shares in the
capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms
of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii) shares in the capital of the Company issued under the Company&#8217;s employee equity incentive plan existing
as of June 5, 2023 or any other employee share incentive plan(s) that may be approved by the Board, the thresholds for Mr. Huang&#8217;s
beneficial ownership specified in the following sections of the Company&#8217;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &#8220;Automatic Conversion Event,&#8221; below which threshold the Class B ordinary
shares shall automatically convert into Class A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article 86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class B ordinary shares shall cease to have the right to nominate five (5) Directors (one of which is intended to be
Mr. William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of the above exclusion of certain
events of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible
financings as well as providing equity incentive to its employees in future without the issue of shares constituting an Automatic
Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling its future
financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted by the
shareholders and based on the Company&#8217;s total issued share capital as of the date of this notice, Mr. Huang&#8217;s
aggregate voting power with Class A and Class B ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected to be
approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> If any Class B ordinary shares are
to be transferred as part of such physical settlement, such Class B ordinary shares shall be converted into Class A ordinary shares in
accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&#8217;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&#8217;s best interest. Mr. Huang has also confirmed to the Company that he and his associates (with respect to all
of the 18,457,504 Class A ordinary shares in the form of ADSs and 59,478,336 Class B ordinary shares) will abstain from voting with respect
to Proposal 1, in both the Meeting and the meeting of the holders of the Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the existing Articles of Association of the Company be and are hereby amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &#8220;Minimum Shareholding&#8221; in alphabetical order in
Article 2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="width: 20%; text-align: justify">&#8220;Minimum Shareholding&#8221;</TD><TD STYLE="text-align: justify; width: 71%"> two point seventy-five per cent. (2.75%) of the then issued share
                                                                                    capital of the Company on an as converted basis, excluding the following shares issued after June 5, 2023, being the date of the
                                                                                    special resolutions approving the adoption of the Articles effective from June 5, 2023, from the denominator for the purpose of
                                                                                    computing this percentage: (i) shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of
                                                                                    convertible securities in accordance with the terms of such convertible securities issued in, equity or equity-linked financings or
                                                                                    refinancings or in any related arrangement or transaction associated with such financing or refinancing undertaken by the Company
                                                                                    pursuant to and in accordance with these Articles and (ii) shares in the capital of the Company issued under the Company&#8217;s
                                                                                    employee equity incentive plan existing as of June 5, 2023 or any other employee share incentive plan(s) that may be approved by the
                                                                                    Board.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in the definition of &#8220;Automatic Conversion Event&#8221; in Article 2(1) and replacing them with the words
 &#8220;the Minimum Shareholding&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 86(4)(A) and replacing them with the words &#8220;the Minimum Shareholding&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&#8221; in Article 86(4)(C) and replacing
them with the words &#8220;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent. (2%) of
the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing this
percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting the words &#8220;two per cent. (2%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 86(4)(D) and replacing them with the words &#8220;two per cent. (2%) of the then issued share capital
of the Company on an as converted basis (excluding from the denominator for the purpose of computing this percentage the shares that are
excluded from the denominator for computing the Minimum Shareholding)&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 86(10) and replacing them with the words the Minimum Shareholding&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 114(1) and replacing them with the words the Minimum Shareholding &#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the amended and restated Articles of Association of the Company (the &#8220;<B>New
Articles of Association</B>&#8221;), which contain all the amendments reflecting the business approved at this Meeting and a copy of which
has been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved
and adopted in substitution for and to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association,
including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the amendments in Proposal 1, the
Board proposes to further amend the Articles of Association to, among other things, reflect and align with changes to the requirements
under Appendix 3 of the Listing Rules (known and commonly referred to as the &#8220;<B>Core Shareholder Protections</B>&#8221;) of The
Hong Kong Stock Exchange and incorporate relevant requirements of the applicable laws of the Cayman Islands due to recent changes in Cayman
Islands law. The Core Shareholder Protections took effect on 1 January 2022 and are required to be reflected in listed companies&#8217;
constitutional documents by such companies&#8217; second annual general meeting held after 1 January 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Core Shareholder Protections will achieve
the following purposes through such amendments to the Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">1.</TD><TD STYLE="text-align: justify">to provide that, in relation to the principal register of Members and branch register of Members which
may be closed at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and
either generally or in respect of any class of shares, such period of thirty (30) days may be extended for a further period or periods
not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.</TD><TD STYLE="text-align: justify">to provide that in relation to convening a general meeting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">a.</TD><TD STYLE="text-align: justify">an annual general meeting must be held within six (6) months after the end of the Company&#8217;s financial
year (unless a longer period would not infringe the Hong Kong Listing Rules, if any);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">b.</TD><TD STYLE="text-align: justify">an annual general meeting may be called by notice of not less than 21 calendar days and any extraordinary
general meetings may be called by notice of not less than 14 calendar days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">3.</TD><TD STYLE="text-align: justify">to provide that all members shall have the right to</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">a.</TD><TD STYLE="text-align: justify">speak at a general meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">b.</TD><TD STYLE="text-align: justify">vote at a general meeting except where a Member is required, by the Hong Kong Listing Rules, to abstain
from voting to approve the matter under consideration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">4.</TD><TD STYLE="text-align: justify">to make corresponding updates in light of the new definition of &#8220;close associate&#8221; to the relevant articles in relation
to any Board resolution approving any contract or arrangement or any other proposal in which any Director or any of his close associates
is materially interested;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">5.</TD><TD STYLE="text-align: justify">to provide that a Director shall not vote (nor be counted in the quorum) on any resolution of the Board approving any contract or
arrangement or any other proposal in which he or any of his close associates is materially interested, but this prohibition shall not
apply to any of the following matters namely:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">a.</TD><TD STYLE="text-align: justify">the giving of any security or indemnity either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">i.</TD><TD STYLE="text-align: justify">to the Director or his close associate(s) in respect of money lent or obligations incurred or undertaken by him or any of them at
the request of or for the benefit of the Company or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">ii.</TD><TD STYLE="text-align: justify">to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which the Director or his close
associate(s) has himself/themselves assumed responsibility in whole or in part and whether alone or jointly under a guarantee or indemnity
or by the giving of security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">b.</TD><TD STYLE="text-align: justify">any proposal concerning an offer of shares or debentures or other securities of or by the Company or any other company which the Company
may promote or be interested in for subscription or purchase, where the Director or his close associate(s) is/are or is/are to be interested
as a participant in the underwriting or sub -underwriting of the offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">c.</TD><TD STYLE="text-align: justify">any proposal or arrangement concerning the benefit of employees of the Company or its subsidiaries including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">i.</TD><TD STYLE="text-align: justify">the adoption, modification or operation of any employees&#8217; share scheme or any share incentive or share option scheme under which
the Director or his close associate(s) may benefit; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">ii.</TD><TD STYLE="text-align: justify">the adoption, modification or operation of a pension fund or retirement, death or disability benefits scheme which relates to the
Director, his close associate(s) and employee(s) of the Company or any of its subsidiaries and does not provide in respect of any Director,
or his close associate(s), as such any privilege or advantage not generally accorded to the class of persons to which such scheme or fund
relates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">d.</TD><TD STYLE="text-align: justify">any contract or arrangement in which the Director or his close associate(s) is/are interested in the same manner as other holders
of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures or other securities
of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">6.</TD><TD STYLE="text-align: justify">to clarify that unless otherwise determined by the Directors, the financial year end of the Company shall be 31 of December in each
year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 2 is to consider and, if
thought fit, pass the following resolution as a Special Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the existing Articles of Association of the Company be and are hereby amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &#8220;close associate&#8221; in alphabetical order in Article
2(1):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9%; text-align: justify"></TD><TD STYLE="text-align: justify; width: 19%">&#8220; close associate&#8221;</TD>
                                                                               <TD STYLE="text-align: justify; width: 72%"> in relation to any Director, shall have the same meaning as defined in the Hong Kong Listing Rules, except that for purposes of Article
100 where the transaction or arrangement to be approved by the Board is a connected transaction referred to in the Hong Kong Listing
Rules, it shall have the same meaning as that ascribed to &#8220;associate&#8221; in the Hong Kong Listing Rules.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the existing definition of &#8220;Law&#8221; in Article 2(1), replacing it with the following
new definition of &#8220;Act&#8221; in alphabetical order in Article 2(1) and amending all references in the existing Articles to &#8220;Law&#8221;
to &#8220;Act&#8221; wherever they appear:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="width: 19%; text-align: justify">&#8220;Act&#8221;</TD><TD STYLE="text-align: justify; width: 72%"> the Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman
                                                                                    Islands and any amendments thereto or re-enactments thereof for the time being in force and includes every other law incorporated
                                                                                    therewith or substituted therefor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">inserting the words &#8220;and Section 19&#8221; immediately after the words &#8220;Section 8&#8221; in
Article 2(2)(i);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">inserting the following language at the end of existing Article 44:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#8220;The period of thirty (30) days
may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary
resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting existing Article 56 in its entirety and replacing it with the following new Article 56:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="width: 19%; text-align: justify">&#8220;56. </TD><TD STYLE="text-align: justify; width: 72%">An annual general meeting of the Company shall be held in
each financial year and such annual general meeting must be held within six (6) months after the end of the Company&#8217;s financial
year (unless a longer period would not infringe the Hong Kong Listing Rules, if any), at such time and place as may be determined by
the Board.&#8221;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting existing Article 59 in its entirety and replacing it with the following new Article 59:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="width: 19%; text-align: justify">&#8220;59.</TD><TD STYLE="text-align: justify; width: 72%"> (1) An annual general meeting may be called by not less
than 21 calendar days&#8217; Notice and any extraordinary general meeting may be called by not less than 14 calendar days&#8217; Notice
but if permitted by the Hong Kong Listing Rules, a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="text-align: justify; width: 19%"></TD><TD STYLE="padding-left: 0in; text-align: justify; width: 5%">(a)</TD>
                                                                                                 <TD STYLE="padding-left: 0in; text-align: justify; width: 67%">in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and vote thereat; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="text-align: justify; width: 19%"></TD><TD STYLE="text-align: justify; width: 5%">(b)</TD>
                                                                                                 <TD STYLE="text-align: justify; width: 67%">in the case of any other meeting, by a majority in number of the Members having the right to attend and vote at the meeting, being a
majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares giving that right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9%"></TD><TD STYLE="width: 19%; text-align: left"></TD><TD STYLE="text-align: justify; width: 72%">(2) The notice shall specify the time and place of the meeting and, in case of special
                                                                         business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such.
                                                                         Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles
                                                                         or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to
                                                                         a share in consequence of the death or bankruptcy or winding&#45;up of a Member and to each of the Directors and the
                                                                         Auditors.&#8221;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting existing Article 69 in its entirety and replacing it with the following new Article 69:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 9%"></TD><TD STYLE="width: 19%; text-align: justify">&#8220;69.</TD><TD STYLE="text-align: justify; width: 72%"> All Members shall have the right to (a) speak at a general
meeting; and (b) vote at a general meeting except where a Member is required, by the Hong Kong Listing Rules to abstain from voting to
approve the matter under consideration.&#8221;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">deleting existing Article 101 in its entirety and replacing it with the following new Article 101:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="width: 1in; text-align: justify">&#8220;101. </TD><TD STYLE="text-align: justify; width: 0.5in">(1)</TD>
                                                                                                             <TD STYLE="text-align: justify">A Director shall not vote (nor be counted in the quorum) on any resolution of the Board approving any contract or arrangement or any
other proposal in which he or any of his close associates is materially interested, but this prohibition shall not apply to any of the
following matters namely:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in">(i)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">the giving of any security or indemnity either:-</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in">(a)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">to the Director or his close associate(s) in respect of money lent or obligations
incurred or undertaken by him or any of them at the request of or for the benefit of the Company or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in">(b)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">to a third party in respect of a debt or obligation of the Company or any of its
subsidiaries for which the Director or his close associate(s) has himself/ themselves assumed responsibility in whole or in part and whether
alone or jointly under a guarantee or indemnity or by the giving of security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(ii)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">any proposal concerning an offer of shares or debentures or other securities of
or by the Company or any other company which the Company may promote or be interested in for subscription or purchase where the Director
or his close associate(s) is/are or is/are to be interested as a participant in the underwriting or sub-underwriting of the offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iii)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">any proposal or arrangement concerning the benefit of employees of the Company
or its subsidiaries including:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in">(a)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">the adoption, modification or operation of any employees' share scheme or any share
incentive or share option scheme under which the Director or his close associate(s) may benefit; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in">(b)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">the adoption, modification or operation of a pension fund or retirement, death
or disability benefits scheme which relates to the Director, his close associate(s) and employee(s) of the Company or any of its subsidiaries
and does not provide in respect of any Director, or his close associate(s), as such any privilege or advantage not generally accorded
to the class of persons to which such scheme or fund relates; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any contract or arrangement in which the Director or his close associate(s) is/are interested in the same
manner as other holders of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures
or other securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Following a declaration being made pursuant to the last preceding
two Articles, subject to the provisions of Article 101(1), any separate requirement for Audit Committee approval under applicable law
or the listing rules of the Company&#8217;s Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board
meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and
may be counted in the quorum at such meeting.&#8221;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">deleting existing Article 163 in its entirety and replacing it with the following new Article 163:</TD></TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; width: 1.5in">&#8220;163.</TD><TD STYLE="text-align: justify; width: 0.5in">(1)</TD>
                                                                                    <TD STYLE="text-align: justify">Subject to Article 163(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court for
the Company to be wound up.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in; text-align: left"></TD><TD STYLE="text-align: justify; width: 0.5in">(2)</TD>
                                                <TD STYLE="text-align: justify">Unless otherwise provided by the Act, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special
resolution.&#8221;; and</TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(x)</TD><TD STYLE="text-align: justify">inserting the following heading and new Article 168 immediately following existing Article 167:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#8220;FINANCIAL YEAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 180.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.75in">168.</TD><TD STYLE="text-align: justify">Unless otherwise determined by the Directors, the financial year end of the Company shall be 31 December in each year.&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the amended and restated Articles of Association of the Company (the &#8220;<B>New
Articles of Association</B>&#8221;), which contains all the amendments reflecting the business approved at this Meeting and a copy of
which has been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved
and adopted in substitution for and to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association,
including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the amendments in Proposal 1
and Proposal 2, the Board proposes to further amend the Articles of Association to update the definition of STT and amend the
Memorandum of Association to increase the authorised share capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 3 is to consider and, if
thought fit, pass the following resolution as a Special Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the existing Articles of Association of the Company be and are hereby amended by
deleting the existing definition of &#8220;STT&#8221; in Article 2(1), replacing it with the following new definition of &#8220;STT&#8221;
in alphabetical order in Article 2(1):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="width: 0.75in; text-align: justify">&#8220;STT&#8221; </TD><TD STYLE="text-align: justify">STT GDC Pte. Ltd., (a company incorporated with limited liability in Singapore and a
                                                                                    wholly-owned subsidiary of Singapore Technologies Telemedia Pte Ltd.) or any other direct or indirect wholly-owned subsidiary of
                                                                                    Singapore Technologies Telemedia Pte Ltd to which STT GDC Pte. Ltd. has transferred all of the Beneficial Ownership in the issued
                                                                                    share capital of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the amended and restated Articles of Association of the Company (the &#8220;<B>New
Articles of Association</B>&#8221;), which contains all the amendments reflecting the business approved at this Meeting and a copy of
which has been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved
and adopted in substitution for and to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association,
including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Due to the multiple rounds of equity and equity-linked
financings to fund the Company&#8217;s growth, the Company has only 335,045,345 Class A ordinary shares left for issue in its authorised
share capital. To allow the Company to issue Class A ordinary shares in the future it is necessary to increase the Company&#8217;s authorised
share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board proposes to increase the authorised
share capital of the Company by the creation of an additional 1,500,000,000 Class A ordinary shares, and make other relevant changes to
the memorandum of association of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 3 is also to consider and,
if thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the <FONT STYLE="font-weight: normal">authorized share capital of the Company be and is hereby increased
from 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 designated as Class B ordinary and 2,000,000 shall be designated as preferred shares to
</FONT>US$175,100 divided into 3,502,000,000 shares of a nominal or par value of US$0.00005, <FONT STYLE="font-weight: normal">of which
3,300,000,000 shall be designated as Class A ordinary shares, 200,000,000 shall designated as Class B ordinary and 2,000,000 shall be
designated as preferred shares by the creation of an additional 1,500,000,000 Class A ordinary shares of a nominal or par value of US$0.00005
each;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the existing memorandum of Association of the Company be and is hereby amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(i)</TD><TD STYLE="text-align: justify">amending all references in the existing memorandum of association to &#8220;Law&#8221; to &#8220;Act&#8221;
wherever they appear;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the word &#8220;Codan&#8221; in clause 2 of the memorandum of association and replacing it with
the word &#8220;Conyers&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting existing clause 8 in its entirety and replacing it with the following new clause 8:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="width: 0.75in; text-align: justify">&#8220;8.</TD><TD STYLE="text-align: justify"> The share capital of the Company is US$175,100 divided into
3,502,000,000 shares of a nominal or par value of US$0.00005, of which 3,300,000,000 shall be designated as Class A ordinary shares,
200,000,000 shall designated as Class B ordinary and 2,000,000 shall be designated as preferred shares.<FONT STYLE="font-weight: normal">&#8221;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the amended and restated Memorandum of Association of the Company (the &#8220;<B>New
Memorandum of Association</B>&#8221;), which contains all the amendments contained in this special resolution and a copy of which has
been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved and
adopted in substitution for and to the exclusion of the existing Memorandum of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Memorandum of Association,
including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>To consider and, if thought fit, pass the following
resolutions as Ordinary Resolutions:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 4</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That Mr. Gary J. Wojtaszek be re-elected as a
director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That Mr. Satoshi Okada be re-elected as a director
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 6</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That the appointment of KPMG Huazhen LLP as independent
auditor of the Company for the fiscal year ending December 31, 2023 be confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 7</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That the Board of Directors of the Company be
authorized to allot or issue, in the 12-month period from the date of the Meeting, ordinary shares or other equity or equity-linked securities
of the Company up to an aggregate thirty per cent. (30%) of its existing issued share capital of the Company at the date of the Meeting,
whether in a single transaction or a series of transactions (OTHER THAN any allotment or issues of shares on the exercise of any options
that have been granted by the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That each of the directors and officers of the
Company be authorized to take any and every action that might be necessary to effect the foregoing resolutions as such director or officer,
in his or her absolute discretion, thinks fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company filed its annual report on Form&nbsp;20-F
and submitted its Hong Kong annual report for the fiscal year ended December&nbsp;31, 2022 with the U.S. Securities and Exchange Commission
and to the Stock Exchange of Hong Kong Limited, respectively, on April&nbsp;4, 2023 (China Standard Time), which annual reports may be
accessed on the Company&#8217;s investor relations website at investors.gds-services.com, on the SEC&#8217;s website at www.sec.gov (for
the annual report on Form&nbsp;20-F) and on the HKEx&#8217;s website at www.hkexnews.hk (for the Hong Kong annual report). The Company
will provide hardcopies of the annual reports, free of charge, to its shareholders and the holders of the Company&#8217;s American depositary
shares (&#8220;<B>ADS</B>&#8221;) upon request submitted to ir@gds-services.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can find more information about the agenda
in the attached proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of the Company has fixed
the close of business on May 22, 2023 (China Standard Time) as the record date (the &#8220;<B>Shares Record Date</B>&#8221;) for determining
the holders of our ordinary shares and Series A convertible preferred shares entitled to receive notice of and to vote at the Meeting
or any adjourned or postponed meeting thereof. Accordingly, only holders of our ordinary shares and Series A convertible preferred shares
registered in the register of members of the Company at the close of business on the Shares Record Date are entitled to attend and vote
at the Meeting or at any adjournment that may take place. The share register of the Company will not be closed. Holders of American depositary
shares (the &#8220;<B>ADSs</B>&#8221;) issued by JPMorgan Chase Bank, N.A. (&#8220;<B>JPMorgan</B>&#8221;), as depositary of the ADSs,
and representing our Class A ordinary shares are not entitled to attend or vote at the Meeting. Holders of ADSs as of close of business
on May 22, 2023, New York time will be able to instruct JPMorgan, as to how to vote the Class A ordinary shares represented by such
ADSs. Holders of the Company&#8217;s ADS who wish to exercise their voting rights for the underlying shares must act through JPMorgan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cordially invite all shareholders of the
Company to attend the Meeting in person. We encourage shareholders planning to attend the Meeting in person to preregister by
sending an email to ir@gds-services.com. However, a shareholder entitled to attend and vote is entitled to appoint a proxy to attend
and, on a poll, vote instead of such shareholder. A proxy need not be a shareholder of the Company. Any representative of a
corporate shareholder attending the Meeting would need to produce a letter/board resolutions showing the authorization to represent
such shareholder to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether or not you propose to attend the Meeting
in person, you are strongly advised to complete and return the form of proxy in accordance with these instructions. For holders of Class
A ordinary shares registered on our branch register of members in Hong Kong, to be valid, the form must be completed and returned by mail
or by hand to Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&#8217;s Road East, Wan Chai,
Hong Kong as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting.
For holders of ordinary shares or Series A convertible preferred shares registered on our principal register of members in the Cayman
Islands, to be valid, the form must be completed and deposited (together with any power of attorney or other authority under which it
is signed or a certified copy of that power or authority) to the attention of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5,
Building C, Sunland International, No. 999 Zhouhai Road, Pudong, Shanghai 200137, P.R.C., +86-21-20292200, as soon as possible and in
any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting. Returning the completed form of proxy
will not preclude you from attending the Meeting and voting in person if you so wish and in such event the proxy shall be deemed to be
revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice of the Annual general meeting of Shareholders,
the Proxy Card and the Proxy Statement are also available through our website at <I><U>http://investors.gds-services.com</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 0.25pt; text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify; width: 50%; font-size: 10pt">By Order of the Board of Directors,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify; font-size: 10pt">William Huang Wei</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify; font-size: 10pt">Chairman of the Board and</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify; font-size: 10pt">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2314967d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="tm2314967d1_ex99-3img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR ANNUAL GENERAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board of Directors is soliciting proxies for an annual general
meeting of shareholders (the &#8220;<B>Meeting</B>&#8221;) to be held at 4:00 p.m. (China Standard Time) on June 5, 2023 or at any adjournment
thereof. The Meeting will be held at Beijing Meeting Room, F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong, Shanghai,
P.R.C.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revocability of Proxies</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any proxy given pursuant to this solicitation may be revoked by the
person giving it at any time before its use by delivering a written notice of revocation or a duly executed proxy bearing a later date,
or by attending the Meeting and voting in person. A written notice of revocation or a duly executed proxy bearing a later date by holders
of Class A ordinary shares registered on our branch register of members in Hong Kong must be delivered by mail or by hand to Computershare
Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&#8217;s Road East, Wan Chai, Hong Kong no later than 48 hours
prior to the Meeting. A written notice of revocation or a duly executed proxy bearing a later date by holders of ordinary shares or Series
A convertible preferred shares registered on our principal register of members in the Cayman Islands must be delivered by mail or by hand
to the attention of the Company no later than 48 hours prior to the Meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Record Date, Share Ownership, and Quorum</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of our ordinary shares and Series A convertible preferred shares
of record at the close of business on May 22, 2023 (China Standard Time) (the &#8220;<B>Shares Record Date</B>&#8221;) are entitled
to vote at the Meeting. Holders of American depositary shares (&#8220;<B>ADS</B>&#8221;) issued by JPMorgan Chase Bank, N.A. (&#8220;<B>JPMorgan</B>&#8221;)
as of close of business on May 22, 2023, New York time (the &#8220;<B>ADSs Record Date</B>&#8221;, together with the Shares Record Date,
the &#8220;<B>Record Date</B>&#8221;), will be able to instruct JPMorgan, the holder of record of Class A ordinary shares represented
by ADSs, as to how to vote the Class A ordinary shares represented by such ADSs. As of April 30, 2023, 1,464,954,655 of our Class A
ordinary shares and 59,478,336 of our Class B ordinary shares, par value US$0.00005 per share, were issued and outstanding, among which
120,116,752 Class A ordinary shares were represented by the ADS held by JPMorgan and 150,000 Series A convertible preferred shares (which
are convertible into 33,707,864 Class A ordinary shares on the Record Date) were issued and outstanding. At any general meeting of the
Company, two (2) members entitled to vote and present in person or by proxy (or in the case of a member being a corporation, by its duly
authorized representative) representing not less than one-third in nominal value of the total issued voting shares in the Company throughout
the Meeting shall form a quorum for all purposes, save that for any general meeting requisitioned according to Article 58(2)(iv) of the
Articles, two (2) members entitled to vote and present in person or by proxy or (in the case of a member being a corporation) by its duly
authorised representative representing not less than 10% of the aggregate voting power in the Company throughout the Meeting shall form
a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting and Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than Mr. Huang and his associates, who will abstain from voting
with respect to Proposal 1, each Class A ordinary share in issue, each Class A ordinary share into which the Series A convertible preferred
shares in issue are convertible and each Class B ordinary share in issue on the Record Date are entitled to one (1) vote per share for
Proposals 1, 2, 3, 6, 7, and 8. For Proposals 4 and 5, each Class A ordinary share in issue and each Class A ordinary share into which
the Series A convertible preferred shares in issue are convertible on the Record Date are entitled to one (1) vote per share, and each
Class B ordinary share in issue on the Record Date is entitled to twenty (20) votes per share. At the Meeting every ordinary shareholder
and Series A convertible preferred shareholder present in person or by proxy or, in the case of an ordinary shareholder or Series A convertible
preferred shareholder being a corporation, by its duly authorized representative, may vote the fully paid ordinary shares held or ordinary
shares into which such Series A convertible preferred shares are convertible held by such ordinary shareholder or Series A convertible
preferred shareholder.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A resolution put to the vote of the Meeting shall be decided by way
of a poll save that the chairman of the Meeting may in good faith, allow a resolution which relates purely to a procedural or administrative
matter to be voted on by a show of hands in which case every member present in person or by proxy, or in the case of a member being a
corporation, by its duly authorized representative, shall have one (1) vote provided that where more than one (1) proxy is appointed by
a member which is a clearing house (or its nominee(s)), each such proxy shall have one (1) vote on a show of hands. The result of the
poll shall be deemed to be the resolution of the Meeting. Where any member is, under the Hong Kong Listing Rules, required to abstain
from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by
or on behalf of such member in contravention of such requirement or restriction shall not be counted.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of soliciting proxies will be borne by us. Proxies may be
solicited by certain of our directors, officers and regular employees, without additional compensation, in person or by telephone or electronic
mail. Copies of solicitation materials will be furnished to banks, brokerage houses, fiduciaries, and custodians holding in their names
our ordinary shares, Series A convertible preferred shares or ADSs beneficially owned by others to forward to those beneficial owners.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting by Holders of Ordinary Shares and Series A Convertible Preferred
Shares</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When proxies are properly dated, executed, and returned by holders
of ordinary shares or Series A convertible preferred shares, the ordinary shares they represent or into which they may be converted will
be voted at the Meeting in accordance with the instructions of the shareholders. If no specific instructions are given by such holders,
or in the case of broker&#8217;s non-votes, the ordinary shares or the ordinary shares into which they may be converted will be voted
at the discretion of the holder of such proxies. Abstentions by holders of ordinary shares or Series A convertible preferred shares which
are convertible into ordinary shares are included in the determination of the number of ordinary shares or Series A convertible preferred
shares convertible into ordinary shares present for the purpose of quorum but are not counted as votes for or against a proposal. Any
representative of a corporate shareholder attending the Meeting would need to produce a letter or board resolutions showing the authorization
to represent such shareholder to the Company.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting by Holders of American Depositary Shares</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have requested JPMorgan, as depositary of the ADSs, to deliver to
all owners of ADSs an ADS Voting Instruction Card. Upon the written request of an owner of record of ADSs by a duly completed ADS voting
instruction card, JPMorgan will endeavor, in so far as practicable, to vote or cause to be voted the amount of ordinary shares or other
deposited securities represented by such ADSs, evidenced by American Depositary Receipts related to those ADSs, in accordance with the
instructions set forth in such requests. Under the terms of the deposit agreement, JPMorgan has advised us that it will not vote or attempt
to exercise the right to vote other than in accordance with such voting instructions or such deemed instructions as further described
in the below two paragraphs. As the holder of record for all the Class A ordinary shares represented by the ADSs, only JPMorgan may vote
those Class A ordinary shares at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JPMorgan and its agents have advised us that they are not responsible
if they fail to carry out your voting instructions or for the manner in which they carry out your voting instructions. This means that
if the ordinary shares underlying your ADSs are not able to be voted at the Meeting, there may be nothing you can do.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If no such written request is received by JPMorgan from an owner of
record of ADSs by 9:00 a.m. (New York City time), May 30, 2023, such owner shall be deemed, and JPMorgan will deem such owner of ADSs
to have instructed it to give a discretionary proxy to the chairman of the Meeting to vote the ordinary shares represented by your ADSs
in favor of each proposal recommended by our board of directors and against each proposal opposed by our board of directors, unless the
Company has informed JPMorgan that such proxy should not be given, in accordance with the terms of the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI
HUANG&#8217;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&#8217;S ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. William Wei Huang (&#8220;<B>Mr. Huang</B>&#8221;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class A ordinary
shares in the form of American Depositary Shares (&#8220;<B>ADSs</B>&#8221;) and 59,478,336 Class B ordinary shares owned by him or his
associates), representing 5.0018 per cent. of the Company&#8217;s total issued share capital as of the date of this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&#8217;s articles of association
(the &#8220;<B>Articles of Association</B>&#8221;), the share capital of the Company shall be divided into shares of three classes, Class
A ordinary shares, Class B ordinary shares and preferred shares. The Class A ordinary shares and Class B ordinary shares shall carry equal
rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr. Huang continues to beneficially own
not less than 5% of the then issued share capital of the Company on an as-converted basis (the &#8220;<B>Threshold</B>&#8221;), the Class
B ordinary shares are entitled to cast 20 votes per Class B ordinary share on: (a) the election of a majority of the Directors of the
Company in accordance with the provisions of the Articles of Association; and (b) any amendment of Articles of Association that would
adversely affect the rights of the holders of the Class B ordinary shares (the &#8220;<B>Class B Shares Entitlement</B>&#8221;). All Class
B ordinary shares are subject to automatic conversion into Class A ordinary shares when, among other things, Mr. Huang ceases to have
beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&#8217;s annual
report on Form 20-F for the year ended December 31, 2022, Mr. Huang has in the past entered into certain transactions from time to time,
including derivative transactions, that have and could have the effect of reducing Mr. Huang&#8217;s beneficial ownership in our company.
Mr. Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504 ordinary shares
beneficially owned by him (the &#8220;<B>Subject Ordinary Shares</B>&#8221;), which transactions he originally entered into between May
2020 and June 2022, will expire between June 2023 and December 2023. If Mr. Huang chooses to settle these transactions by transferring
ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
to the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&#8217;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of the
remaining Class B ordinary shares held by Mr. Huang will automatically convert into Class A ordinary shares in accordance with Article
9(a)(ii)(B) of the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This will constitute a &#8220;change of
control&#8221; of the Company as Mr. Huang will no longer enjoy the Class B Shares Entitlement and therefore no longer be classified
as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences on the
Company, including but not limited to implications for the purposes of China&#8217;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr. Huang&#8217;s Class B ordinary shares and determined that it is not
in the interests of the Company&#8217;s shareholders as a whole if Mr. Huang ceased to be the controlling shareholder of the
Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing considerations
upon such change of control event and the potential adverse impact to the Group&#8217;s operation in the PRC due to such review and
filing. In addition, a change of control of the Company would also materially adversely affect the Company in a commercial operation
perspective as the lenders under certain facility agreements have the right to demand early repayment and customer agreements
entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&#8217; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June 5, 2023, being the date of the special resolutions approving the adoption of the Articles
effective from June 5, 2023, from the denominator for the purpose of computing this percentage: (i) shares in the
capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms
of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii) shares in the capital of the Company issued under the Company&#8217;s employee equity incentive plan existing
as of June 5, 2023 or any other employee share incentive plan(s) that may be approved by the Board, the thresholds for Mr. Huang&#8217;s
beneficial ownership specified in the following sections of the Company&#8217;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &#8220;Automatic Conversion Event,&#8221; below which threshold the Class B ordinary
shares shall automatically convert into Class A ordinary shares, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article 86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class B ordinary shares shall cease to have the right to nominate five (5) Directors (one of which is intended to be
Mr. William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of the above exclusion of certain events
of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible financings as well
as providing equity incentive to its employees in future without the issue of shares constituting an Automatic Conversion Event, with
the implications set out above, thereby granting the Company greater flexibility in fulfilling its future financing needs. On the basis
that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted by the shareholders and based on the Company&#8217;s
total issued share capital as of the date of this proxy statement, Mr. Huang&#8217;s aggregate voting power with Class A and Class B ordinary
shares voting on a 1:1 basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&#8217;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&#8217;s best interest. Mr. Huang has also confirmed to the Company that he and his associates (with respect to all
of the 18,457,504 Class A ordinary shares in the form of ADSs and 59,478,336 Class B ordinary shares) will abstain from voting with respect
to Proposal 1, in both the Meeting and the meeting of the holders of the Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the existing Articles of Association of the Company be and are hereby amended by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &#8220;Minimum Shareholding&#8221; in alphabetical order in
Article 2(1);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&#8220;Minimum
Shareholding&#8221;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June 5, 2023, being the date of the special resolutions approving the adoption of the Articles
effective from June 5, 2023, from the denominator for the purpose of computing this percentage: (i) shares in the capital of the Company
issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such convertible securities
issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share lending arrangement
or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance with these Articles and
(ii) shares in the capital of the Company issued under the Company&#8217;s employee equity incentive plan existing as of June 5, 2023
or any other employee share incentive plan(s) that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1F497D">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in the definition of &#8220;Automatic Conversion Event&#8221; in Article 2(1) and replacing them with the words
 &#8220;the Minimum Shareholding&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 86(4)(A) and replacing them with the words &#8220;the Minimum Shareholding&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&#8221; in Article 86(4)(C) and replacing
them with the words &#8220;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent. (2%) of
the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing this
percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting the words &#8220;two per cent. (2%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 86(4)(D) and replacing them with the words &#8220;two per cent. (2%) of the then issued share capital
of the Company on an as converted basis (excluding from the denominator for the purpose of computing this percentage the shares that are
excluded from the denominator for computing the Minimum Shareholding)&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 86(10) and replacing them with the words the Minimum Shareholding&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting the words &#8220;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&#8221; in Article 114(1) and replacing them with the words the Minimum Shareholding &#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the
                                                            &#8220;<B>New Articles of Association</B>&#8221;), which contain all the amendments reflecting the business approved at this Meeting
                                                            and a copy of which has been produced
to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution
for and to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify; padding-right: auto">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association,
including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the amended and restated articles reflecting the above amendments
has been produced to the Meeting marked &#8220;A&#8221; and for identification purpose signed by the chairman of the Meeting (the &#8220;<B>New
Articles</B>&#8221;), and our Board of Directors has approved and is recommending to shareholders for approval at the Meeting, the adoption
of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect
after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the existing amended and restated articles of association
was filed as Exhibit 1.1 to our annual report on Form 20-F (File No. 001-37925), filed with the U.S. Securities and Exchange Commission
on April 4, 2023 (China Standard Time), and can be viewed in the SEC&#8217;s EDGAR database at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of a majority of not less than seventy-five per
cent. (75%) of the votes of the holders of ordinary shares and the holders of Series A convertible preferred shares voting as a single
class present in person or by proxy or, in the case of an ordinary shareholder or Series A convertible preferred shareholder being a corporation,
by its duly authorized representative and voting at the Meeting will be required to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221; PROPOSAL
1, THE AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI HUANG&#8217;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&#8217;S
ARTICLES OF ASSOCIATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FURTHER AMENDMENT AND RESTATEMENT OF THE COMPANY&#8217;S
ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the amendments in Proposal 1, the
Board proposes to further amend the Articles of Association to, among other things, reflect and align with changes to the requirements
under Appendix 3 of the Listing Rules (known and commonly referred to as the &#8220;<B>Core Shareholder Protections</B>&#8221;) of The
Hong Kong Stock Exchange and incorporate relevant requirements of the applicable laws of the Cayman Islands due to recent changes in Cayman
Islands law. The Core Shareholder Protections took effect on 1 January 2022 and are required to be reflected in listed companies&#8217;
constitutional documents by such companies&#8217; second annual general meeting held after 1 January 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Core Shareholder Protections will achieve
the following purposes through such amendments to the Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">to provide that, in relation to the principal register of Members and branch register of Members which
may be closed at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and
either generally or in respect of any class of shares, such period of thirty (30) days may be extended for a further period or periods
not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution;</TD></TR></TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">to provide that in relation to convening a general meeting:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">an annual general meeting must be held within six (6) months after the end of the Company&#8217;s financial
year (unless a longer period would not infringe the Hong Kong Listing Rules, if any);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">an annual general meeting may be called by notice of not less than 21 calendar days and any extraordinary
general meetings may be called by notice of not less than 14 calendar days;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">to provide that all members shall have the right to</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">speak at a general meeting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">vote at a general meeting except where a Member is required, by the Hong Kong Listing Rules, to abstain
from voting to approve the matter under consideration;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">to make corresponding updates in light of the new definition of &#8220;close associate&#8221; to the relevant articles in relation
to any Board resolution approving any contract or arrangement or any other proposal in which any Director or any of his close associates
is materially interested;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">to provide that a Director shall not vote (nor be counted in the quorum) on any resolution of the Board approving any contract or
arrangement or any other proposal in which he or any of his close associates is materially interested, but this prohibition shall not
apply to any of the following matters namely:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>the giving of any security or indemnity either:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">to the Director or his close associate(s) in respect of money lent or obligations incurred or undertaken by him or any of them at
the request of or for the benefit of the Company or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which the Director or his close
associate(s) has himself/themselves assumed responsibility in whole or in part and whether alone or jointly under a guarantee or indemnity
or by the giving of security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">any proposal concerning an offer of shares or debentures or other securities of or by the Company or any other company which the Company
may promote or be interested in for subscription or purchase, where the Director or his close associate(s) is/are or is/are to be interested
as a participant in the underwriting or sub -underwriting of the offer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD>any proposal or arrangement concerning the benefit of employees of the Company or its subsidiaries including:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the adoption, modification or operation of any employees&#8217; share scheme or any share incentive or share option scheme under which
the Director or his close associate(s) may benefit; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">the adoption, modification or operation of a pension fund or retirement, death or disability benefits scheme which relates to the
Director, his close associate(s) and employee(s) of the Company or any of its subsidiaries and does not provide in respect of any Director,
or his close associate(s), as such any privilege or advantage not generally accorded to the class of persons to which such scheme or fund
relates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">any contract or arrangement in which the Director or his close associate(s) is/are interested in the same manner as other holders
of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures or other securities
of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD>to clarify that unless otherwise determined by the Directors, the financial year end of the Company shall be 31 of December in each
year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 2 is to consider and, if
thought fit, pass the following resolution as a Special Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the existing Articles of Association of the Company be and are hereby amended by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &#8220;close associate&#8221; in alphabetical order in Article
2(1):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.5in; text-align: left">&ldquo;close associate&rdquo;</TD><TD STYLE="text-align: justify">in
relation to any Director, shall have the same meaning as defined in the Hong Kong Listing Rules, except that for purposes of Article
100 where the transaction or arrangement to be approved by the Board is a connected transaction referred to in the Hong Kong Listing
Rules, it shall have the same meaning as that ascribed to &#8220;associate&#8221; in the Hong Kong Listing Rules.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the existing definition of &#8220;Law&#8221; in Article 2(1), replacing it with the following
new definition of &#8220;Act&#8221; in alphabetical order in Article 2(1) and amending all references in the existing Articles to &#8220;Law&#8221;
to &#8220;Act&#8221; wherever they appear:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.5in; text-align: left">&ldquo;Act&rdquo;</TD><TD STYLE="text-align: justify">the
Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman Islands and any amendments thereto or re-enactments
thereof for the time being in force and includes every other law incorporated therewith or substituted therefor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">inserting the words &#8220;and Section 19&#8221; immediately after the words &#8220;Section 8&#8221; in
Article 2(2)(i);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">inserting the following language at the end of existing Article 44:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#8220;The period of thirty (30) days
may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary
resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting existing Article 56 in its entirety and replacing it with the following new Article 56:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&#8220;56.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;An
annual general meeting of the Company shall be held in each financial year and such annual general meeting must be held within six (6)
months after the end of the Company&#8217;s financial year (unless a longer period would not infringe the Hong Kong Listing Rules, if
any), at such time and place as may be determined by the Board.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting existing Article 59 in its entirety and replacing it with the following new Article 59:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.5in">&#8220;59.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(1)
An annual general meeting may be called by not less than 21 calendar days&#8217; Notice and any extraordinary general meeting may be
called by not less than 14 calendar days&#8217; Notice but if permitted by the Hong Kong Listing Rules, a general meeting may be
called by shorter notice, subject to the Act, if it is so agreed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and
vote thereat; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares
giving that right.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice shall specify the time and place of the meeting and, in case of special business, the general nature of the business. The notice
convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other
than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive
such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding&#45;up of a Member
and to each of the Directors and the Auditors.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting existing Article 69 in its entirety and replacing it with the following new Article 69:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&#8220;69.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
Members shall have the right to (a) speak at a general meeting; and (b) vote at a general meeting except where a Member is required, by
the Hong Kong Listing Rules to abstain from voting to approve the matter under consideration.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">deleting existing Article 101 in its entirety and replacing it with the following new Article 101:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&#8220;101.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(1)
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Director shall not vote (nor be counted in the quorum) on any resolution of the Board approving any contract or arrangement or any
other proposal in which he or any of his close associates is materially interested, but this prohibition shall not apply to any of
the following matters namely:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">the giving of any security or indemnity either:-</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to the Director or his close associate(s) in respect of money lent or obligations
incurred or undertaken by him or any of them at the request of or for the benefit of the Company or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify; padding-right: 0">to a third party in respect of a debt or obligation of the Company or any of its
subsidiaries for which the Director or his close associate(s) has himself/ themselves assumed responsibility in whole or in part and whether
alone or jointly under a guarantee or indemnity or by the giving of security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify; padding-right: 0">any proposal concerning an offer of shares or debentures or other securities of
or by the Company or any other company which the Company may promote or be interested in for subscription or purchase where the Director
or his close associate(s) is/are or is/are to be interested as a participant in the underwriting or sub-underwriting of the offer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">any proposal or arrangement concerning the benefit of employees of the Company
or its subsidiaries including:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify; padding-right: 0">the adoption, modification or operation of any employees' share scheme or any share
incentive or share option scheme under which the Director or his
close associate(s) may benefit; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 2.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify; padding-right: 0">the adoption, modification or operation of a pension fund or retirement, death
or disability benefits scheme which relates to the Director, his close associate(s) and employee(s) of the Company or any of its subsidiaries
and does not provide in respect of any Director, or his close associate(s), as such any privilege or advantage not generally accorded
to the class of persons to which such scheme or fund relates; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any contract or arrangement in which the Director or his close associate(s) is/are interested in the same
manner as other holders of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures
or other securities of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Following
a declaration being made pursuant to the last preceding two Articles, subject to the provisions of Article 101(1), any separate requirement
for Audit Committee approval under applicable law or the listing rules of the Company&#8217;s Designated Stock Exchange, and unless disqualified
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which
such Director is interested and may be counted in the quorum at such meeting.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">deleting existing Article 163 in its entirety and replacing it with the following new Article 163:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&#8220;163.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Subject to Article 163(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court
for the Company to be wound up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
otherwise provided by the Act, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.&#8221;;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">inserting the following heading and new Article 168 immediately following existing Article 167:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#8220;FINANCIAL <BR>
YEAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 180.4pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">168.</TD><TD>Unless otherwise determined by the Directors, the financial year end of the Company shall be 31 December in each year.&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &#8220;<B>New
Articles of Association</B>&#8221;), which contains all the amendments reflecting the business approved at this Meeting and a copy of
which has been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved
and adopted in substitution for and to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Articles
of Association, including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and
Hong Kong.&#8221;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the amended and restated articles reflecting the above amendments
has been produced to the Meeting marked &#8220;A&#8221; and for identification purpose signed by the chairman of the Meeting (the &#8220;<B>New
Articles</B>&#8221;), and our Board of Directors has approved and is recommending to shareholders for approval at the Meeting, the adoption
of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect
after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the existing amended and restated articles of association
was filed as Exhibit 1.1 to our annual report on Form 20-F (File No. 001-37925), filed with the U.S. Securities and Exchange Commission
on April 4, 2023 (China Standard Time), and can be viewed in the SEC&#8217;s EDGAR database at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of a majority of not less than seventy-five per
cent. (75%) of the votes of the holders of ordinary shares and the holders of Series A convertible preferred shares voting as a single
class present in person or by proxy or, in the case of an ordinary shareholder or Series A convertible preferred shareholder being a corporation,
by its duly authorized representative and voting at the Meeting will be required to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221;
PROPOSAL 2, THE FURTHER AMENDMENT AND RESTATEMENT OF THE COMPANY&#8217;S ARTICLES OF ASSOCIATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FURTHER AMENDMENT AND RESTATEMENT OF THE COMPANY&#8217;S
ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the amendments in Proposal 1
and Proposal 2, the Board proposes to further amend the Articles of Association to update the definition of STT and amend the
Memorandum of Association to increase the authorised share capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 3 is to consider and, if
thought fit, pass the following resolution as a Special Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the existing Articles of Association of the Company be and are hereby amended by deleting the existing
definition of &#8220;STT&#8221; in Article 2(1), replacing it with the following new definition of &#8220;STT&#8221; in alphabetical order
in Article 2(1):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&#8220;STT&#8221;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;STT
GDC Pte. Ltd. (a company incorporated with limited liability in Singapore and &nbsp;a wholly-owned subsidiary of Singapore Technologies
Telemedia Pte Ltd), or any other direct or indirect wholly-owned subsidiary of Singapore Technologies Telemedia Pte Ltd to which STT GDC
Pte. Ltd. has transferred all of its Beneficial Ownership in the issued share capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &#8220;<B>New
Articles of Association</B>&#8221;), which contains all the amendments reflecting the business approved at this Meeting and a copy of
which has been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved
and adopted in substitution for and to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts,
                                                            deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem
necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without
limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCREASE OF THE COMPANY&#8217;S AUTHORISED SHARE
CAPITAL <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">and other relevant changes to the Company&#8217;s
Memorandum of Association</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the multiple rounds of equity and equity-linked
financings to fund the Company&#8217;s growth, the Company has only 335,045,345 Class A ordinary shares left for issue in its authorised
share capital. To allow the Company to issue Class A ordinary shares in the future it is necessary to increase the Company&#8217;s authorised
share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board proposes to increase the authorised
share capital of the Company by the creation of an additional 1,500,000,000 Class A ordinary shares, and make other relevant changes to
the memorandum of association of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 3 is also to consider and,
if thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the authorized share capital of the Company be and is hereby increased from 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
designated as Class B ordinary and 2,000,000 shall be designated as preferred shares to US$175,100 divided into 3,502,000,000 shares of
a nominal or par value of US$0.00005, of which 3,300,000,000 shall be designated as Class A ordinary shares, 200,000,000 shall designated
as Class B ordinary and 2,000,000 shall be designated as preferred shares by the creation of an additional 1,500,000,000 Class A ordinary
shares of a nominal or par value of US$0.00005 each;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the existing memorandum of Association of the Company be and is hereby amended by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">amending all references in the existing memorandum of association to &#8220;Law&#8221; to &#8220;Act&#8221;
wherever they appear;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the word &#8220;Codan&#8221; in clause 2 of the memorandum of association and replacing it with
the word &#8220;Conyers&#8221;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting existing clause 8 in its entirety and replacing it with the following new clause 8:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&#8220;8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
share capital of the Company is US$175,100 divided into 3,502,000,000 shares of a nominal or par value of US$0.00005, of which 3,300,000,000
shall be designated as Class A ordinary shares, 200,000,000 shall designated as Class B ordinary and 2,000,000 shall be designated as
preferred shares.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Memorandum of Association of the Company (the &#8220;<B>New
Memorandum of Association</B>&#8221;), which contains all the amendments contained in this special resolution and a copy of which has
been produced to this Meeting and marked &#8220;A&#8221; and initialled by the chairman of the Meeting, be and is hereby approved and
adopted in substitution for and to the exclusion of the existing Memorandum of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to
do all such acts, deeds and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute
discretion, deem necessary or expedient to give effect to the foregoing resolutions and the adoption of the New Memorandum
of Association, including without limitation, attending to the necessary filings with the Registrar of Companies in Cayman Islands and
Hong Kong.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the amended and restated articles reflecting the above amendments
has been produced to the Meeting marked &#8220;A&#8221; and for identification purpose signed by the chairman of the Meeting (the &#8220;<B>New
Articles</B>&#8221;), and our Board of Directors has approved and is recommending to shareholders for approval at the Meeting, the adoption
of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect
after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the existing amended and restated articles of association
was filed as Exhibit 1.1 to our annual report on Form 20-F (File No. 001-37925), filed with the U.S. Securities and Exchange Commission
on April 4, 2023 (China Standard Time), and can be viewed in the SEC&#8217;s EDGAR database at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of a majority of not less than seventy-five per
cent. (75%) of the votes of the holders of ordinary shares and the holders of Series A convertible preferred shares voting as a single
class present in person or by proxy or, in the case of an ordinary shareholder or Series A convertible preferred shareholder being a corporation,
by its duly authorized representative and voting at the Meeting will be required to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221; PROPOSAL
3, THE FURTHER AMENDMENT AND RESTATEMENT OF THE COMPANY&#8217;S ARTICLES OF ASSOCIATION</B>, <B>AS WELL AS THE INCREASE OF THE COMPANY&#8217;S
AUTHORISED SHARE CAPITAL <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">and other relevant changes
to the Company&#8217;s Memorandum of Association.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSALS 4 AND 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Re-election of Class I Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Article 86(1) of the Articles, the
directors shall be divided into three classes: Class I, Class II and Class III. The term of office of the directors in Class I shall expire
at the first annual meeting of members following the effectiveness of the Articles and each third annual meeting of members thereafter.
Based on the resolutions of the Board of Directors dated July 13, 2017 and September 10, 2018, Mr. Bruno Lopez, Mr. Gary J. Wojtaszek
and Mr. Satoshi Okada are the current Class I directors of the Company and, accordingly, shall retire from the office at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Article 86(2) of the Articles,
by written notice to the Company, dated May 4, 2023, Mr. Bruno Lopez has been re-appointed by STT GDC Pte. Ltd. (&#8220;<B>STT GDC</B>&#8221;)
as our director, and such re-appointment will not be subject to a vote by our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Article 86(4) of the Articles,
by written notices to the Company, dated May 4, 2023, the holders of the Class B ordinary shares have nominated Mr. Gary J. Wojtaszek
and Mr. Satoshi Okada for appointment as our directors, and Mr. Gary J. Wojtaszek and Mr. Satoshi Okada shall be eligible for re-election
at the Meeting. Mr. Gary J. Wojtaszek and Mr. Satoshi Okada shall be re-elected by resolutions of the members (with the Class B ordinary
shares having twenty (20) votes per Class B ordinary share in respect of such resolutions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given that Mr. Bruno Lopez has been re-appointed pursuant to Article
86(2), it is only necessary for shareholders to consider resolutions for the nomination of Mr. Gary J. Wojtaszek and Mr. Satoshi Okada
as Class I directors. The resolutions of our Board of Directors dated May 4, 2023 approved the classification of Mr. Bruno Lopez, Mr.
Gary J. Wojtaszek and Mr. Satoshi Okada as Class I directors for purposes of the re-appointment or re-election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Gary J. Wojtaszek and Mr. Satoshi Okada have indicated that they
will offer themselves for re-election as directors at the Meeting. Their names, ages as of May 2023, the principal positions currently
held by each of them and their biographies are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Age</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Position</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: left">Mr. Gary J. Wojtaszek</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">57</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Mr. Satoshi Okada</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">64</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mr. Gary J. Wojtaszek</I></B>&nbsp;has served
as our director since June 2018, and had been an observer of our board of directors since October 2017. Mr. Wojtaszek has extensive experience
founding, growing, leading, and monetizing private and public companies of scale. He is the founder and CEO of RecNation, which designs,
builds, and operates premium class facilities geared towards the needs of the recreational vehicle enthusiast. From August 2011 to February
2020, he served as President and Chief Executive Officer of CyrusOne, Inc., a real estate investment trust that builds and manages carrier-neutral
hyperscale data centers globally. Prior to CONE, Mr. Wojtaszek served as chief financial officer and board member of Cincinnati Bell Inc.,
where he had responsibility for the data center business and oversaw CyrusOne&#8217;s successful creation, spin-off, and IPO. Before joining
Cincinnati Bell in July 2008, he was senior vice president, treasurer, and chief accounting officer for the Laureate Education Corporation
from 2006 to 2008 helping with the leveraged buyout of the company to KKR. He worked at Agere Systems, the semiconductor and optical electronics
communications division of Lucent Technologies, from 2001 to 2008, which was subsequently spun off through an IPO. While at Agere Systems,
Mr. Wojtaszek worked in a number of senior finance positions, helping with the restructuring and repositioning of the company following
the 2001 financial crisis. Mr. Wojtaszek started his career in the General Motors New York treasury group and joined Delphi Automotive
Systems as the regional European treasurer in connection with the initial public offering and spin-off of Delphi Automotive Systems from
General Motors. Mr. Wojtaszek currently serves on the Board of Talen Energy which is one of the largest power generation providers in
the United States. He also is a board member of Quantum Loophole, developer of master planned data center communities in the U.S and Infra
Tech Partners. Mr. Wojtaszek serves as an industry advisor to global investment firm, The Carlyle Group, Inc. and Actis, a leading global
investor in sustainable infrastructure and sits on the boards of their portfolio companies NXTRA in India and Involta in the US as well
as Southern Methodist University. He has a BA from Rutgers University and a MBA from Columbia University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mr.&nbsp;Satoshi Okada</I></B>&nbsp;has
been a director of our company since June 2014. From 2000 to 2005, Mr. Okada had held various management positions within the Softbank
Corp. group. Since 2008, he also serves as a director of&nbsp;<I>Alibaba.com</I>&nbsp;Japan, which is engaged in the Alibaba related business.
Mr. Okada also serves as a director on the board of Baozun Inc., a Nasdaq-listed company since 2014 and&nbsp;<I>Alibaba.com</I>&nbsp;while
it was a public company in Hong Kong from 2007 to 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director will be re-elected by an affirmative
vote of a simple majority of the votes of the holders of ordinary shares and the holders of Series A convertible preferred shares voting
as a single class present in person or by proxy or, in the case of an ordinary shareholder or Series A convertible preferred shareholder
being a corporation, by its duly authorized representative and voting at the Meeting, taking into account the differing voting rights
of the Class A and Class B ordinary shares and Series A convertible preferred shares as described above, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221;
EACH OF PROPOSALS 4 and 5, THE RE-ELECTION OF THE NOMINEES NAMED ABOVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>PROPOSAL 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Confirmation of Appointment
of Independent Auditor</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Our Audit Committee recommended, and our Board of Directors
has resolved, that KPMG Huazhen LLP be appointed as our independent auditor for the fiscal year ending December&nbsp;31, 2023. KPMG Huazhen
LLP has served as our independent auditor since 2014.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">In the event our shareholders
fail to vote in favor of the appointment, our Audit Committee will reconsider its selection. Even if the shareholders vote in favor of
the appointment, our Audit Committee in its discretion may direct the appointment of a different independent auditing firm at any time
during the year if the Audit Committee believes that such a change would be in the best interests of the Company and shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #231F20">The affirmative vote of a simple majority
of the votes of the holders of ordinary shares and the holders of Series&nbsp;A convertible preferred shares voting as a single class
present in person or by proxy or, in the case of an ordinary shareholder or Series&nbsp;A convertible preferred shareholder being a corporation,
by its duly authorized representative and voting at the Meeting will be required to approve this proposal.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><B>THE BOARD OF DIRECTORS RECOMMENDS
A VOTE &#8220;FOR&#8221; PROPOSAL 6, THE CONFIRMATION OF THE APPOINTMENT OF KPMG HUAZHEN LLP AS OUR INDEPENDENT AUDITOR FOR FISCAL YEAR
2023.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>PROPOSAL 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Authorization of up to 30% Share
Issuance for Future Potential Equity Offerings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">According to Article&nbsp;102(4)(b)&nbsp;of the Articles,
notwithstanding anything to the contrary in the Articles, the Company and the directors shall not, without the prior approval of the shareholders
by ordinary resolution, with the Class&nbsp;B ordinary shares having only one (1)&nbsp;vote per Class&nbsp;B ordinary share in respect
of such resolution, take, approve, authorise, ratify, agree, commit to engage in or otherwise effect or consummate to allot or issue any
shares or securities of the Company equal to ten per cent. (10%) or more of the existing issued share capital of the Company or of the
votes attached to the existing issued share capital of the Company at the date of such allotment or issue in any 12-month period, whether
in a single transaction or a series of transactions (OTHER THAN any allotment or issues of shares on the exercise of any options or warrants
granted by the Company from time to time or any shares issued on the conversion by Ping An Insurance and by STT GDC of the convertible
and redeemable bonds due 2019 held by Ping An Insurance and STT GDC respectively).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">As a result of the offering of the convertible senior
notes due 2030 of the Company in the first half of 2023, the remaining mandate of the Board of Directors for the issuance of any securities
of the Company is limited. As the Company may consider various funding alternatives and opportunities including raising capital through
the equity and debt markets, in order to retain the flexibility for future share issuance, the Board of Directors would like to obtain
shareholders&#8217; approval at the Meeting for the authorization to the Board of Directors to approve the allotment or issuance of up
to an aggregate thirty per cent. (30%) of the total issued share capital of the Company at the time of the Meeting in the 12-month period
from the date of the Meeting (other than any allotment or issues of shares on the exercise of any options that have been granted by the
Company).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">The affirmative vote of a simple majority of the votes
of the holders of ordinary shares and the holders of Series&nbsp;A convertible preferred shares voting as a single class present in person
or by proxy or, in the case of an ordinary shareholder or Series&nbsp;A convertible preferred shareholder being a corporation, by its
duly authorized representative and voting at the Meeting will be required to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>THE BOARD OF DIRECTORS RECOMMENDS
A VOTE &#8220;FOR&#8221; PROPOSAL 7, AUTHORIZATION OF UP TO 30% SHARE ISSUANCE FOR FUTURE POTENTIAL EQUITY OFFERINGS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>PROPOSAL 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Authorization of Directors and
Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Proposal 8 is a general power to be granted to directors
and officers to take any and every action to implement the matters in Proposals 1 to 7.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">The affirmative vote of a simple majority of the votes
of the holders of ordinary shares and the holders of Series&nbsp;A convertible preferred shares voting as a single class present in person
or by proxy or, in the case of an ordinary shareholder or Series&nbsp;A convertible preferred shareholder being a corporation, by its
duly authorized representative and voting at the Meeting will be required to approve this proposal.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221;
PROPOSAL 8, THE AUTHORIZATION OF EACH OF THE DIRECTORS AND OFFICERS OF THE COMPANY TO TAKE ANY AND EVERY ACTION THAT MIGHT BE NECESSARY
TO EFFECT THE FOREGOING RESOLUTIONS AS SUCH DIRECTOR OR OFFICER,&nbsp;IN HIS OR HER ABSOLUTE DISCRETION, THINKS FIT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We know of no other matters to be submitted to the Meeting. If any
other matters properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote the shares
they represent as the Board of Directors may recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt">By Order of the Board of Directors,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Chairman of the Board and</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm2314967d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2314967d1_ex99-4img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY CARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR ANNUAL GENERAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS PROXY CARD IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF
GDS HOLDINGS LIMITED FOR AN ANNUAL GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON <FONT STYLE="text-transform: uppercase">June&nbsp;5,
2023</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, a holder of ____________________________Class&nbsp;A
ordinary shares or Series&nbsp;A convertible preferred shares (as applicable) of GDS Holdings Limited, a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;),
hereby acknowledges receipt of the notice of this annual general meeting of shareholders of the Company (the &ldquo;<B>Meeting</B>&rdquo;)
(the &ldquo;<B>Notice</B>&rdquo;) and proxy statement, and hereby appoints</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_________________________________________________________________
(insert name) or failing him/her, Ms.&nbsp;Bin Yu, a director of the Company, with full power to each of substitution, on behalf and in
the name of the undersigned, to represent the undersigned at the Meeting to be held at Beijing Meeting Room, F5, Building C, Sunland International,
No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 4:00 p.m.&nbsp;(China Standard Time) on June&nbsp;5, 2023 and at any adjournment
thereof, and to vote all the aforesaid Class&nbsp;A ordinary shares or Series&nbsp;A convertible preferred shares (as applicable) which
the undersigned would be entitled to vote if then and there personally present, on the matters set forth below (i)&nbsp;as specified by
the undersigned below and (ii)&nbsp;in the discretion of any proxy upon such other business as may properly come before the Meeting, all
as set forth in the Notice and in the proxy statement furnished herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>This proxy when properly executed will be voted in the manner directed
herein by the undersigned shareholder. If no direction is made, this proxy will be voted at the discretion of the holder of the proxy
 &ldquo;FOR&rdquo; the following proposal:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Special resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 1: Approval of the amendments to thresholds for
Mr.&nbsp;William Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association to
reflect such amendments as detailed in the proxy statement and as set forth in <U>Exhibit&nbsp;A</U> hereto, a copy of which Articles
of Association has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting
(the &ldquo;<B>New Articles</B>&rdquo;), and the approval and adoption of the New Articles in substitution for and to the exclusion of
the existing articles of association of the Company with immediate effect after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Special resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 2: Approval of the further amendment and restatement
of the Company&rsquo;s Articles of Association to reflect such amendments as detailed in the proxy statement and as set forth in <U>Exhibit&nbsp;B</U>
hereto, and the approval and adoption of the New Articles in substitution for and to the exclusion of the existing articles of association
of the Company with immediate effect after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Special resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in">Proposal 3: Approval of the further amendment and restatement
of the Company&rsquo;s Articles of Association to reflect such amendments as detailed in the proxy statement and as set forth in <U>Exhibit&nbsp;C</U>
hereto, and the approval and adoption of the New Articles in substitution for and to the exclusion of the existing articles of association
of the Company with immediate effect after the close of the Meeting. Approval of the amendment of the Company&rsquo;s Memorandum of Association
to increase of the Company&rsquo;s authorised share capital by the creation of an additional 1,500,000,000 Class&nbsp;A ordinary shares,
and other relevant changes to the Company&rsquo;s Memorandum of Association to reflect such amendments as detailed in the proxy statement
and as set forth in <U>Exhibit&nbsp;C</U> hereto, a copy of which Memorandum of Association has been produced to the Meeting marked &ldquo;A&rdquo;
and for identification purpose signed by the chairman of the Meeting (the &ldquo;<B>New Memorandum of Association</B>&rdquo;) and the
approval and adoption of the New Memorandum of Association in substitution for and to the exclusion of the existing Memorandum of Association
of the Company with immediate effect after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Ordinary resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 4: Re-election of Mr.&nbsp;Gary J. Wojtaszek as
a director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Ordinary resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 5: Re-election of Mr.&nbsp;Satoshi Okada as a director
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Ordinary resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 6: Confirmation of the appointment of KPMG Huazhen
LLP as independent auditor of the Company for the fiscal year ending December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Ordinary resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 7: Authorization of the Board of Directors of the
Company to approve allotment or issuance, in the 12-month period from the date of the Meeting, of ordinary shares or other equity or equity-linked
securities of the Company up to an aggregate thirty per cent. (30%) of its existing issued share capital of the Company at the date of
the Meeting, whether in a single transaction or a series of transactions (OTHER THAN any allotment or issues of shares on the exercise
of any options that have been granted by the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Ordinary resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 8: Authorization of each of the directors and officers
of the Company to take any and every action that might be necessary to effect the foregoing resolutions as such director or officer, in
his or her absolute discretion, thinks fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Dated: ___________, 2023</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Shareholder Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Proxy Card must be signed by the person registered in the register
of members of the Company at the close of business on May&nbsp;22, 2023 (China Standard Time). In the case of a corporation, this Proxy
Card must be executed by a duly authorized officer or attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">A proxy need not be a shareholder of the Company.
    A shareholder entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and vote in his/her
    stead. Please insert the name of the person(s)&nbsp;of your own choice that you wish to appoint proxy in the space provided, failing
    which Ms.&nbsp;Bin Yu, a director of the Company, will be appointed as your proxy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Whether or not you propose to attend the Meeting in
    person, you are strongly advised to complete and return this form of proxy in accordance with these instructions. For holders of
    Class&nbsp;A ordinary shares registered on our branch register of members in Hong Kong, to be valid, this form must be completed
    and returned by mail or by hand to Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s
    Road East, Wan Chai, Hong Kong as soon as possible and in any event not later than 48 hours before the time for holding the Meeting
    or any adjourned meeting. For holders of ordinary shares or Series&nbsp;A convertible preferred shares registered on our principal
    register of members in the Cayman Islands, to be valid, this form must be completed and deposited (together with any power of attorney
    or other authority under which it is signed or a certified copy of that power or authority) to the attention of Cathy Zhang, Legal
    Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai 200137, P.R.C.,
    +86-21-20292200, as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned
    meeting. Returning this completed form of proxy will not preclude you from attending the Meeting and voting in person if you so wish
    and in such event, the proxy shall be deemed to be revoked.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 24px"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">If two or more persons are jointly registered as holders
    of a share, the vote of the senior person who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of
    the votes of other joint holders. For this purpose, seniority shall be determined by the order in which the names stand on the Company's
    register of members in respect of the relevant shares. The senior holder should sign this form, but the names of all other joint
    holders should be stated on the form in the space provided.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">If this form is returned without an indication as
    to how the proxy shall vote, the proxy will exercise his/her discretion as to whether he/she votes and if so how.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">This form of proxy is for use by shareholders only.
    If the appointor is a corporate entity this form of proxy must either be under its seal or under the hand of some officer or attorney
    duly authorized for that purpose.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Any alterations made to this form must be initialed
    by you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amendments to thresholds for Mr.&nbsp;William
Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
to the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of the
remaining Class&nbsp;B ordinary shares held by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance
with Article&nbsp;9(a)(ii)(B)&nbsp;of the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This will constitute a &ldquo;change of
control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares Entitlement and therefore no longer be
classified as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences
on the Company, including but not limited to implications for the purposes of China&rsquo;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s Class&nbsp;B ordinary shares and determined that
it is not in the interests of the Company&rsquo;s shareholders as a whole if Mr.&nbsp;Huang ceased to be the controlling shareholder
of the Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing
considerations upon such change of control event and the potential adverse impact to the Group&rsquo;s operation in the PRC due to
such review and filing. In addition, a change of control of the Company would also materially adversely affect the Company in a
commercial operation perspective as the lenders under certain facility agreements have the right to demand early repayment and
customer agreements entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of the above exclusion of certain events
of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible financings as well
as providing equity incentive to its employees in future without the issue of shares constituting an Automatic Conversion Event, with
the implications set out above, thereby granting the Company greater flexibility in fulfilling its future financing needs. On the basis
that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted by the shareholders and based on the Company&rsquo;s
total issued share capital as of the date of this proxy card, Mr.&nbsp;Huang&rsquo;s aggregate voting power with Class&nbsp;A and Class&nbsp;B
ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the existing Articles of Association of the Company be and are hereby amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&ldquo;Minimum
Shareholding&rdquo;&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital
of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such
convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share
lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance with
these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan existing
as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1F497D">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in the definition of &ldquo;Automatic Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with
the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and replacing them with the words &ldquo;two per cent. (2%) of the then issued share
capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing this percentage the shares
that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(3)</B></TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Further Amendment and Restatement of the Company&rsquo;s
Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the amendments in Proposal 1, the
Board proposes to further amend the Articles of Association to, among other things, reflect and align with changes to the requirements
under Appendix 3 of the Listing Rules&nbsp;(known and commonly referred to as the &ldquo;<B>Core Shareholder Protections</B>&rdquo;) of
The Hong Kong Stock Exchange and incorporate relevant requirements of the applicable laws of the Cayman Islands due to recent changes
in Cayman Islands law. The Core Shareholder Protections took effect on 1 January&nbsp;2022 and are required to be reflected in listed
companies&rsquo; constitutional documents by such companies&rsquo; second annual general meeting held after 1 January&nbsp;2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Core Shareholder Protections will achieve
the following purposes through such amendments to the Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">to provide that, in relation to the principal register of Members and branch register of Members which
may be closed at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and
either generally or in respect of any class of shares, such period of thirty (30) days may be extended for a further period or periods
not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">to provide that in relation to convening a general meeting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">an annual general meeting must be held within six (6)&nbsp;months after the end of the Company&rsquo;s
financial year (unless a longer period would not infringe the Hong Kong Listing Rules, if any);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">an annual general meeting may be called by notice of not less than 21 calendar days and any extraordinary
general meetings may be called by notice of not less than 14 calendar days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">to provide that all members shall have the right to</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">speak at a general meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">vote at a general meeting except where a Member is required, by the Hong Kong Listing Rules, to abstain
from voting to approve the matter under consideration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">to make corresponding updates in light of the new definition of &ldquo;close associate&rdquo; to the relevant articles in relation
to any Board resolution approving any contract or arrangement or any other proposal in which any Director or any of his close associates
is materially interested;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">to provide that a Director shall not vote (nor be counted in the quorum) on any resolution of the Board approving any contract or
arrangement or any other proposal in which he or any of his close associates is materially interested, but this prohibition shall not
apply to any of the following matters namely:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>the giving of any security or indemnity either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">to the Director or his close associate(s)&nbsp;in respect of money lent or obligations incurred or undertaken by him or any of them
at the request of or for the benefit of the Company or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which the Director or his close
associate(s)&nbsp;has himself/themselves assumed responsibility in whole or in part and whether alone or jointly under a guarantee or
indemnity or by the giving of security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">any proposal concerning an offer of shares or debentures or other securities of or by the Company or any other company which the Company
may promote or be interested in for subscription or purchase, where the Director or his close associate(s)&nbsp;is/are or is/are to be
interested as a participant in the underwriting or sub -underwriting of the offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD>any proposal or arrangement concerning the benefit of employees of the Company or its subsidiaries including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">the adoption, modification or operation of any employees&rsquo; share scheme or any share incentive or share option scheme under which
the Director or his close associate(s)&nbsp;may benefit; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">the adoption, modification or operation of a pension fund or retirement, death or disability benefits scheme which relates to the
Director, his close associate(s)&nbsp;and employee(s)&nbsp;of the Company or any of its subsidiaries and does not provide in respect of
any Director, or his close associate(s), as such any privilege or advantage not generally accorded to the class of persons to which such
scheme or fund relates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">any contract or arrangement in which the Director or his close associate(s)&nbsp;is/are interested in the same manner as other holders
of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures or other securities
of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD>to clarify that unless otherwise determined by the Directors, the financial year end of the Company shall be 31 of December&nbsp;in
each year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 2 is to consider and, if
thought fit, pass the following resolution as a Special Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the existing Articles of Association of the Company be and are hereby amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;close associate&rdquo; in alphabetical order in Article&nbsp;2(1):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in">&ldquo;close associate&rdquo;&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
relation to any Director, shall have the same meaning as defined in the Hong Kong Listing Rules, except that for purposes of Article&nbsp;100
where the transaction or arrangement to be approved by the Board is a connected transaction referred to in the Hong Kong Listing Rules,
it shall have the same meaning as that ascribed to &ldquo;associate&rdquo; in the Hong Kong Listing Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the existing definition of &ldquo;Law&rdquo; in Article&nbsp;2(1), replacing it with the following
new definition of &ldquo;Act&rdquo; in alphabetical order in Article&nbsp;2(1)&nbsp;and amending all references in the existing Articles
to &ldquo;Law&rdquo; to &ldquo;Act&rdquo; wherever they appear:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.75in">&ldquo;Act&rdquo;</TD><TD STYLE="text-align: justify">the Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman Islands and any
amendments thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted
therefor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">inserting the words &ldquo;and Section&nbsp;19&rdquo; immediately after the words &ldquo;Section&nbsp;8&rdquo;
in Article&nbsp;2(2)(i);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">inserting the following language at the end of existing Article&nbsp;44:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&ldquo;The period of thirty (30) days
may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary
resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting existing Article&nbsp;56 in its entirety and replacing it with the following new Article&nbsp;56:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">&ldquo;56.</TD><TD STYLE="text-align: justify">An annual general meeting of the Company shall be held in each financial year and such annual general
meeting must be held within six (6)&nbsp;months after the end of the Company&rsquo;s financial year (unless a longer period would not
infringe the Hong Kong Listing Rules, if any), at such time and place as may be determined by the Board.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting existing Article&nbsp;59 in its entirety and replacing it with the following new Article&nbsp;59:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">&ldquo;59.</TD><TD STYLE="text-align: justify">(1)&#9;&#8239;&#8239;An annual general meeting may be called by not less than 21 calendar days&rsquo; Notice and any
extraordinary general meeting may be called by not less than 14 calendar days&rsquo; Notice but if permitted by the Hong Kong Listing
Rules, a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and
vote thereat; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares
giving that right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;The
notice shall specify the time and place of the meeting and, in case of special business, the general nature of the business. The notice
convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other
than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive
such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member
and to each of the Directors and the Auditors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting existing Article&nbsp;69 in its entirety and replacing it with the following new Article&nbsp;69:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">&ldquo;69.</TD><TD STYLE="text-align: justify">All Members shall have the right to (a)&nbsp;speak at a general meeting; and (b)&nbsp;vote at a general
meeting except where a Member is required, by the Hong Kong Listing Rules&nbsp;to abstain from voting to approve the matter under consideration.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">deleting existing Article&nbsp;101 in its entirety and replacing it with the following new Article&nbsp;101:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">&ldquo;101.</TD><TD STYLE="text-align: justify">(1)&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A Director shall not vote (nor be counted in the quorum) on any resolution of the Board approving
any contract or arrangement or any other proposal in which he or any of his close associates is materially interested, but this prohibition
shall not apply to any of the following matters namely:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the giving of any security or indemnity either:-</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to the Director or his close associate(s)&nbsp;in respect of money lent or obligations incurred or undertaken
by him or any of them at the request of or for the benefit of the Company or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which
the Director or his close associate(s)&nbsp;has himself/ themselves assumed responsibility in whole or in part and whether alone or jointly
under a guarantee or indemnity or by the giving of security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any proposal concerning an offer of shares or debentures or other securities of or by the Company or any
other company which the Company may promote or be interested in for subscription or purchase where the Director or his close associate(s)&nbsp;is/are
or is/are to be interested as a participant in the underwriting or sub-underwriting of the offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any proposal or arrangement concerning the benefit of employees of the Company or its subsidiaries including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the adoption, modification or operation of any employees' share scheme or any share incentive or share
option scheme under which the Director or his close associate(s)&nbsp;may benefit; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the adoption, modification or operation of a pension fund or retirement, death or disability benefits
scheme which relates to the Director, his close associate(s)&nbsp;and employee(s)&nbsp;of the Company or any of its subsidiaries and does
not provide in respect of any Director, or his close associate(s), as such any privilege or advantage not generally accorded to the class
of persons to which such scheme or fund relates; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any contract or arrangement in which the Director or his close associate(s)&nbsp;is/are interested in
the same manner as other holders of shares or debentures or other securities of the Company by virtue only of his/their interest in shares
or debentures or other securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
a declaration being made pursuant to the last preceding two Articles, subject to the provisions of Article&nbsp;101(1), any separate requirement
for Audit Committee approval under applicable law or the listing rules&nbsp;of the Company&rsquo;s Designated Stock Exchange, and unless
disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement
in which such Director is interested and may be counted in the quorum at such meeting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">deleting existing Article&nbsp;163 in its entirety and replacing it with the following new Article&nbsp;163:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">&ldquo;163.</TD><TD STYLE="text-align: justify">(1)&#9;Subject to Article&nbsp;163(2), the Board shall have power in the name and on behalf of the Company
to present a petition to the court for the Company to be wound up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided by the Act, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.&rdquo;;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">inserting the following heading and new Article&nbsp;168 immediately following existing Article&nbsp;167:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&ldquo;FINANCIAL <BR>
YEAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">168.</TD><TD>Unless otherwise determined by the Directors, the financial year end of the Company shall be 31 December&nbsp;in each year.&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contains all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Further Amendment and Restatement of the Company&rsquo;s
Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the amendments in Proposal 1
and Proposal 2, the Board proposes to further amend the Articles of Association to update the definition of STT and amend the
Memorandum of Association to increase the authorised share capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 3 is to consider and, if
thought fit, pass the following resolution as a Special Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the existing Articles of Association of the Company be and are hereby amended by deleting the existing
definition of &ldquo;STT&rdquo; in Article&nbsp;2(1), replacing it with the following new definition of &ldquo;STT&rdquo; in alphabetical
order in Article&nbsp;2(1):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">&ldquo;STT&rdquo;</TD><TD STYLE="text-align: justify">STT GDC Pte. Ltd. (a company incorporated with limited liability in Singapore and a wholly-owned subsidiary
of Singapore Technologies Telemedia Pte Ltd), or any other direct or indirect wholly-owned subsidiary of Singapore Technologies Telemedia
Pte Ltd to which STT GDC Pte. Ltd. has transferred all of its Beneficial Ownership in the issued share capital of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contains all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Increase of the Company&rsquo;s authorised share
capital and other relevant changes to the Company&rsquo;s Memorandum of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the multiple rounds of equity and equity-linked
financings to fund the Company&rsquo;s growth as referred to in Proposal 1, the Company has only 335,045,345 Class&nbsp;A ordinary shares
left for issue in its authorised share capital. To allow the Company to issue Class&nbsp;A ordinary shares in the future it is necessary
to increase the Company&rsquo;s authorised share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board proposes to increase the authorised
share capital of the Company by the creation of an additional 1,500,000,000 Class&nbsp;A ordinary shares, and make other relevant changes
to the memorandum of association of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 3 is also to consider and,
if thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the authorized share capital of the Company be and is hereby increased from 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&nbsp;A ordinary shares, 200,000,000
shall designated as Class&nbsp;B ordinary and 2,000,000 shall be designated as preferred shares to US$175,100 divided into 3,502,000,000
shares of a nominal or par value of US$0.00005, of which 3,300,000,000 shall be designated as Class&nbsp;A ordinary shares, 200,000,000
shall designated as Class&nbsp;B ordinary and 2,000,000 shall be designated as preferred shares by the creation of an additional 1,500,000,000
Class&nbsp;A ordinary shares of a nominal or par value of US$0.00005 each;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the existing memorandum of Association of the Company be and is hereby amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">amending all references in the existing memorandum of association to &ldquo;Law&rdquo; to &ldquo;Act&rdquo;
wherever they appear;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the word &ldquo;Codan&rdquo; in clause 2 of the memorandum of association and replacing it with
the word &ldquo;Conyers&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting existing clause 8 in its entirety and replacing it with the following new clause 8:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in">&ldquo;8.</TD><TD STYLE="text-align: justify">The share capital of the Company is US$175,100 divided into 3,502,000,000 shares of a nominal or par value
of US$0.00005, of which 3,300,000,000 shall be designated as Class&nbsp;A ordinary shares, 200,000,000 shall designated as Class&nbsp;B
ordinary and 2,000,000 shall be designated as preferred shares.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Memorandum of Association of the Company (the &ldquo;<B>New Memorandum of Association</B>&rdquo;),
which contains all the amendments contained in this special resolution and a copy of which has been produced to this Meeting and marked
 &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and to the exclusion
of the existing Memorandum of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Memorandum of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>tm2314967d1_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2314967d1_ex99-5img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF GENERAL MEETING OF HOLDERS OF THE
CLASS&nbsp;A ORDINARY SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO BE HELD ON <FONT STYLE="text-transform: uppercase">June&nbsp;5,
2023</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice is hereby given that GDS Holdings Limited,
a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), will hold its general meeting (the &ldquo;<B>Meeting</B>&rdquo;) of the
holders of its Class A ordinary shares at Beijing Meeting Room, F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong,
Shanghai, P.R.C. at 5:00 p.m.&nbsp;(China Standard Time) on June&nbsp;5, 2023 for the following purpose:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
to the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of the
remaining Class&nbsp;B ordinary shares held by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance
with Article&nbsp;9(a)(ii)(B)&nbsp;of the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1 </SUP>If any Class B ordinary shares are to be transferred
as part of such physical settlement, such Class B ordinary shares shall be converted into Class A ordinary shares in accordance with
the Articles of Association prior to the settlement.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0C0C0C">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This will constitute a &ldquo;change of
control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares Entitlement and therefore no longer be
classified as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences
on the Company, including but not limited to implications for the purposes of China&rsquo;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s Class&nbsp;B ordinary shares and determined that
it is not in the interests of the Company&rsquo;s shareholders as a whole if Mr.&nbsp;Huang ceased to be the controlling shareholder
of the Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing
considerations upon such change of control event and the potential adverse impact to the Group&rsquo;s operation in the PRC due to
such review and filing. In addition, a change of control of the Company would also materially adversely affect the Company in a
commercial operation perspective as the lenders under certain facility agreements have the right to demand early repayment and
customer agreements entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of the above exclusion of certain events
of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible financings as well
as providing equity incentive to its employees in future without the issue of shares constituting an Automatic Conversion Event, with
the implications set out above, thereby granting the Company greater flexibility in fulfilling its future financing needs. On the basis
that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted by the shareholders and based on the Company&rsquo;s
total issued share capital as of the date of this notice, Mr.&nbsp;Huang&rsquo;s aggregate voting power with Class&nbsp;A and Class&nbsp;B
ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all holders of Class&nbsp;A ordinary shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                            ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                            from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                            converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                            the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                            (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                            accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings or in any
                                                            related arrangement or transaction associated with such financing or refinancing undertaken by the Company pursuant to and in
                                                            accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity
                                                            incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the
                                                            Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.75in; text-align: left">&ldquo;Minimum Shareholding&rdquo;</TD><TD STYLE="text-align: justify">two point seventy-five per cent.
(2.75%) of the then issued share capital of the Company on an as converted basis, excluding the following shares issued after June&nbsp;5,
2023, being the date of the special resolutions approving the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator
for the purpose of computing this percentage: (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange
or exercise of convertible securities in accordance with the terms of such convertible securities issued in, equity or equity-linked
financings or refinancings or in any related arrangement or transaction associated with such financing or refinancing undertaken by the
Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s
employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved
by the Board.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in the definition of &ldquo;Automatic Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with
the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and replacing them with the words &ldquo;two per cent. (2%) of the then issued share
capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing this percentage the shares
that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can find more information about the agenda
in the attached proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of the Company has fixed
the close of business on May&nbsp;22, 2023 (China Standard Time) as the record date (the &ldquo;<B>Shares Record Date</B>&rdquo;) for
determining the holders of our Class&nbsp;A ordinary shares entitled to receive notice of and to vote at the Meeting or any adjourned
or postponed meeting thereof. Accordingly, only holders of our Class&nbsp;A ordinary shares registered in the register of members of the
Company at the close of business on the Shares Record Date are entitled to attend and vote at the Meeting or at any adjournment that may
take place. The share register of the Company will not be closed. Holders of American depositary shares (the &ldquo;<B>ADSs</B>&rdquo;)
issued by JPMorgan Chase Bank, N.A. (&ldquo;<B>JPMorgan</B>&rdquo;), as depositary of the ADSs, and representing our Class&nbsp;A ordinary
shares are not entitled to attend or vote at the Meeting. Holders of ADSs as of close of business on May&nbsp;22, 2023, New York time
will be able to instruct JPMorgan, as to how to vote the Class&nbsp;A ordinary shares represented by such ADSs. Holders of the Company&rsquo;s
ADS who wish to exercise their voting rights for the underlying shares must act through JPMorgan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cordially invite all holders of our Class&nbsp;A
ordinary shares to attend the Meeting in person. We encourage holders of our Class&nbsp;A ordinary shares planning to attend the Meeting
in person to preregister by sending an email to ir@gds-services.com. However, a holders of our Class&nbsp;A ordinary shares entitled to
attend and vote is entitled to appoint a proxy to attend and, on a poll, vote instead of such shareholder. A proxy need not be a shareholder
of the Company. Any representative of a corporate shareholder attending the Meeting would need to produce a letter/board resolutions showing
the authorization to represent such shareholder to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether or not you propose to attend the Meeting
in person, you are strongly advised to complete and return the form of proxy in accordance with these instructions. For holders of Class&nbsp;A
ordinary shares registered on our branch register of members in Hong Kong, to be valid, the form must be completed and returned by mail
or by hand to Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai,
Hong Kong as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting.
For holders of Class&nbsp;A ordinary shares registered on our principal register of members in the Cayman Islands, to be valid, the form
must be completed and deposited (together with any power of attorney or other authority under which it is signed or a certified copy of
that power or authority) to the attention of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International,
No.&nbsp;999 Zhouhai Road, Pudong, Shanghai 200137, P.R.C., +86-21-20292200, as soon as possible and in any event not later than 48 hours
before the time for holding the Meeting or any adjourned meeting. Returning the completed form of proxy will not preclude you from attending
the Meeting and voting in person if you so wish and in such event the proxy shall be deemed to be revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice of the General Meeting of Holders of
Class&nbsp;A Ordinary Shares, the Proxy Card and the Proxy Statement are also available through our website at <I><U>http://investors.gds-services.com</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt; text-align: justify">By Order of the Board of Directors,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify">William Huang Wei</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify">Chairman of the Board and</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>tm2314967d1_ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2314967d1_ex99-6img001.jpg" ALT="" STYLE="height: 49px; width: 139px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR GENERAL MEETING OF HOLDERS OF THE CLASS&nbsp;A
ORDINARY SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board of Directors is soliciting proxies for a general meeting
of holders of the Class&nbsp;A ordinary shares of the Company (the &ldquo;<B>Meeting</B>&rdquo;) to be held at 5:00 p.m.&nbsp;(China
Standard Time) on June&nbsp;5, 2023 or at any adjournment thereof. The Meeting will be held at Beijing Meeting Room, F5, Building C, Sunland
International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revocability of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any proxy given pursuant to this solicitation may be revoked by the
person giving it at any time before its use by delivering a written notice of revocation or a duly executed proxy bearing a later date,
or by attending the Meeting and voting in person. A written notice of revocation or a duly executed proxy bearing a later date by holders
of Class&nbsp;A ordinary shares registered on our branch register of members in Hong Kong must be delivered by mail or by hand to Computershare
Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong no later than 48 hours
prior to the Meeting. A written notice of revocation or a duly executed proxy bearing a later date by holders of Class&nbsp;A ordinary
shares registered on our principal register of members in the Cayman Islands must be delivered by mail or by hand to the attention of
the Company no later than 48 hours prior to the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Record Date, Share Ownership, and Quorum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of our Class&nbsp;A ordinary shares of record at the close
of business on May&nbsp;22, 2023 (China Standard Time) (the &ldquo;<B>Shares Record Date</B>&rdquo;) are entitled to vote at the Meeting.
Holders of American depositary shares (&ldquo;<B>ADS</B>&rdquo;) issued by JPMorgan Chase Bank, N.A. (&ldquo;<B>JPMorgan</B>&rdquo;) as
of close of business on May&nbsp;22, 2023, New York time (the &ldquo;<B>ADSs Record Date</B>&rdquo;, together with the Shares Record
Date, the &ldquo;<B>Record Date</B>&rdquo;), will be able to instruct JPMorgan, the holder of record of Class&nbsp;A ordinary shares represented
by ADSs, as to how to vote the Class&nbsp;A ordinary shares represented by such ADSs. As of April&nbsp;30, 2023, 1,464,954,655 of our
Class&nbsp;A ordinary shares and 59,478,336 of our Class&nbsp;B ordinary shares, par value US$0.00005 per share, were issued and outstanding,
among which 120,116,752 Class&nbsp;A ordinary shares were represented by the ADS held by JPMorgan and 150,000 Series&nbsp;A convertible
preferred shares (which are convertible into 33,707,864 Class&nbsp;A ordinary shares on the Record Date) were issued and outstanding.
At any general meeting of the Company, two (2)&nbsp;members entitled to vote and present in person or by proxy (or in the case of a member
being a corporation, by its duly authorized representative) representing not less than one-third in nominal value of the total issued
voting shares in the Company throughout the Meeting shall form a quorum for all purposes, save that for any general meeting requisitioned
according to Article&nbsp;58(2)(iv)&nbsp;of the Articles, two (2)&nbsp;members entitled to vote and present in person or by proxy or (in
the case of a member being a corporation) by its duly authorised representative representing not less than 10% of the aggregate voting
power in the Company throughout the Meeting shall form a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting and Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than Mr.&nbsp;Huang and his associates, who will abstain from
voting with respect to Proposal 1, each Class&nbsp;A ordinary share in issue on the Record Date is entitled to one (1)&nbsp;vote per
share for Proposal 1. At the Meeting every Class&nbsp;A ordinary shareholder present in person or by proxy or, in the case of a Class&nbsp;A
ordinary shareholder being a corporation, by its duly authorized representative, may vote the fully paid Class&nbsp;A ordinary shares
held by such Class&nbsp;A ordinary shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A resolution put to the vote of the Meeting shall be decided by way
of a poll save that the chairman of the Meeting may in good faith, allow a resolution which relates purely to a procedural or administrative
matter to be voted on by a show of hands in which case every member present in person or by proxy, or in the case of a member being a
corporation, by its duly authorized representative, shall have one (1)&nbsp;vote provided that where more than one (1)&nbsp;proxy is appointed
by a member which is a clearing house (or its nominee(s)), each such proxy shall have one (1)&nbsp;vote on a show of hands. The result
of the poll shall be deemed to be the resolution of the Meeting. Where any member is, under the Hong Kong Listing Rules, required to abstain
from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by
or on behalf of such member in contravention of such requirement or restriction shall not be counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of soliciting proxies will be borne by us. Proxies may be
solicited by certain of our directors, officers and regular employees, without additional compensation, in person or by telephone or electronic
mail. Copies of solicitation materials will be furnished to banks, brokerage houses, fiduciaries, and custodians holding in their names
our Class&nbsp;A ordinary shares or ADSs beneficially owned by others to forward to those beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting by Holders of Class&nbsp;A Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When proxies are properly dated, executed, and returned by holders
of Class&nbsp;A ordinary shares, the ordinary shares they represent will be voted at the Meeting in accordance with the instructions of
the shareholders. If no specific instructions are given by such holders, or in the case of broker&rsquo;s non-votes, the ordinary shares
will be voted at the discretion of the holder of such proxies. Abstentions by holders of Class&nbsp;A ordinary shares are included in
the determination of the number of ordinary shares present for the purpose of quorum but are not counted as votes for or against a proposal.
Any representative of a corporate shareholder attending the Meeting would need to produce a letter or board resolutions showing the authorization
to represent such shareholder to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting by Holders of American Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have requested JPMorgan, as depositary of the ADSs, to deliver to
all owners of ADSs an ADS Voting Instruction Card. Upon the written request of an owner of record of ADSs by a duly completed ADS voting
instruction card, JPMorgan will endeavor, in so far as practicable, to vote or cause to be voted the amount of ordinary shares or other
deposited securities represented by such ADSs, evidenced by American Depositary Receipts related to those ADSs, in accordance with the
instructions set forth in such requests. Under the terms of the deposit agreement, JPMorgan has advised us that it will not vote or attempt
to exercise the right to vote other than in accordance with such voting instructions or such deemed instructions as further described
in the below two paragraphs. As the holder of record for all the Class&nbsp;A ordinary shares represented by the ADSs, only JPMorgan may
vote those Class&nbsp;A ordinary shares at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JPMorgan and its agents have advised us that they are not responsible
if they fail to carry out your voting instructions or for the manner in which they carry out your voting instructions. This means that
if the ordinary shares underlying your ADSs are not able to be voted at the Meeting, there may be nothing you can do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If no such written request is received by JPMorgan from an owner of
record of ADSs by 9:00 a.m.&nbsp;(New York City time), May&nbsp;30, 2023, such owner shall be deemed, and JPMorgan will deem such owner
of ADSs to have instructed it to give a discretionary proxy to the chairman of the Meeting to vote the ordinary shares represented by
your ADSs in favor of each proposal recommended by our board of directors and against each proposal opposed by our board of directors,
unless the Company has informed JPMorgan that such proxy should not be given, in accordance with the terms of the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI
HUANG&rsquo;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&rsquo;S ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
to the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of the
remaining Class&nbsp;B ordinary shares held by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance
with Article&nbsp;9(a)(ii)(B)&nbsp;of the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This will constitute a &ldquo;change of
control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares Entitlement and therefore no longer be
classified as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences
on the Company, including but not limited to implications for the purposes of China&rsquo;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s Class&nbsp;B ordinary shares and determined that
it is not in the interests of the Company&rsquo;s shareholders as a whole if Mr.&nbsp;Huang ceased to be the controlling shareholder
of the Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing
considerations upon such change of control event and the potential adverse impact to the Group&rsquo;s operation in the PRC due to
such review and filing. In addition, a change of control of the Company would also materially adversely affect the Company in a
commercial operation perspective as the lenders under certain facility agreements have the right to demand early repayment and
customer agreements entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of the above exclusion of certain events
of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible financings as well
as providing equity incentive to its employees in future without the issue of shares constituting an Automatic Conversion Event, with
the implications set out above, thereby granting the Company greater flexibility in fulfilling its future financing needs. On the basis
that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted by the shareholders and based on the Company&rsquo;s
total issued share capital as of the date of this proxy statement, Mr.&nbsp;Huang&rsquo;s aggregate voting power with Class&nbsp;A and Class&nbsp;B
ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                            ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                            from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                            converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                            the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                            (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                            accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including
                                                            any related ancillary derivative or share lending arrangement or transaction underlying such convertible securities) undertaken by
                                                            the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the
                                                            Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive
                                                            plan(s)&nbsp;that may be approved by the Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1.7in">&ldquo;Minimum
Shareholding&rdquo;</TD>
    <TD STYLE="text-align: justify">two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital
of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such
convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share
lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance with
these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan existing
as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1F497D">.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in the definition of &ldquo;Automatic Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with
the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and replacing them with the words &ldquo;two per cent. (2%) of the then issued share
capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing this percentage the shares
that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the amended and restated articles reflecting the above amendments
has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting (the &ldquo;<B>New
Articles</B>&rdquo;), and our Board of Directors has approved and is recommending to shareholders for approval at the Meeting, the adoption
of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect
after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the existing amended and restated articles of association
was filed as Exhibit&nbsp;1.1 to our annual report on Form&nbsp;20-F (File No.&nbsp;001-37925), filed with the U.S. Securities and Exchange
Commission on April&nbsp;4, 2023 (China Standard Time), and can be viewed in the SEC&rsquo;s EDGAR database at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of a majority of not less than seventy-five per
cent. (75%) of the votes of the holders of Class&nbsp;A ordinary shares voting as a single class present in person or by proxy or, in
the case of an ordinary shareholder being a corporation, by its duly authorized representative and voting at the Meeting will be required
to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; PROPOSAL
1, THE AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI HUANG&rsquo;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&rsquo;S
ARTICLES OF ASSOCIATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We know of no other matters to be submitted to the Meeting. If any
other matters properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote the shares
they represent as the Board of Directors may recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt">By Order of the Board of Directors,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Chairman of the Board and</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>tm2314967d1_ex99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><IMG SRC="tm2314967d1_ex99-7img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY CARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR GENERAL MEETING OF HOLDERS OF THE CLASS&nbsp;A
ORDINARY SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS PROXY CARD IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF
GDS HOLDINGS LIMITED FOR A GENERAL MEETING OF HOLDERS OF THE CLASS&nbsp;A ORDINARY SHARES OF THE COMPANY TO BE HELD ON <FONT STYLE="text-transform: uppercase">June&nbsp;5,
2023</FONT>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, a holder of ____________________________Class&nbsp;A
ordinary shares (as applicable) of GDS Holdings Limited, a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), hereby acknowledges
receipt of the notice of this general meeting of holders of the Class&nbsp;A ordinary shares of the Company (the &ldquo;<B>Meeting</B>&rdquo;)
(the &ldquo;<B>Notice</B>&rdquo;) and proxy statement, and hereby appoints</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_________________________________________________________________
(insert name) or failing him/her, Ms.&nbsp;Bin Yu, a director of the Company, with full power to each of substitution, on behalf and in
the name of the undersigned, to represent the undersigned at the Meeting to be held at Beijing Meeting Room, F5, Building C, Sunland International,
No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 5:00 p.m.&nbsp;(China Standard Time) on June&nbsp;5, 2023 and at any adjournment
thereof, and to vote all the aforesaid Class&nbsp;A ordinary shares which the undersigned would be entitled to vote if then and there
personally present, on the matter set forth below (i)&nbsp;as specified by the undersigned below and (ii)&nbsp;in the discretion of any
proxy upon such other business as may properly come before the Meeting, all as set forth in the Notice and in the proxy statement furnished
herewith.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This proxy when properly executed will be voted in the manner directed
herein by the undersigned shareholder. If no direction is made, this proxy will be voted at the discretion of the holder of the proxy
 &ldquo;FOR&rdquo; the following proposal:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Special resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 1: Approval of the amendments to thresholds for
Mr.&nbsp;William Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association to
reflect such amendments as detailed in the proxy statement and as set forth in <U>Exhibit&nbsp;A</U> hereto, a copy of which Articles
of Association has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting
(the &ldquo;<B>New Articles</B>&rdquo;), and the approval and adoption of the New Articles in substitution for and to the exclusion of
the existing articles of association of the Company with immediate effect after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 32%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 34%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: ___________, 2023</FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Name:</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Proxy Card must be signed by the person
registered in the register of members of the Company at the close of business on May<FONT STYLE="text-transform: uppercase">&nbsp;22,
2023 </FONT>(China Standard Time). In the case of a corporation, this Proxy Card must be executed by a duly authorized officer or attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A proxy need not be a shareholder of the Company. A shareholder entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and vote in his/her stead. Please insert the name of the person(s)&nbsp;of your own choice that you wish to appoint proxy in the space provided, failing which Ms.&nbsp;Bin Yu, a director of the Company, will be appointed as your proxy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether or not you propose to attend the Meeting in person, you are strongly advised to complete and return this form of proxy in accordance with these instructions. For holders of Class&nbsp;A ordinary shares registered on our branch register of members in Hong Kong, to be valid, this form must be completed and returned by mail or by hand to Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting. For holders of Class&nbsp;A ordinary shares registered on our principal register of members in the Cayman Islands, to be valid, this form must be completed and deposited (together with any power of attorney or other authority under which it is signed or a certified copy of that power or authority) to the attention of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai 200137, P.R.C., +86-21-20292200, as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting. Returning this completed form of proxy will not preclude you from attending the Meeting and voting in person if you so wish and in such event, the proxy shall be deemed to be revoked.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If two or more persons are jointly registered as holders of a share, the vote of the senior person who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of other joint holders. For this purpose, seniority shall be determined by the order in which the names stand on the Company's register of members in respect of the relevant shares. The senior holder should sign this form, but the names of all other joint holders should be stated on the form in the space provided.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this form is returned without an indication as to how the proxy shall vote, the proxy will exercise his/her discretion as to whether he/she votes and if so how.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This form of proxy is for use by shareholders only. If the appointor is a corporate entity this form of proxy must either be under its seal or under the hand of some officer or attorney duly authorized for that purpose.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any alterations made to this form must be initialed by you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amendments to thresholds for Mr.&nbsp;William
Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<SUP>1</SUP> to the counterparties (i.e. a physical
settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital would decrease to approximately 2.8%,
which is below the Threshold and would trigger an automatic conversion event where all of the remaining Class&nbsp;B ordinary shares held
by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance with Article&nbsp;9(a)(ii)(B)&nbsp;of the
existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
will constitute a &ldquo;change of control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares
Entitlement and therefore no longer be classified as a controlling shareholder of the Company</FONT>. A change of control would have
potentially material and adverse consequences on the Company, including but not limited to implications for the purposes of
China&rsquo;s national security review regime and anti-monopoly merger filing requirements, as applicable. The Board (including the
Independent Directors) has considered the consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s
Class&nbsp;B ordinary shares and determined that it is not in the interests of the Company&rsquo;s shareholders as a whole if
Mr.&nbsp;Huang ceased to be the controlling shareholder of the Company, particularly due to the potential consequential PRC national
security review and anti-monopoly merger filing considerations upon such change of control event and the potential adverse impact to
the Group&rsquo;s operation in the PRC due to such review and filing. In addition, a change of control of the Company would also
materially adversely affect the Company in a commercial operation perspective as the lenders under certain facility agreements have
the right to demand early repayment and customer agreements entered into the Group may be early terminated as such agreements
contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><SUP>1</SUP> If any Class B ordinary shares are
to be transferred as part of such physical settlement, such Class B ordinary shares shall be converted into Class A ordinary shares in
accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the </FONT>above exclusion of certain events of share issue from the denominator will allow the Company to conduct further share
issues and equity and convertible financings as well as providing equity incentive to its employees in future without the issue of shares
constituting an Automatic Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling
its future financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted
by the shareholders and based on the Company&rsquo;s total issued share capital as of the date of this proxy card, Mr.&nbsp;Huang&rsquo;s
aggregate voting power with Class&nbsp;A and Class&nbsp;B ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected
to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                                                                                                             ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                                                                                                             from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                                                                                                             converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                                                                                                             the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                                                                                                             (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                                                                                                             accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including
                                                                                                                                             any related ancillary derivative or share lending arrangement or transaction underlying such convertible securities) undertaken by
                                                                                                                                             the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the
                                                                                                                                             Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive
                                                                                                                                             plan(s)&nbsp;that may be approved by the Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Minimum
Shareholding&rdquo;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted
basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption
of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in
the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms
of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1f497d">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in the definition of &ldquo;Automatic
Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;two
per cent. (2%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and
replacing them with the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as converted basis (excluding
from the denominator for the purpose of computing this percentage the shares that are excluded from the denominator for computing the
Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>tm2314967d1_ex99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.8</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2314967d1_ex99-8img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF GENERAL MEETING OF HOLDERS OF THE
PREFERRED SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO BE HELD ON <FONT STYLE="text-transform: uppercase">June&nbsp;5,
2023</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
is hereby given that GDS Holdings Limited, a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), will hold its general meeting
(the &ldquo;<B>Meeting</B>&rdquo;) of the holders of its Series&nbsp;A convertible preferred shares at Beijing Meeting Room, F5, Building
C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 5:30 p.m.&nbsp;(China Standard Time) on </FONT>June&nbsp;5,
2023 for the following purpose:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<SUP>1</SUP> to the counterparties (i.e. a physical
settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital would decrease to approximately 2.8%,
which is below the Threshold and would trigger an automatic conversion event where all of the remaining Class&nbsp;B ordinary shares held
by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance with Article&nbsp;9(a)(ii)(B)&nbsp;of the
existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0c0c0c"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
will constitute a &ldquo;change of control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares
Entitlement and therefore no longer be classified as a controlling shareholder of the Company</FONT>. A change of control would have
potentially material and adverse consequences on the Company, including but not limited to implications for the purposes of
China&rsquo;s national security review regime and anti-monopoly merger filing requirements, as applicable. The Board (including the
Independent Directors) has considered the consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s
Class&nbsp;B ordinary shares and determined that it is not in the interests of the Company&rsquo;s shareholders as a whole if
Mr.&nbsp;Huang ceased to be the controlling shareholder of the Company, particularly due to the potential consequential PRC national
security review and anti-monopoly merger filing considerations upon such change of control event and the potential adverse impact to
the Group&rsquo;s operation in the PRC due to such review and filing. In addition, a change of control of the Company would also
materially adversely affect the Company in a commercial operation perspective as the lenders under certain facility agreements have
the right to demand early repayment and customer agreements entered into the Group may be early terminated as such agreements
contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the </FONT>above exclusion of certain events of share issue from the denominator will allow the Company to conduct further share
issues and equity and convertible financings as well as providing equity incentive to its employees in future without the issue of shares
constituting an Automatic Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling
its future financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted
by the shareholders and based on the Company&rsquo;s total issued share capital as of the date of this notice, Mr.&nbsp;Huang&rsquo;s
aggregate voting power with Class&nbsp;A and Class&nbsp;B ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected
to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0c0c0c"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
Proposal 1 is to </FONT>consider and, if thought fit, pass the following resolution as a Special Resolution of all holders of preferred
shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                                                                                                             ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                                                                                                             from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                                                                                                             converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                                                                                                             the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                                                                                                             (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                                                                                                             accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings or in any
                                                                                                                                             related arrangement or transaction associated with such financing or refinancing undertaken by the Company pursuant to and in
                                                                                                                                             accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity
                                                                                                                                             incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the
                                                                                                                                             Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
                               Shareholding&rdquo;</Font><TD STYLE="text-align: justify">two
point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis, excluding the following
shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the Articles effective from
June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital of the Company issued
in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such convertible securities
issued in, equity or equity-linked financings or refinancings or in any related arrangement or transaction associated with such financing
or refinancing undertaken by the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the
Company issued under the Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share
incentive plan(s)&nbsp;that may be approved by the Board.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in the definition of &ldquo;Automatic
Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>but continuing to have Beneficial Ownership in not less than two per cent. (2%) of the then issued share capital
of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding
but continuing to have Beneficial Ownership in not less than two per cent. (2%) of the then issued share capital of the Company on an
as converted basis (excluding from the denominator for the purpose of computing this percentage the shares that are excluded from the
denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;two
per cent. (2%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and
replacing them with the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as converted basis (excluding
from the denominator for the purpose of computing this percentage the shares that are excluded from the denominator for computing the
Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can find more information about the agenda
in the attached proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors of the Company has fixed the close of business on </FONT>May&nbsp;22, 2023 (China Standard Time) as the record date
(the &ldquo;<B>Shares Record Date</B>&rdquo;) for determining the holders of our preferred shares entitled to receive notice of and to
vote at the Meeting or any adjourned or postponed meeting thereof. Accordingly, only holders of our preferred shares registered in the
register of members of the Company at the close of business on the Shares Record Date are entitled to attend and vote at the Meeting or
at any adjournment that may take place. The share register of the Company will not be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cordially invite all holders of our preferred
shares to attend the Meeting in person. We encourage holders of our preferred shares planning to attend the Meeting in person to preregister
by sending an email to ir@gds-services.com. However, a holder of our preferred shares entitled to attend and vote is entitled to appoint
a proxy to attend and, on a poll, vote instead of such shareholder. A proxy need not be a shareholder of the Company. Any representative
of a corporate shareholder attending the Meeting would need to produce a letter/board resolutions showing the authorization to represent
such shareholder to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether or not you propose to attend the Meeting
in person, you are strongly advised to complete and return the form of proxy in accordance with these instructions. For holders of preferred
shares registered on our principal register of members in the Cayman Islands, to be valid, the form must be completed and deposited (together
with any power of attorney or other authority under which it is signed or a certified copy of that power or authority) to the attention
of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai
200137, P.R.C., +86-21-20292200, as soon as possible and in any event not later than 48 hours before the time for holding the Meeting
or any adjourned meeting. Returning the completed form of proxy will not preclude you from attending the Meeting and voting in person
if you so wish and in such event the proxy shall be deemed to be revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice of the General Meeting of Holders of
Preferred Shares, the Proxy Card and the Proxy Statement are also available through our website at <I><U>http://investors.gds-services.com</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0c0c0c"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Huang Wei</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>tm2314967d1_ex99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.9</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="tm2314967d1_ex99-9img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR GENERAL MEETING OF HOLDERS OF THE PREFERRED
SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board of Directors is soliciting proxies for a general meeting
of holders of the preferred shares of the Company (the &ldquo;<B>Meeting</B>&rdquo;) to be held at 5:30 p.m.&nbsp;(China Standard Time)
on June&nbsp;5, 2023 or at any adjournment thereof. The Meeting will be held at Beijing Meeting Room, F5, Building C, Sunland International,
No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revocability of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any proxy given pursuant to this solicitation may be revoked by the
person giving it at any time before its use by delivering a written notice of revocation or a duly executed proxy bearing a later date,
or by attending the Meeting and voting in person. A written notice of revocation or a duly executed proxy bearing a later date by holders
of Class&nbsp;A ordinary shares registered on our branch register of members in Hong Kong must be delivered by mail or by hand to Computershare
Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong no later than 48 hours
prior to the Meeting. A written notice of revocation or a duly executed proxy bearing a later date by holders of Series&nbsp;A convertible
preferred shares registered on our principal register of members in the Cayman Islands must be delivered by mail or by hand to the attention
of the Company no later than 48 hours prior to the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Record Date, Share Ownership, and Quorum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our Series&nbsp;A convertible preferred shares of record at the close of business on May&nbsp;22, 2023 (China Standard Time) (the
 &ldquo;<B>Shares Record Date</B>&rdquo;) are entitled to vote at the Meeting. As of April&nbsp;30, 2023, 1,464,954,655 of our Class&nbsp;A
ordinary shares and 59,478,336 of our Class&nbsp;B ordinary shares, par value US$0.00005 per share, were issued and outstanding, among
which </FONT>120,116,752 Class&nbsp;A ordinary shares were represented by the ADS held by JPMorgan and 150,000 Series&nbsp;A convertible
preferred shares (which are convertible into 33,707,864 Class&nbsp;A ordinary shares on the Record Date) were issued and outstanding.
At any general meeting of the Company, two (2)&nbsp;members entitled to vote and present in person or by proxy (or in the case of a member
being a corporation, by its duly authorized representative) representing not less than one-third in nominal value of the total issued
voting shares in the Company throughout the Meeting shall form a quorum for all purposes, save that for any general meeting requisitioned
according to Article&nbsp;58(2)(iv)&nbsp;of the Articles, two (2)&nbsp;members entitled to vote and present in person or by proxy or (in
the case of a member being a corporation) by its duly authorised representative representing not less than 10% of the aggregate voting
power in the Company throughout the Meeting shall form a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting and Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For Proposal 1, each Series&nbsp;A convertible preferred share in issue
on the Record Date is entitled to one (1)&nbsp;vote per share. At the Meeting every Series&nbsp;A convertible preferred shareholder present
in person or by proxy or, in the case of a Series&nbsp;A convertible preferred shareholder being a corporation, by its duly authorized
representative, may vote the Series&nbsp;A convertible preferred shares held by such Series&nbsp;A convertible preferred shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A resolution put to the vote of the Meeting shall be decided by way
of a poll save that the chairman of the Meeting may in good faith, allow a resolution which relates purely to a procedural or administrative
matter to be voted on by a show of hands in which case every member present in person or by proxy, or in the case of a member being a
corporation, by its duly authorized representative, shall have one (1)&nbsp;vote provided that where more than one (1)&nbsp;proxy is appointed
by a member which is a clearing house (or its nominee(s)), each such proxy shall have one (1)&nbsp;vote on a show of hands. The result
of the poll shall be deemed to be the resolution of the Meeting. Where any member is, under the Hong Kong Listing Rules, required to abstain
from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by
or on behalf of such member in contravention of such requirement or restriction shall not be counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of soliciting proxies will be borne by us. Proxies may be
solicited by certain of our directors, officers and regular employees, without additional compensation, in person or by telephone or electronic
mail. Copies of solicitation materials will be furnished to banks, brokerage houses, fiduciaries, and custodians holding in their names
our Series&nbsp;A convertible preferred shares beneficially owned by others to forward to those beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting by Holders of Series&nbsp;A Convertible Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When proxies are properly dated, executed, and returned by holders
of Series&nbsp;A convertible preferred shares, the Series&nbsp;A convertible preferred shares they represent will be voted at the Meeting
in accordance with the instructions of the shareholders. If no specific instructions are given by such holders, or in the case of broker&rsquo;s
non-votes, the Series&nbsp;A convertible preferred shares will be voted at the discretion of the holder of such proxies. Abstentions by
holders of Series&nbsp;A convertible preferred shares are included in the determination of the number of Series&nbsp;A convertible preferred
shares present for the purpose of quorum but are not counted as votes for or against a proposal. Any representative of a corporate shareholder
attending the Meeting would need to produce a letter or board resolutions showing the authorization to represent such shareholder to the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI
HUANG&rsquo;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&rsquo;S ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<SUP>1</SUP> to the counterparties (i.e. a physical
settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital would decrease to approximately 2.8%,
which is below the Threshold and would trigger an automatic conversion event where all of the remaining Class&nbsp;B ordinary shares held
by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance with Article&nbsp;9(a)(ii)(B)&nbsp;of the
existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
will constitute a &ldquo;change of control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares
Entitlement and therefore no longer be classified as a controlling shareholder of the Company</FONT>. A change of control would have
potentially material and adverse consequences on the Company, including but not limited to implications for the purposes of
China&rsquo;s national security review regime and anti-monopoly merger filing requirements, as applicable. The Board (including the
Independent Directors) has considered the consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s
Class&nbsp;B ordinary shares and determined that it is not in the interests of the Company&rsquo;s shareholders as a whole if
Mr.&nbsp;Huang ceased to be the controlling shareholder of the Company, particularly due to the potential consequential PRC national
security review and anti-monopoly merger filing considerations upon such change of control event and the potential adverse impact to
the Group&rsquo;s operation in the PRC due to such review and filing. In addition, a change of control of the Company would also
materially adversely affect the Company in a commercial operation perspective as the lenders under certain facility agreements have
the right to demand early repayment and customer agreements entered into the Group may be early terminated as such agreements
contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify">If any Class B ordinary shares are to be transferred as part
of such physical settlement, such Class B ordinary shares shall be converted into Class A ordinary shares in accordance with the Articles
of Association prior to the settlement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the </FONT>above exclusion of certain events of share issue from the denominator will allow the Company to conduct further share
issues and equity and convertible financings as well as providing equity incentive to its employees in future without the issue of shares
constituting an Automatic Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling
its future financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted
by the shareholders and based on the Company&rsquo;s total issued share capital as of the date of this proxy statement, Mr.&nbsp;Huang&rsquo;s
aggregate voting power with Class&nbsp;A and Class&nbsp;B ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected
to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                                                                                                             ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                                                                                                             from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                                                                                                             converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                                                                                                             the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                                                                                                             (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                                                                                                             accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including
                                                                                                                                             any related ancillary derivative or share lending arrangement or transaction underlying such convertible securities) undertaken by
                                                                                                                                             the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the
                                                                                                                                             Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive
                                                                                                                                             plan(s)&nbsp;that may be approved by the Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="text-align: justify; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Minimum Shareholding&rdquo;</FONT></TD>
                                                                              <TD STYLE="text-align: justify">two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis, excluding the following
shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the Articles effective from
June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital of the Company issued
in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such convertible securities
issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share lending arrangement
or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance with these Articles and
(ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5,
2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1f497d">.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in the definition of &ldquo;Automatic
Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;two
per cent. (2%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and
replacing them with the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as converted basis (excluding
from the denominator for the purpose of computing this percentage the shares that are excluded from the denominator for computing the
Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the amended and restated articles reflecting the above amendments
has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting (the &ldquo;<B>New
Articles</B>&rdquo;), and our Board of Directors has approved and is recommending to shareholders for approval at the Meeting, the adoption
of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect
after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the existing amended and restated articles of association
was filed as Exhibit&nbsp;1.1 to our annual report on Form&nbsp;20-F (File No.&nbsp;001-37925), filed with the U.S. Securities and Exchange
Commission on April&nbsp;4, 2023 (China Standard Time), and can be viewed in the SEC&rsquo;s EDGAR database at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of a majority of not less than seventy-five per
cent. (75%) of the votes of the holders of Series&nbsp;A convertible preferred shares voting as a single class present in person or by
proxy or, in the case of a Series&nbsp;A convertible preferred shareholder being a corporation, by its duly authorized representative
and voting at the Meeting will be required to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; PROPOSAL
1, THE AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI HUANG&rsquo;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&rsquo;S
ARTICLES OF ASSOCIATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We know of no other matters to be submitted to the Meeting. If any
other matters properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote the shares
they represent as the Board of Directors may recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Wei Huang</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>tm2314967d1_ex99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2314967d1_ex99-10img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY CARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR GENERAL MEETING OF HOLDERS OF THE PREFERRED
SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS PROXY CARD IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF
GDS HOLDINGS LIMITED FOR A GENERAL MEETING OF HOLDERS OF THE PREFERRED SHARES OF THE COMPANY TO BE HELD ON <FONT STYLE="text-transform: uppercase">June&nbsp;5,
2023</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, a holder of ____________________________Series&nbsp;A
convertible preferred shares (as applicable) of GDS Holdings Limited, a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), hereby
acknowledges receipt of the notice of this general meeting of holders of the preferred shares of the Company (the &ldquo;<B>Meeting</B>&rdquo;)
(the &ldquo;<B>Notice</B>&rdquo;) and proxy statement, and hereby appoints</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_________________________________________________________________
(insert name) or failing him/her, Ms.&nbsp;Bin Yu, a director of the Company, with full power to each of substitution, on behalf and in
the name of the undersigned, to represent the undersigned at the Meeting to be held at Beijing Meeting Room, F5, Building C, Sunland International,
No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 5:30 p.m.&nbsp;(China Standard Time) on June&nbsp;5, 2023 and at any adjournment
thereof, and to vote all the aforesaid Series&nbsp;A convertible preferred shares which the undersigned would be entitled to vote if then
and there personally present, on the matter set forth below (i)&nbsp;as specified by the undersigned below and (ii)&nbsp;in the discretion
of any proxy upon such other business as may properly come before the Meeting, all as set forth in the Notice and in the proxy statement
furnished herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This proxy when properly executed will be voted in the manner directed
herein by the undersigned shareholder. If no direction is made, this proxy will be voted at the discretion of the holder of the proxy
 &ldquo;FOR&rdquo; the following proposal:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Special resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Proposal 1: Approval of the amendments to thresholds for
Mr.&nbsp;William Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association to
reflect such amendments as detailed in the proxy statement and as set forth in <U>Exhibit&nbsp;A</U> hereto, a copy of which Articles
of Association has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting
(the &ldquo;<B>New Articles</B>&rdquo;), and the approval and adoption of the New Articles in substitution for and to the exclusion of
the existing articles of association of the Company with immediate effect after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For</FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Against</FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: ___________, 2023</FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Name:</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">This Proxy Card must be signed by the person
registered in the register of members of the Company at the close of business on May<FONT STYLE="text-transform: uppercase">&nbsp;22,
2023</FONT> (China Standard Time). In the case of a corporation, this Proxy Card must be executed by a duly authorized officer or attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A proxy need not be a shareholder of the Company. A shareholder entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and vote in his/her stead. Please insert the name of the person(s)&nbsp;of your own choice that you wish to appoint proxy in the space provided, failing which Ms.&nbsp;Bin Yu, a director of the Company, will be appointed as your proxy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether or not you propose to attend the Meeting in person, you are strongly advised to complete and return this form of proxy in accordance with these instructions. For holders of Series&nbsp;A convertible preferred shares registered on our principal register of members in the Cayman Islands, to be valid, this form must be completed and deposited (together with any power of attorney or other authority under which it is signed or a certified copy of that power or authority) to the attention of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai 200137, P.R.C., +86-21-20292200, as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting. Returning this completed form of proxy will not preclude you from attending the Meeting and voting in person if you so wish and in such event, the proxy shall be deemed to be revoked.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If two or more persons are jointly registered as holders of a share, the vote of the senior person who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of other joint holders. For this purpose, seniority shall be determined by the order in which the names stand on the Company's register of members in respect of the relevant shares. The senior holder should sign this form, but the names of all other joint holders should be stated on the form in the space provided.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this form is returned without an indication as to how the proxy shall vote, the proxy will exercise his/her discretion as to whether he/she votes and if so how.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This form of proxy is for use by shareholders only. If the appointor is a corporate entity this form of proxy must either be under its seal or under the hand of some officer or attorney duly authorized for that purpose.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any alterations made to this form must be initialed by you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amendments to thresholds for Mr.&nbsp;William
Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<SUP>1</SUP> to the counterparties (i.e. a physical
settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital would decrease to approximately 2.8%,
which is below the Threshold and would trigger an automatic conversion event where all of the remaining Class&nbsp;B ordinary shares held
by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance with Article&nbsp;9(a)(ii)(B)&nbsp;of the
existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
will constitute a &ldquo;change of control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares
Entitlement and therefore no longer be classified as a controlling shareholder of the Company</FONT>. A change of control would have
potentially material and adverse consequences on the Company, including but not limited to implications for the purposes of
China&rsquo;s national security review regime and anti-monopoly merger filing requirements, as applicable. The Board (including the
Independent Directors) has considered the consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s
Class&nbsp;B ordinary shares and determined that it is not in the interests of the Company&rsquo;s shareholders as a whole if
Mr.&nbsp;Huang ceased to be the controlling shareholder of the Company, particularly due to the potential consequential PRC national
security review and anti-monopoly merger filing considerations upon such change of control event and the potential adverse impact to
the Group&rsquo;s operation in the PRC due to such review and filing. In addition, a change of control of the Company would also
materially adversely affect the Company in a commercial operation perspective as the lenders under certain facility agreements have
the right to demand early repayment and customer agreements entered into the Group may be early terminated as such agreements
contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the </FONT>above exclusion of certain events of share issue from the denominator will allow the Company to conduct further
share issues and equity and convertible financings as well as providing equity incentive to its employees in future without the
issue of shares constituting an Automatic Conversion Event, with the implications set out above, thereby granting the Company
greater flexibility in fulfilling its future financing needs. On the basis that all of the Subject Ordinary Shares will be
physically settled, Proposal 1 is being adopted by the shareholders and based on the Company&rsquo;s total issued share capital as
of the date of this proxy card, Mr.&nbsp;Huang&rsquo;s aggregate voting power with Class&nbsp;A and Class&nbsp;B ordinary shares voting
on a 1:1 basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                                                                                                             ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                                                                                                             from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                                                                                                             converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                                                                                                             the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                                                                                                             (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                                                                                                             accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including
                                                                                                                                             any related ancillary derivative or share lending arrangement or transaction underlying such convertible securities) undertaken by
                                                                                                                                             the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the
                                                                                                                                             Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive
                                                                                                                                             plan(s)&nbsp;that may be approved by the Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Minimum
Shareholding&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify">two point
seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis, excluding the following shares
issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the Articles effective from June&nbsp;5,
2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital of the Company issued in, or
upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such convertible securities issued
in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share lending arrangement or transaction
underlying such convertible securities) undertaken by the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares
in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any
other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1f497d">.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in the definition of &ldquo;Automatic
Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;two
per cent. (2%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and
replacing them with the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as converted basis (excluding
from the denominator for the purpose of computing this percentage the shares that are excluded from the denominator for computing the
Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>tm2314967d1_ex99-11.htm
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="tm2314967d1_ex99-11img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF GENERAL MEETING OF HOLDERS OF THE
CLASS&nbsp;B ORDINARY SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO BE HELD ON <FONT STYLE="text-transform: uppercase">June&nbsp;5,
2023</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
is hereby given that GDS Holdings Limited, a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), will hold its general meeting
(the &ldquo;<B>Meeting</B>&rdquo;) of the holders of its Class&nbsp;B ordinary shares at Beijing Meeting Room, F5, Building C, Sunland
International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 6:00 p.m.&nbsp;(China Standard Time) on </FONT>June&nbsp;5, 2023
for the following purpose:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposal 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions
from time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial
ownership in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect
of 30,457,504 ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally
entered into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses
to settle these transactions by transferring ownership of the Subject Ordinary Shares<SUP>1</SUP> to the counterparties (i.e. a physical
settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital would decrease to approximately 2.8%,
which is below the Threshold and would trigger an automatic conversion event where all of the remaining Class&nbsp;B ordinary shares
held by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance with Article&nbsp;9(a)(ii)(B)&nbsp;of
the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0c0c0c">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0c0c0c"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0c0c0c"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
will constitute a &ldquo;change of control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares
Entitlement and therefore no longer be classified as a controlling shareholder of the Company</FONT>. A change of control would have
potentially material and adverse consequences on the Company, including but not limited to implications for the purposes of
China&rsquo;s national security review regime and anti-monopoly merger filing requirements, as applicable. The Board (including the
Independent Directors) has considered the consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s
Class&nbsp;B ordinary shares and determined that it is not in the interests of the Company&rsquo;s shareholders as a whole if
Mr.&nbsp;Huang ceased to be the controlling shareholder of the Company, particularly due to the potential consequential PRC national
security review and anti-monopoly merger filing considerations upon such change of control event and the potential adverse impact to
the Group&rsquo;s operation in the PRC due to such review and filing. In addition, a change of control of the Company would also
materially adversely affect the Company in a commercial operation perspective as the lenders under certain facility agreements have
the right to demand early repayment and customer agreements entered into the Group may be early terminated as such agreements
contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the </FONT>above exclusion of certain events of share issue from the denominator will allow the Company to conduct further share
issues and equity and convertible financings as well as providing equity incentive to its employees in future without the issue of shares
constituting an Automatic Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling
its future financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted
by the shareholders and based on the Company&rsquo;s total issued share capital as of the date of this notice, Mr.&nbsp;Huang&rsquo;s
aggregate voting power with Class&nbsp;A and Class&nbsp;B ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected
to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
Proposal 1 is to </FONT>consider and, if thought fit, pass the following resolution as a Special Resolution of all holders of Class&nbsp;B
ordinary shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                                                                                                             ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                                                                                                             from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                                                                                                             converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                                                                                                             the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                                                                                                             (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                                                                                                             accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings or in any
                                                                                                                                             related arrangement or transaction associated with such financing or refinancing undertaken by the Company pursuant to and in
                                                                                                                                             accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity
                                                                                                                                             incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the
                                                                                                                                             Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
Shareholding&rdquo;</FONT></TD><TD STYLE="text-align: justify">&#9;two
point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis, excluding the following
shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the Articles effective from
June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital of the Company issued
in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such convertible securities
issued in, equity or equity-linked financings or refinancings or in any related arrangement or transaction associated with such financing
or refinancing undertaken by the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the
Company issued under the Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share
incentive plan(s)&nbsp;that may be approved by the Board.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in the definition of &ldquo;Automatic
Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>but continuing to have Beneficial Ownership in not less than two per cent. (2%) of the then issued share capital
of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding
but continuing to have Beneficial Ownership in not less than two per cent. (2%) of the then issued share capital of the Company on an
as converted basis (excluding from the denominator for the purpose of computing this percentage the shares that are excluded from the
denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;two
per cent. (2%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and
replacing them with the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as converted basis (excluding
from the denominator for the purpose of computing this percentage the shares that are excluded from the denominator for computing the
Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can find more information about the agenda
in the attached proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of the Company has fixed
the close of business on May&nbsp;22, 2023 (China Standard Time) as the record date (the &ldquo;<B>Shares Record Date</B>&rdquo;) for
determining the holders of our Class&nbsp;B ordinary shares entitled to receive notice of and to vote at the Meeting or any adjourned
or postponed meeting thereof. Accordingly, only holders of our Class&nbsp;B ordinary shares registered in the register of members of the
Company at the close of business on the Shares Record Date are entitled to attend and vote at the Meeting or at any adjournment that may
take place. The share register of the Company will not be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cordially invite all holders of our Class&nbsp;B
ordinary shares to attend the Meeting in person. We encourage holders of our Class&nbsp;B ordinary shares planning to attend the Meeting
in person to preregister by sending an email to ir@gds-services.com. However, a holder of our Class&nbsp;B ordinary shares entitled to
attend and vote is entitled to appoint a proxy to attend and, on a poll, vote instead of such shareholder. A proxy need not be a shareholder
of the Company. Any representative of a corporate shareholder attending the Meeting would need to produce a letter/board resolutions showing
the authorization to represent such shareholder to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether or not you propose to attend the Meeting
in person, you are strongly advised to complete and return the form of proxy in accordance with these instructions. For holders of Class&nbsp;B
ordinary shares registered on our principal register of members in the Cayman Islands, to be valid, the form must be completed and deposited
(together with any power of attorney or other authority under which it is signed or a certified copy of that power or authority) to the
attention of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong,
Shanghai 200137, P.R.C., +86-21-20292200, as soon as possible and in any event not later than 48 hours before the time for holding the
Meeting or any adjourned meeting. Returning the completed form of proxy will not preclude you from attending the Meeting and voting in
person if you so wish and in such event the proxy shall be deemed to be revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice of the General Meeting of Holders of
Class&nbsp;B Ordinary Shares, the Proxy Card and the Proxy Statement are also available through our website at <I><U>http://investors.gds-services.com</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Huang Wei</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>13
<FILENAME>tm2314967d1_ex99-12.htm
<DESCRIPTION>EXHIBIT 99.12
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit&nbsp;99.12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="tm2314967d1_ex99-12img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR GENERAL MEETING OF HOLDERS OF THE CLASS&nbsp;B
ORDINARY SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board of Directors is soliciting proxies for a general meeting
of holders of the Class&nbsp;B ordinary shares of the Company (the &ldquo;<B>Meeting</B>&rdquo;) to be held at 6:00 p.m.&nbsp;(China
Standard Time) on June&nbsp;5, 2023 or at any adjournment thereof. The Meeting will be held at Beijing Meeting Room, F5, Building C, Sunland
International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revocability of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any proxy given pursuant to this solicitation may be revoked by the
person giving it at any time before its use by delivering a written notice of revocation or a duly executed proxy bearing a later date,
or by attending the Meeting and voting in person. A written notice of revocation or a duly executed proxy bearing a later date by holders
of Class&nbsp;B ordinary shares registered on our branch register of members in Hong Kong must be delivered by mail or by hand to Computershare
Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong no later than 48 hours
prior to the Meeting. A written notice of revocation or a duly executed proxy bearing a later date by holders of Class&nbsp;B ordinary
shares registered on our principal register of members in the Cayman Islands must be delivered by mail or by hand to the attention of
the Company no later than 48 hours prior to the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Record Date, Share Ownership, and Quorum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our Class&nbsp;B ordinary shares of record at the close of business on May&nbsp;22, 2023 (China Standard Time) (the &ldquo;<B>Shares
Record Date</B>&rdquo;) are entitled to vote at the Meeting. As of April&nbsp;30, 2023, 1,464,954,655 of our Class&nbsp;A ordinary shares
and 59,478,336 of our Class&nbsp;B ordinary shares, par value US$0.00005 per share, were issued and outstanding, among which </FONT>120,116,752
Class&nbsp;A ordinary shares were represented by the ADS held by JPMorgan and 150,000 Series&nbsp;A convertible preferred shares (which
are convertible into 33,707,864 Class&nbsp;A ordinary shares on the Record Date) were issued and outstanding. At any general meeting of
the Company, two (2)&nbsp;members entitled to vote and present in person or by proxy (or in the case of a member being a corporation,
by its duly authorized representative) representing not less than one-third in nominal value of the total issued voting shares in the
Company throughout the Meeting shall form a quorum for all purposes, save that for any general meeting requisitioned according to Article&nbsp;58(2)(iv)&nbsp;of
the Articles, two (2)&nbsp;members entitled to vote and present in person or by proxy or (in the case of a member being a corporation)
by its duly authorised representative representing not less than 10% of the aggregate voting power in the Company throughout the Meeting
shall form a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting and Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For Proposal 1, each Class&nbsp;B ordinary share in issue on the Record
Date is entitled to one (1)&nbsp;vote per share. At the Meeting every Class&nbsp;B ordinary shareholder present in person or by proxy
or, in the case of a Class&nbsp;B ordinary shareholder being a corporation, by its duly authorized representative, may vote the fully
paid Class&nbsp;B ordinary shares held by such Class&nbsp;B ordinary shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A resolution put to the vote of the Meeting shall be decided by way
of a poll save that the chairman of the Meeting may in good faith, allow a resolution which relates purely to a procedural or administrative
matter to be voted on by a show of hands in which case every member present in person or by proxy, or in the case of a member being a
corporation, by its duly authorized representative, shall have one (1)&nbsp;vote provided that where more than one (1)&nbsp;proxy is appointed
by a member which is a clearing house (or its nominee(s)), each such proxy shall have one (1)&nbsp;vote on a show of hands. The result
of the poll shall be deemed to be the resolution of the Meeting. Where any member is, under the Hong Kong Listing Rules, required to abstain
from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by
or on behalf of such member in contravention of such requirement or restriction shall not be counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of soliciting proxies will be borne by us. Proxies may be
solicited by certain of our directors, officers and regular employees, without additional compensation, in person or by telephone or electronic
mail. Copies of solicitation materials will be furnished to banks, brokerage houses, fiduciaries, and custodians holding in their names
our Class&nbsp;B ordinary shares beneficially owned by others to forward to those beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting by Holders of Class&nbsp;B Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When proxies are properly dated, executed, and returned by holders
of Class&nbsp;B ordinary shares, the ordinary shares they represent or into which they may be converted will be voted at the Meeting in
accordance with the instructions of the shareholders. If no specific instructions are given by such holders, or in the case of broker&rsquo;s
non-votes, the ordinary shares or the ordinary shares into which they may be converted will be voted at the discretion of the holder of
such proxies. Abstentions by holders of Class&nbsp;B ordinary shares are included in the determination of the number of ordinary shares
present for the purpose of quorum but are not counted as votes for or against a proposal. Any representative of a corporate shareholder
attending the Meeting would need to produce a letter or board resolutions showing the authorization to represent such shareholder to the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI
HUANG&rsquo;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&rsquo;S ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<SUP>1</SUP> to the counterparties (i.e. a physical
settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital would decrease to approximately 2.8%,
which is below the Threshold and would trigger an automatic conversion event where all of the remaining Class&nbsp;B ordinary shares held
by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance with Article&nbsp;9(a)(ii)(B)&nbsp;of the
existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> If any Class B ordinary shares are to be transferred
as part of such physical settlement, such Class B ordinary shares shall be converted into Class A ordinary shares in accordance with
the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
will constitute a &ldquo;change of control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares
Entitlement and therefore no longer be classified as a controlling shareholder of the Company</FONT>. A change of control would have
potentially material and adverse consequences on the Company, including but not limited to implications for the purposes of
China&rsquo;s national security review regime and anti-monopoly merger filing requirements, as applicable. The Board (including the
Independent Directors) has considered the consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s
Class&nbsp;B ordinary shares and determined that it is not in the interests of the Company&rsquo;s shareholders as a whole if
Mr.&nbsp;Huang ceased to be the controlling shareholder of the Company, particularly due to the potential consequential PRC national
security review and anti-monopoly merger filing considerations upon such change of control event and the potential adverse impact to
the Group&rsquo;s operation in the PRC due to such review and filing. In addition, a change of control of the Company would also
materially adversely affect the Company in a commercial operation perspective as the lenders under certain facility agreements have
the right to demand early repayment and customer agreements entered into the Group may be early terminated as such agreements
contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the </FONT>above exclusion of certain events of share issue from the denominator will allow the Company to conduct further share
issues and equity and convertible financings as well as providing equity incentive to its employees in future without the issue of shares
constituting an Automatic Conversion Event, with the implications set out above, thereby granting the Company greater flexibility in fulfilling
its future financing needs. On the basis that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted
by the shareholders and based on the Company&rsquo;s total issued share capital as of the date of this proxy statement, Mr.&nbsp;Huang&rsquo;s
aggregate voting power with Class&nbsp;A and Class&nbsp;B ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected
to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                                                                                                             ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                                                                                                             from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                                                                                                             converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                                                                                                             the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                                                                                                             (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                                                                                                             accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including
                                                                                                                                             any related ancillary derivative or share lending arrangement or transaction underlying such convertible securities) undertaken by
                                                                                                                                             the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the
                                                                                                                                             Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive
                                                                                                                                             plan(s)&nbsp;that may be approved by the Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 1.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
Shareholding&rdquo;</Font></TD><TD STYLE="text-align: justify">two
point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis, excluding the following
shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the Articles effective from
June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital of the Company issued
in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such convertible securities
issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share lending arrangement
or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance with these Articles and
(ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5,
2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1f497d">.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;five
per cent. (5%) </FONT>of the then issued share capital of the Company on an as converted basis&rdquo; in the definition of &ldquo;Automatic
Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deleting the words &ldquo;two
per cent. (2%)</FONT> of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and
replacing them with the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as converted basis (excluding
from the denominator for the purpose of computing this percentage the shares that are excluded from the denominator for computing the
Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the amended and restated articles reflecting the above amendments
has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting (the &ldquo;<B>New
Articles</B>&rdquo;), and our Board of Directors has approved and is recommending to shareholders for approval at the Meeting, the adoption
of the New Articles in substitution for and to the exclusion of the existing articles of association of the Company with immediate effect
after the close of the Meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the existing amended and restated articles of association
was filed as Exhibit&nbsp;1.1 to our annual report on Form&nbsp;20-F (File No.&nbsp;001-37925), filed with the U.S. Securities and Exchange
Commission on April&nbsp;4, 2023 (China Standard Time), and can be viewed in the SEC&rsquo;s EDGAR database at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of a majority of not less than seventy-five per
cent. (75%) of the votes of the holders of Class&nbsp;B ordinary shares voting as a single class present in person or by proxy or, in
the case of an ordinary shareholder being a corporation, by its duly authorized representative and voting at the Meeting will be required
to approve this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; PROPOSAL
1, THE AMENDMENTS TO THRESHOLDS FOR MR. WILLIAM WEI HUANG&rsquo;S BENEFICIAL OWNERSHIP SPECIFIED IN CERTAIN ARTICLES OF THE COMPANY&rsquo;S
ARTICLES OF ASSOCIATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We know of no other matters to be submitted to the Meeting. If any
other matters properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote the shares
they represent as the Board of Directors may recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Wei Huang</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>tm2314967d1_ex99-13.htm
<DESCRIPTION>EXHIBIT 99.13
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.13</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2314967d1_ex99-13img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY CARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR GENERAL MEETING OF HOLDERS OF THE CLASS&nbsp;B
ORDINARY SHARES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">THIS PROXY CARD IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF
GDS HOLDINGS LIMITED FOR A GENERAL MEETING OF HOLDERS OF THE CLASS&nbsp;B ORDINARY SHARES OF THE COMPANY TO BE HELD ON <FONT STYLE="text-transform: uppercase">JUNE
5, 2023</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, a holder of ____________________________Class&nbsp;B
ordinary shares of GDS Holdings Limited, a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), hereby acknowledges receipt of the
notice of this general meeting of holders of the Class&nbsp;B ordinary shares of the Company (the &ldquo;<B>Meeting</B>&rdquo;) (the &ldquo;<B>Notice</B>&rdquo;)
and proxy statement, and hereby appoints</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_________________________________________________________________
(insert name) or failing him/her, Ms.&nbsp;Bin Yu, a director of the Company, with full power to each of substitution, on behalf and in
the name of the undersigned, to represent the undersigned at the Meeting to be held at Beijing Meeting Room, F5, Building C, Sunland International,
No.&nbsp;999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 6:00 p.m.&nbsp;(China Standard Time) on June&nbsp;5<FONT STYLE="text-transform: uppercase">,
2023</FONT> and at any adjournment thereof, and to vote all the aforesaid Class&nbsp;B ordinary shares which the undersigned would be
entitled to vote if then and there personally present, on the matter set forth below (i)&nbsp;as specified by the undersigned below and
(ii)&nbsp;in the discretion of any proxy upon such other business as may properly come before the Meeting, all as set forth in the Notice
and in the proxy statement furnished herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>This proxy when properly executed will be voted in the manner directed
herein by the undersigned shareholder. If no direction is made, this proxy will be voted at the discretion of the holder of the proxy
 &ldquo;FOR&rdquo; the following proposal:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>Special resolution</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in">Proposal 1: Approval of the amendments to thresholds for
Mr.&nbsp;William Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association to
reflect such amendments as detailed in the proxy statement and as set forth in <U>Exhibit&nbsp;A</U> hereto, a copy of which Articles
of Association has been produced to the Meeting marked &ldquo;A&rdquo; and for identification purpose signed by the chairman of the Meeting
(the &ldquo;<B>New Articles</B>&rdquo;), and the approval and adoption of the New Articles in substitution for and to the exclusion of
the existing articles of association of the Company with immediate effect after the close of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; padding: 0.25pt; font-size: 10pt; text-align: center">For</TD>
    <TD STYLE="width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.25pt; font-size: 10pt; text-align: center">Against</TD>
    <TD STYLE="width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.25pt; font-size: 10pt; text-align: center">Abstain</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt">Dated: ___________, 2023</TD>
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Shareholder Name:</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Signature</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Proxy Card must be signed by the person registered in the register
of members of the Company at the close of business on May&nbsp;22<FONT STYLE="text-transform: uppercase">, 2023</FONT> (China Standard
Time). In the case of a corporation, this Proxy Card must be executed by a duly authorized officer or attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt">1.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">A proxy need not be a shareholder of the Company. A shareholder entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and vote in his/her stead. Please insert the name of the person(s)&nbsp;of your own choice that you wish to appoint proxy in the space provided, failing which Ms.&nbsp;Bin Yu, a director of the Company, will be appointed as your proxy.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">2.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Whether or not you propose to attend the Meeting in person, you are strongly advised to complete and return this form of proxy in accordance with these instructions. For holders of Class&nbsp;B ordinary shares registered on our principal register of members in the Cayman Islands, to be valid, this form must be completed and deposited (together with any power of attorney or other authority under which it is signed or a certified copy of that power or authority) to the attention of Cathy Zhang, Legal Counsel, GDS Holdings Limited, F4/F5, Building C, Sunland International, No.&nbsp;999 Zhouhai Road, Pudong, Shanghai 200137, P.R.C., +86-21-20292200, as soon as possible and in any event not later than 48 hours before the time for holding the Meeting or any adjourned meeting. Returning this completed form of proxy will not preclude you from attending the Meeting and voting in person if you so wish and in such event, the proxy shall be deemed to be revoked.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">3.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">If two or more persons are jointly registered as holders of a share, the vote of the senior person who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of other joint holders. For this purpose, seniority shall be determined by the order in which the names stand on the Company's register of members in respect of the relevant shares. The senior holder should sign this form, but the names of all other joint holders should be stated on the form in the space provided.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">4.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">If this form is returned without an indication as to how the proxy shall vote, the proxy will exercise his/her discretion as to whether he/she votes and if so how.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">5.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">This form of proxy is for use by shareholders only. If the appointor is a corporate entity this form of proxy must either be under its seal or under the hand of some officer or attorney duly authorized for that purpose.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">6.</TD>
    <TD STYLE="font-size: 10pt">Any alterations made to this form must be initialed by you.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amendments to thresholds for Mr.&nbsp;William
Wei Huang&rsquo;s beneficial ownership specified in certain articles of the Company&rsquo;s Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;William Wei Huang (&ldquo;<B>Mr.&nbsp;Huang</B>&rdquo;),
Chairman and Chief Executive Officer of the Company, beneficially owns 77,935,840 ordinary shares (comprising 18,457,504 Class&nbsp;A
ordinary shares in the form of American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;) and 59,478,336 Class&nbsp;B ordinary shares owned
by him or his associates), representing 5.0018 per cent. of the Company&rsquo;s total issued share capital as of the date of this proxy
card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s articles of association
(the &ldquo;<B>Articles of Association</B>&rdquo;), the share capital of the Company shall be divided into shares of three classes, Class&nbsp;A
ordinary shares, Class&nbsp;B ordinary shares and preferred shares. The Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares
shall carry equal rights and rank <I>pari passu</I> with one another other than, among other things, so long as Mr.&nbsp;Huang continues
to beneficially own not less than 5% of the then issued share capital of the Company on an as-converted basis (the &ldquo;<B>Threshold</B>&rdquo;),
the Class&nbsp;B ordinary shares are entitled to cast 20 votes per Class&nbsp;B ordinary share on: (a)&nbsp;the election of a majority
of the Directors of the Company in accordance with the provisions of the Articles of Association; and (b)&nbsp;any amendment of Articles
of Association that would adversely affect the rights of the holders of the Class&nbsp;B ordinary shares (the &ldquo;<B>Class&nbsp;B Shares
Entitlement</B>&rdquo;). All Class&nbsp;B ordinary shares are subject to automatic conversion into Class&nbsp;A ordinary shares when,
among other things, Mr.&nbsp;Huang ceases to have beneficial ownership in not less than the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Company&rsquo;s annual
report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, Mr.&nbsp;Huang has in the past entered into certain transactions from
time to time, including derivative transactions, that have and could have the effect of reducing Mr.&nbsp;Huang&rsquo;s beneficial ownership
in our company. Mr.&nbsp;Huang informed our company that certain variable pre-paid forward sale contract transactions in respect of 30,457,504
ordinary shares beneficially owned by him (the &ldquo;<B>Subject Ordinary Shares</B>&rdquo;), which transactions he originally entered
into between May&nbsp;2020 and June&nbsp;2022, will expire between June&nbsp;2023 and December&nbsp;2023. If Mr.&nbsp;Huang chooses to
settle these transactions by transferring ownership of the Subject Ordinary Shares<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
to the counterparties (i.e. a physical settlement), his beneficial ownership interest in the Company&rsquo;s total issued share capital
would decrease to approximately 2.8%, which is below the Threshold and would trigger an automatic conversion event where all of the
remaining Class&nbsp;B ordinary shares held by Mr.&nbsp;Huang will automatically convert into Class&nbsp;A ordinary shares in accordance
with Article&nbsp;9(a)(ii)(B)&nbsp;of the existing Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This will constitute a &ldquo;change of
control&rdquo; of the Company as Mr.&nbsp;Huang will no longer enjoy the Class&nbsp;B Shares Entitlement and therefore no longer be
classified as a controlling shareholder of the Company. A change of control would have potentially material and adverse consequences
on the Company, including but not limited to implications for the purposes of China&rsquo;s national security review regime and
anti-monopoly merger filing requirements, as applicable. The Board (including the Independent Directors) has considered the
consequences of the potential automatic conversion of all of Mr.&nbsp;Huang&rsquo;s Class&nbsp;B ordinary shares and determined that
it is not in the interests of the Company&rsquo;s shareholders as a whole if Mr.&nbsp;Huang ceased to be the controlling shareholder
of the Company, particularly due to the potential consequential PRC national security review and anti-monopoly merger filing
considerations upon such change of control event and the potential adverse impact to the Group&rsquo;s operation in the PRC due to
such review and filing. In addition, a change of control of the Company would also materially adversely affect the Company in a
commercial operation perspective as the lenders under certain facility agreements have the right to demand early repayment and
customer agreements entered into the Group may be early terminated as such agreements contain change of control clauses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-indent: -0.13in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>If any Class B ordinary shares are to be transferred as part of such physical settlement, such Class B ordinary shares shall
be converted into Class A ordinary shares in accordance with the Articles of Association prior to the settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to mitigate the aforementioned risk of
a potential change of control, including as a result of the physical settlement of the Subject Ordinary Shares or any further share issues
by the Company in future, the Board is seeking the shareholders&rsquo; approval to reduce the Threshold, from not less than five per cent.
(5%), to not less than two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares
in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the
terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative
or share lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance
with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan
existing as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board, the thresholds
for Mr.&nbsp;Huang&rsquo;s beneficial ownership specified in the following sections of the Company&rsquo;s Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the definition of &ldquo;Automatic Conversion Event,&rdquo; below which threshold the Class&nbsp;B
ordinary shares shall automatically convert into Class&nbsp;A ordinary shares, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in Article&nbsp;86(4)(A), and other relevant articles in the Articles of Association, below which threshold
the holders of the Class&nbsp;B ordinary shares shall cease to have the right to nominate five (5)&nbsp;Directors (one of which is intended
to be Mr.&nbsp;William Wei Huang) for appointment as Directors of our Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of the above exclusion of certain events
of share issue from the denominator will allow the Company to conduct further share issues and equity and convertible financings as well
as providing equity incentive to its employees in future without the issue of shares constituting an Automatic Conversion Event, with
the implications set out above, thereby granting the Company greater flexibility in fulfilling its future financing needs. On the basis
that all of the Subject Ordinary Shares will be physically settled, Proposal 1 is being adopted by the shareholders and based on the Company&rsquo;s
total issued share capital as of the date of this proxy card, Mr.&nbsp;Huang&rsquo;s aggregate voting power with Class&nbsp;A and Class&nbsp;B
ordinary shares voting on a 1:1 basis and 1:20 basis respectively is expected to be approximately 2.90% and 37.43%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consideration, the Board (including the Independent
Directors) proposes these amendments to the Articles of Association in order to maintain the continuity of the Company&rsquo;s existing
corporate governance structure and to thereby avoid triggering a change of control and all of the afore-mentioned consequences that would
not be in the Company&rsquo;s best interest. Mr.&nbsp;Huang has also confirmed to the Company that he and his associates (with respect
to all of the 18,457,504 Class&nbsp;A ordinary shares in the form of ADSs and 59,478,336 Class&nbsp;B ordinary shares) will abstain from
voting with respect to Proposal 1, in both the Meeting and the meeting of the holders of the Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, Proposal 1 is to consider and, if
thought fit, pass the following resolution as a Special Resolution of all shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the amendment of the rights attached to the Class B ordinary shares of the Company to reduce the
                                                            ownership threshold at which such Class B ordinary shares will automatically convert into Class A ordinary shares of the Company
                                                            from five per cent. (5%), to two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as
                                                            converted basis, excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving
                                                            the adoption of the Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage:
                                                            (i)&nbsp;shares in the capital of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in
                                                            accordance with the terms of such convertible securities issued in, equity or equity-linked financings or refinancings (including
                                                            any related ancillary derivative or share lending arrangement or transaction underlying such convertible securities) undertaken by
                                                            the Company pursuant to and in accordance with these Articles and (ii)&nbsp;shares in the capital of the Company issued under the
                                                            Company&rsquo;s employee equity incentive plan existing as of June&nbsp;5, 2023 or any other employee share incentive
                                                            plan(s)&nbsp;that may be approved by the Board, be and is hereby approved; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to give effect to the above change, the existing Articles of Association of the Company be and are hereby
amended by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">inserting the following new definition of &ldquo;Minimum Shareholding&rdquo; in alphabetical order in
Article&nbsp;2(1);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1.7in">&ldquo;Minimum
Shareholding&rdquo;</TD>
    <TD STYLE="text-align: justify">two point seventy-five per cent. (2.75%) of the then issued share capital of the Company on an as converted basis,
excluding the following shares issued after June&nbsp;5, 2023, being the date of the special resolutions approving the adoption of the
Articles effective from June&nbsp;5, 2023, from the denominator for the purpose of computing this percentage: (i)&nbsp;shares in the capital
of the Company issued in, or upon the conversion, exchange or exercise of convertible securities in accordance with the terms of such
convertible securities issued in, equity or equity-linked financings or refinancings (including any related ancillary derivative or share
lending arrangement or transaction underlying such convertible securities) undertaken by the Company pursuant to and in accordance with
these Articles and (ii)&nbsp;shares in the capital of the Company issued under the Company&rsquo;s employee equity incentive plan existing
as of June&nbsp;5, 2023 or any other employee share incentive plan(s)&nbsp;that may be approved by the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1F497D">.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in the definition of &ldquo;Automatic Conversion Event&rdquo; in Article&nbsp;2(1)&nbsp;and replacing them with
the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(A)&nbsp;and replacing them with the words &ldquo;the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) but continuing to have Beneficial Ownership in not less
than two per cent. (2%) of the then issued share capital of the Company on an as converted basis&rdquo; in Article&nbsp;86(4)(C)&nbsp;and
replacing them with the words &ldquo;the Minimum Shareholding but continuing to have Beneficial Ownership in not less than two per cent.
(2%) of the then issued share capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing
this percentage the shares that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;two per cent. (2%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(4)(D)&nbsp;and replacing them with the words &ldquo;two per cent. (2%) of the then issued share
capital of the Company on an as converted basis (excluding from the denominator for the purpose of computing this percentage the shares
that are excluded from the denominator for computing the Minimum Shareholding)&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;86(10)&nbsp;and replacing them with the words the Minimum Shareholding&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">deleting the words &ldquo;five per cent. (5%) of the then issued share capital of the Company on an as
converted basis&rdquo; in Article&nbsp;114(1)&nbsp;and replacing them with the words the Minimum Shareholding &rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the amended and restated Articles of Association of the Company (the &ldquo;<B>New Articles of Association</B>&rdquo;),
which contain all the amendments reflecting the business approved at this Meeting and a copy of which has been produced to this Meeting
and marked &ldquo;A&rdquo; and initialled by the chairman of the Meeting, be and is hereby approved and adopted in substitution for and
to the exclusion of the existing Articles of Association of the Company with immediate effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">any director or company secretary of the Company be and is hereby authorised to do all such acts, deeds
and things and execute all such documents and make all such arrangements that he/she shall, in his/her absolute discretion, deem necessary
or expedient to give effect to the foregoing resolutions and the adoption of the New Articles of Association, including without limitation,
attending to the necessary filings with the Registrar of Companies in Cayman Islands and Hong Kong.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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