<SEC-DOCUMENT>0001104659-25-053280.txt : 20250528
<SEC-HEADER>0001104659-25-053280.hdr.sgml : 20250528
<ACCEPTANCE-DATETIME>20250528065217
ACCESSION NUMBER:		0001104659-25-053280
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250528
FILED AS OF DATE:		20250528
DATE AS OF CHANGE:		20250528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDS Holdings Ltd
		CENTRAL INDEX KEY:			0001526125
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37925
		FILM NUMBER:		25991112

	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>tm2516159d10_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 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: 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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</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>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</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>May&nbsp;2025</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>Commission File Number: 001-37925</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(Registrant&rsquo;s name)</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>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.&nbsp;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&rsquo;s Republic of China</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</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">Form&nbsp;20-F&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&#8239;Form&nbsp;40-F&#8239;<FONT STYLE="font-family: Wingdings">&#168;</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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBITS</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: 8%"><A HREF="tm2516159d10_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2516159d10_ex99-1.htm" STYLE="-sec-extract: exhibit">Press release &mdash; GDS Prices Offering of US$500 Million Convertible Senior Notes</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2516159d10_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm2516159d10_ex99-2.htm" STYLE="-sec-extract: exhibit">Press release &mdash; GDS Prices Offering of American Depositary Shares in connection with the Delta Placement of Borrowed ADSs</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2516159d10_ex99-3.htm" STYLE="-sec-extract: exhibit">99.3</A></TD>
    <TD><A HREF="tm2516159d10_ex99-3.htm" STYLE="-sec-extract: exhibit">Press release &mdash; GDS Announces Pricing of Public Offering of ADSs</A></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</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: left; text-indent: 0.25in">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">&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>&nbsp;</TD>
    <TD COLSPAN="2"><B>GDS Holdings Limited</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">Date: May&nbsp;28, 2025</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">/s/ William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">&nbsp;</P>

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

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2516159d10_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<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;99.1</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>GDS Prices Offering of US$500 Million Convertible
Senior Notes</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"><B>Shanghai, China, May&nbsp;27, 2025 </B>&ndash;
GDS Holdings Limited (&ldquo;GDS Holdings&rdquo;, &ldquo;GDS&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: GDS; HKEX: 9698), a leading
developer and operator of high-performance data centers in China, today announced the pricing of its previously announced offering (the
 &ldquo;Notes Offering&rdquo;) of 2.25% convertible senior notes in an aggregate principal amount of US$500 million due 2032 (the &ldquo;Notes&rdquo;).
The size of the offering was increased from the previously announced $450 million aggregate principal amount of Notes. The Notes have
been offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule&nbsp;144A under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Company has granted the initial purchasers in the Notes
Offering an option to purchase up to an additional US$50 million in aggregate principal amount of the Notes, exercisable for settlement
within a 13-day period, beginning on, and including, the first date on which the Notes are issued. The Company expects to close the Notes
Offering on or about May&nbsp;30, 2025, subject to the satisfaction of customary closing conditions.</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">GDS estimates that the net proceeds from the Notes
Offering will be approximately $486.1 million, after deducting the initial purchasers&rsquo; discount and estimated offering expenses
(or approximately $534.9 million if the initial purchasers exercise in full their option to purchase additional Notes). The Company plans
to use the net proceeds from the Notes Offering for working capital needs and the refinancing of its existing indebtedness, including
potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.</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">When issued, the Notes will be senior unsecured
obligations of GDS and bear interest at a rate of 2.25% per year, payable semiannually in arrears on June&nbsp;1 and December&nbsp;1 of
each year, beginning on December&nbsp;1, 2025. The Notes will mature on June&nbsp;1, 2032, unless earlier redeemed, repurchased or converted
in accordance with their terms prior to such date.</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 initial conversion rate of the Notes is 30.2343
American depositary shares, each representing eight Class&nbsp;A ordinary shares of the Company (the &ldquo;ADSs&rdquo;), per US$1,000
principal amount of Notes (which is equivalent to an initial conversion price of approximately US$33.08 per ADS and represents a conversion
premium of approximately 35% above the public offering price of the Primary ADSs (as defined below), which was US$24.50 per ADS (the &ldquo;ADS
Public Offering Price&rdquo;)). The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events.</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">Prior to the close of business on the business
day immediately preceding December&nbsp;1, 2031, the Notes will be convertible only upon satisfaction of certain conditions and during
certain periods. On or after December&nbsp;1, 2031 until the close of business on the second scheduled trading day immediately preceding
the maturity date, holders may convert their Notes at their option at any time. Upon conversion, the Company will pay or deliver, as the
case may be, cash, the ADSs or a combination of cash and ADSs, at the Company&rsquo;s election. Holders may also elect to receive Class&nbsp;A
ordinary shares in lieu of any ADSs deliverable upon conversion, subject to certain procedures and conditions set forth in the terms of
the Notes.</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 Company may redeem for cash all but not part
of the Notes (i)&nbsp;in the event of certain tax law changes (a &ldquo;Tax Redemption&rdquo;) and (ii)&nbsp;if less than 10% of the aggregate
principal of amount of notes originally issued (for the avoidance of doubt, including the notes issued upon the exercise of the initial
purchasers&rsquo; option to purchase additional notes) remains outstanding at such time (a &ldquo;Cleanup Redemption&rdquo;). The Notes
will not be redeemable before June&nbsp;6, 2029, except in connection with a Tax Redemption or Cleanup Redemption. On or after June&nbsp;6,
2029 and on or prior to the 40th scheduled trading day immediately prior to the maturity date, the Notes will be redeemable, in whole
or in part, for cash at the Company&rsquo;s option at any time, and from time to time, if (x)&nbsp;the notes are &ldquo;freely tradable&rdquo;
(as will be defined in the indenture for the Notes), and all accrued and unpaid additional interest, if any, has been paid in full, as
of the date we send such notice and (y)&nbsp;the last reported sale price of the ADSs has been at least 130% of the conversion price then
in effect on (i)&nbsp;each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending
on, and including, the trading day immediately prior to the date the Company provides notice of redemption and (ii)&nbsp;the trading day
immediately preceding the date the Company sends such notice (such redemption, an &ldquo;Optional Redemption&rdquo;). The redemption price
in the case of a Tax Redemption, Cleanup Redemption or an Optional Redemption will equal 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the related redemption date.</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"></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">Holders of the Notes may require the Company to
repurchase for cash all or part of their Notes on June&nbsp;1, 2029. In addition, holders of the Notes have the option, subject to certain
conditions, to require the Company to repurchase any Notes held in the event of a &ldquo;fundamental change&rdquo; (as will be defined
in the indenture for the Notes). The repurchase price, in each case, will be equal to 100% of the principal amount of the Notes to be
repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.</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 Company expects that certain purchasers of
the Notes may establish a short position with respect to its ADSs by short selling its ADSs or by entering into short derivative positions
with respect to its ADSs (including entering into derivatives with an affiliate of an initial purchaser in the Notes Offering), in each
case, in connection with the Notes Offering. Any of the above market activities by purchasers of the Notes could increase (or reduce any
decrease in) or decrease (or reduce any increase in) the market price of the Company&rsquo;s ADSs or the Notes at that time, and the Company
cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or its ADSs.</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 Company also announced today by separate press
release that the Company has priced a separate registered public offering (the &ldquo;Delta Placement of Borrowed ADSs&rdquo;) of 6,000,000
ADSs, at the ADS Public Offering Price, that the Company will lend to an affiliate (the &ldquo;ADS Borrower&rdquo;) of an initial purchaser
in the Notes Offering in order to facilitate the privately negotiated derivative transactions by some holders of the Notes for purposes
of hedging their investment in the Notes. The Company has entered into an ADS lending agreement (the &ldquo;ADS Lending Agreement&rdquo;)
with the ADS Borrower, pursuant to which the Company will lend 6,000,000 ADSs (the &ldquo;Borrowed ADSs&rdquo;) to the ADS Borrower. The
ADS Borrower or its affiliate will receive all of the proceeds from the sale of the Borrowed ADSs and the Company will not receive any
of those proceeds, but the ADS Borrower will pay the Company a nominal lending fee for the use of those ADSs pursuant to the ADS Lending
Agreement. The activity described above could affect the market price of the Company&rsquo;s ADSs or the Notes otherwise prevailing at
that time.</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 Company also announced today by separate press
release the pricing of a separate registered public offering (the &ldquo;Primary ADSs Offering&rdquo;) of 5,200,000 ADSs (the &ldquo;Primary
ADSs&rdquo;), at the ADS Public Offering Price. The underwriters have been granted a 30-day option to purchase up to 780,000 additional
Primary ADSs.</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">Nothing contained herein shall constitute an offer
to sell or the solicitation of an offer to buy any securities, including the Notes, the Borrowed ADSs or the Primary ADSs, nor shall there
be any offer or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Delta
Placement of Borrowed ADSs and the Primary ADSs Offering are being made only by means of separate prospectus supplements and accompanying
prospectuses pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
The closing of each of the Notes Offering, the Delta Placement of Borrowed ADSs and the Primary ADSs Offering is conditioned upon the
closing of each of the other offerings and vice versa. If any of the three offerings are not consummated, the ADS loan transaction under
the ADS Lending Agreement will terminate and all of the Borrowed ADSs must be returned to GDS.</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 Notes, the ADSs deliverable upon conversion
of the Notes, if any, and the Class&nbsp;A ordinary shares represented thereby or deliverable upon conversion of Notes in lieu thereof,
have not been and will not be registered under the Securities Act or any state securities laws, and are being offered and sold only to
persons reasonably believed to be qualified institutional buyers pursuant to Rule&nbsp;144A under the Securities Act.</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"><B>About 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: justify">GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698)
is a leading developer and operator of high-performance data centers in China. The Company&rsquo;s facilities are strategically located
in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company&rsquo;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 the major 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 24-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&rsquo;s customer
base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications
carriers,&nbsp;IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling
35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.</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>Safe Harbor 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: justify">This announcement contains forward-looking statements.
These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as &ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;future,&rdquo; &ldquo;guidance,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;is/are likely to,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;target,&rdquo;
 &ldquo;will,&rdquo; and similar statements. Among other things, statements that are not historical facts, including statements about GDS
Holdings&rsquo; beliefs and expectations regarding the Notes Offering, Delta Placement of Borrowed ADSs and the Primary ADSs Offering,
the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement,
as well as GDS Holdings&rsquo; strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make
written or oral forward-looking statements in its periodic reports to the SEC on Forms 20-F and 6-K, in its current, interim and annual
reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited
(the &ldquo;Hong Kong Stock Exchange&rdquo;), in press releases and other written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could
cause GDS Holdings&rsquo; actual results or financial performance to differ materially from those contained in any forward-looking statement,
including but not limited to the following: GDS Holdings&rsquo; goals and strategies; GDS Holdings&rsquo; future business development,
financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions
and related services in China and regions in which GDS&rsquo; major equity investees operate, such as South East Asia; GDS Holdings&rsquo;
expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services;
GDS Holdings&rsquo; expectations regarding building, strengthening and maintaining its relationships with new and existing customers;
the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties
associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud
service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks
and uncertainties associated with increased investments in GDS Holdings&rsquo; business and new data center initiatives; risks and uncertainties
associated with strategic acquisitions and investments; GDS Holdings&rsquo; ability to maintain or grow its revenue or business; fluctuations
in GDS Holdings&rsquo; operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings&rsquo; business
operations and those of its major equity investees; competition in GDS Holdings&rsquo; industry in China and in markets that affect the
business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic
and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding
these and other risks, uncertainties or factors is included in GDS Holdings&rsquo; filings with the SEC, including its annual report on
Form&nbsp;20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press
release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake
any obligation to update any forward-looking statement, except as required under applicable law.</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"><B>For investor and media inquiries, please contact:</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"><B>GDS Holdings Limited</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&nbsp;<U>ir@gds-services.com</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"><B>Piacente Financial Communications</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&nbsp;<U>GDS@tpg-ir.com</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">Brandi Piacente&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<U>GDS@tpg-ir.com</U>&nbsp;</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2516159d10_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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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;99.2</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>GDS Prices Offering of American Depositary Shares
in connection with the Delta Placement of Borrowed ADSs</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; background-color: white"><B>Shanghai, China, May&nbsp;27,
2025 </B>&ndash; GDS Holdings Limited (&ldquo;GDS Holdings&rdquo;, &ldquo;GDS&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: GDS; HKEX:
9698), a leading developer and operator of high-performance data centers in China, today announced the pricing of a previously announced
registered public offering of 6,000,000 American Depositary Shares (&ldquo;ADSs&rdquo;), each representing eight Class&nbsp;A ordinary
shares, par value US$0.00005 per share (the &ldquo;Delta Placement of Borrowed ADSs&rdquo;), at a public offering price of US$24.50 per
ADS (the &ldquo;Delta Public Offering Price&rdquo;), which the Company intends to loan (such loaned ADSs, the &ldquo;Borrowed ADSs&rdquo;)
to an affiliate of the underwriter in the ADS offering (such affiliate, the &ldquo;ADS Borrower&rdquo;) pursuant to an ADS lending agreement
with the ADS Borrower (the &ldquo;ADS Lending Agreement&rdquo;).</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; background-color: white">The ADS Borrower or its
affiliate will receive all of the proceeds from the sale of the Borrowed ADSs. The Company will not receive any proceeds from the Delta
Placement of Borrowed ADSs but will receive from the ADS Borrower a nominal lending fee, which will be applied to fully pay up the Class&nbsp;A
ordinary shares underlying the Borrowed ADSs. The Company believes that the Borrowed ADSs will not be considered outstanding for the purpose
of computing and reporting its earnings per ADS under the current U.S. Generally Accepted Accounting Principles and, therefore, the Company
believes that no dilution will occur as a result of the Borrowed ADSs.</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; background-color: white">The Borrowed ADSs will
be sold concurrently with the pricing of the Notes Offering (as defined below) and the Primary ADSs Offering (as defined below). The Company
has been informed by the ADS Borrower that it or its affiliates intends to use the short position resulting from the Delta Placement of
the Borrowed ADSs to facilitate privately negotiated derivatives transactions related to the Notes. The activity described above could
affect the market price of the Company&rsquo;s ADSs or the Notes otherwise prevailing at that time.</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; background-color: white">The Company also announced
today by separate press release that the Company has priced an offering (the &ldquo;Notes Offering&rdquo;) of 2.25% convertible senior
notes in an aggregate principal amount of US$500 million due 2032 (the &ldquo;Notes&rdquo;) in a private offering to persons reasonably
believed to be qualified institutional buyers pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), which offering size was upsized from $450 million aggregate principal amount. The Company has granted the initial purchasers
in the Notes Offering an option to purchase up to an additional US$50 million in aggregate principal amount of the Notes, exercisable
for settlement within a 13-day period, beginning on, and including, the first date on which the Notes are issued.</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; background-color: white">The Company also announced today by separate
press release that the Company has priced a separate registered public offering (the &ldquo;Primary ADSs Offering&rdquo;) of 5,200,000
ADSs (the &ldquo;Primary ADSs&rdquo;), at a public offering price of US$24.50 per ADS (which is the same public offering price as the
Delta Public Offering Price). The underwriters in the Primary ADSs Offering have been granted a 30-day option to purchase up to 780,000
additional Primary ADSs.</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; background-color: white">Nothing contained herein
shall constitute an offer to sell or the solicitation of an offer to buy any securities, including the Borrowed ADSs, the Notes or the
Primary ADSs, nor shall there be any offer or sale of the securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful. The Delta Placement of Borrowed ADSs and the Primary ADSs Offering are being made only by means of separate prospectus
supplements and accompanying prospectuses pursuant to an effective registration statement filed with the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;). The closing of each of the the Delta Placement of Borrowed ADSs, the Primary ADSs Offering and the
Notes Offering is conditioned upon the closing of each of the other offerings and vice versa. If any of the three offerings are not consummated,
the ADS loan transaction under the ADS Lending Agreement will terminate and all of the Borrowed ADSs must be returned to GDS.</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; background-color: white">The Company has filed
an automatic shelf registration statement on Form&nbsp;F-3 with the SEC. A prospectus supplement and the accompanying prospectus describing
the terms of the Delta Placement of Borrowed ADSs have been filed with the SEC. When available, the prospectus supplement for the Delta
Placement of Borrowed ADSs will be filed with the SEC. The Delta Placement of Borrowed ADSs is being made only by means of the prospectus
supplement and accompanying prospectus. Before you invest, you should read the prospectus supplement and the accompanying prospectus and
other documents that the Company has filed with the SEC for more complete information about the Company and the offering. You may obtain
these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Copies of the prospectus supplement and the accompanying
prospectus may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com.</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>About 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: justify">GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698)
is a leading developer and operator of high-performance data centers in China. The Company&rsquo;s facilities are strategically located
in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company&rsquo;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 the major 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 24-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&rsquo;s customer
base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications
carriers,&nbsp;IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling
35.6% equity interest in Day One Data Centers Limited which develops and operates data centers in International markets.</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"><B>Safe Harbor Statement</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 announcement contains forward-looking statements. These statements
are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as &ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;future,&rdquo; &ldquo;guidance,&rdquo; &ldquo;intend,&rdquo; &ldquo;is/are likely
to,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo;
and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings&rsquo; beliefs
and expectations regarding the Notes Offering, Delta Placement of Borrowed ADSs and the Primary ADSs Offering, the growth of its businesses
and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings&rsquo;
strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking
statements in its periodic reports to the SEC on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements,
circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the &ldquo;Hong Kong Stock Exchange&rdquo;),
in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking
statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings&rsquo; actual results or financial performance
to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings&rsquo;
goals and strategies; GDS Holdings&rsquo; future business development, financial condition and results of operations; the expected growth
of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS&rsquo; major
equity investees operate, such as South East Asia; GDS Holdings&rsquo; expectations regarding demand for and market acceptance of its
high-performance data centers, data center solutions and related services; GDS Holdings&rsquo; expectations regarding building, strengthening
and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory
environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee
DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results
of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings&rsquo;
business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings&rsquo;
ability to maintain or grow its revenue or business; fluctuations in GDS Holdings&rsquo; operating results; changes in laws, regulations
and regulatory environment that affect GDS Holdings&rsquo; business operations and those of its major equity investees; competition in
GDS Holdings&rsquo; industry in China and in markets that affect the business of our major equity investees, such as South East Asia;
security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions
underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included
in GDS Holdings&rsquo; filings with the SEC, including its annual report on Form&nbsp;20-F, and with the Hong Kong Stock Exchange. All
information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes
to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as
required under applicable law.</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>For investor and media inquiries, please contact:</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"><B>GDS Holdings Limited</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&nbsp;<U>ir@gds-services.com</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"><B>Piacente Financial Communications</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&nbsp;<U>GDS@tpg-ir.com</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">Brandi Piacente&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<U>GDS@tpg-ir.com</U>&nbsp;</P>

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2516159d10_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<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;99.3</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>GDS Announces Pricing of Public Offering of
ADSs</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"><B>Shanghai, China, May&nbsp;27, 2025</B>&nbsp;&ndash; GDS Holdings
Limited (&ldquo;GDS Holdings&rdquo;, &ldquo;GDS&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: GDS; HKEX: 9698), a leading developer and
operator of high-performance data centers in China, today announced the pricing of its previously announced underwritten registered public
offering of 5,200,000 American Depositary Shares (&ldquo;ADSs&rdquo;), each representing eight Class&nbsp;A ordinary shares, par value
US$0.00005 per share (the &ldquo;Primary ADSs Offering&rdquo;), at a public offering price of US$24.50 per ADS (the &ldquo;Primary ADSs
Offering Price&rdquo;). The underwriters have been granted a 30-day option to purchase up to 780,000 additional ADSs. The offering is
expected to close on May&nbsp;30, 2025, subject to customary closing conditions.</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">GDS estimates that the net proceeds from the Primary ADSs Offering
will be approximately $123.0 million, after deducting the underwriters&rsquo; discount and estimated offering expenses (or approximately
$141.6 million if underwriters exercise in full their option to purchase additional ADSs). The Company will receive all of the net proceeds
from the Primary ADSs Offering and plans to use such net proceeds for general corporate purposes, working capital needs and the refinancing
of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right,
of its convertible bonds due 2029.</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 Company also announced today by separate press release the pricing
of an offering (the &ldquo;Notes Offering&rdquo;) of 2.25% convertible senior notes in an aggregate principal amount of US$500 million
due 2032 (the &ldquo;Notes&rdquo;) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant
to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), which offering size was upsized from
$450 million aggregate principal amount. The Company has granted the initial purchasers in the Notes Offering an option to purchase up
to an additional US$50 million in aggregate principal amount of the Notes, exercisable for settlement within a 13-day period, beginning
on, and including, the first date on which the Notes are issued.</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 Company also announced today by separate press release the pricing
of a separate registered public offering (the &ldquo;Delta Placement of Borrowed ADSs&rdquo;) of 6,000,000 ADSs (the &ldquo;Borrowed ADSs&rdquo;),
at a public offering price of US$24.50 (which is the same public offering price as the Primary ADSs Offering Price), that the Company
will lend to an affiliate (the &ldquo;ADS Borrower&rdquo;) of an initial purchaser in the Notes Offering in order to facilitate the privately
negotiated derivative transactions entered into by some holders of the Notes for purposes of hedging their investment in the Notes. The
Company has also entered into an ADS lending agreement (the &ldquo;ADS Lending Agreement&rdquo;) with an affiliate of the initial purchaser
of the Notes Offering (such affiliate being the &ldquo;ADS Borrower&rdquo;), pursuant to which the Company will lend the Borrowed ADSs
to the ADS Borrower. The ADS Borrower or its affiliate will receive all of the proceeds from the sale of the Borrowed ADSs and the Company
will not receive any of those proceeds, but the ADS Borrower will pay the Company a nominal lending fee for the use of those ADSs pursuant
to the ADS Lending Agreement. The activity described above could affect the market price of the Company&rsquo;s ADSs otherwise prevailing
at that time.</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">Nothing contained herein shall constitute an offer to sell or the solicitation
of an offer to buy any securities, including the Primary ADSs, the Notes or the Borrowed ADSs, nor shall there be any offer or sale of
the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Primary ADSs Offering and
the Delta Placement of Borrowed ADSs are being made only by means of separate prospectus supplements and accompanying prospectuses pursuant
to an effective registration statement filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;). The closing of
each of the Primary ADSs Offering, the Notes Offering and the Delta Placement of Borrowed ADSs is conditioned upon the closing of each
of the other offerings and vice versa. If any of the three offerings are not consummated, the ADS loan transaction under the ADS Lending
Agreement will terminate and all of the Borrowed ADSs must be returned to GDS.</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">J.P. Morgan, BofA Securities, Morgan Stanley and UBS Investment Bank
are acting as joint book-running managers, and China Galaxy and Guotai Junan International are acting as financial advisors, for the Primary
ADSs Offering.</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 Company has filed an automatic shelf registration statement on
Form&nbsp;F-3 with the SEC. A prospectus supplement and the accompanying prospectus describing the terms of the Primary ADSs Offering
have been filed with the SEC. When available, the prospectus supplement for the Primary ADSs Offering will be filed with the SEC. The
Primary ADSs Offering is being made only by means of the prospectus supplement and accompanying prospectus. Before you invest, you should
read the prospectus supplement and the accompanying prospectus and other documents that the Company has filed with the SEC for more complete
information about the Company and the Primary ADSs Offering. You may obtain these documents free of charge by visiting EDGAR on the SEC
website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus, when available, may be obtained from: (i)&nbsp;J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204
or by email at prospectus-eq_fi@jpmchase.com; (ii)&nbsp;BofA Securities,&nbsp;Inc., One Bryant Park, New York, NY, 10036, Attention: Prospectus
Department, telephone: +1 (800) 294-1322, email: dg.prospectus_requests@bofa.com; (iii)&nbsp;Morgan Stanley&nbsp;&amp; Co. LLC, Attn:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or (iv)&nbsp;UBS Investment Bank, Attention: Prospectus Department,
1285 Avenue of the Americas, New York, NY 10019, by telephone: (888) 827-7275 or email: ol-prospectusrequest@ubs.com.</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>About 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: justify">GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698)
is a leading developer and operator of high-performance data centers in China. The Company&rsquo;s facilities are strategically located
in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company&rsquo;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 the major 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 24-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&rsquo;s customer
base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications
carriers,&nbsp;IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling
35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.</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"><B>Safe Harbor 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: justify">This announcement contains forward-looking statements.
These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as &ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;future,&rdquo; &ldquo;guidance,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;is/are likely to,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;target,&rdquo;
 &ldquo;will,&rdquo; and similar statements. Among other things, statements that are not historical facts, including statements about GDS
Holdings&rsquo; beliefs and expectations regarding the Primary ADSs Offering, the Notes Offering and the Delta Placement of Borrowed ADSs,
the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement,
as well as GDS Holdings&rsquo; strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make
written or oral forward-looking statements in its periodic reports to the SEC on Forms 20-F and 6-K, in its current, interim and annual
reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited
(the &ldquo;Hong Kong Stock Exchange&rdquo;), in press releases and other written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could
cause GDS Holdings&rsquo; actual results or financial performance to differ materially from those contained in any forward-looking statement,
including but not limited to the following: GDS Holdings&rsquo; goals and strategies; GDS Holdings&rsquo; future business development,
financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions
and related services in China and regions in which GDS&rsquo; major equity investees operate, such as South East Asia; GDS Holdings&rsquo;
expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services;
GDS Holdings&rsquo; expectations regarding building, strengthening and maintaining its relationships with new and existing customers;
the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties
associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud
service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks
and uncertainties associated with increased investments in GDS Holdings&rsquo; business and new data center initiatives; risks and uncertainties
associated with strategic acquisitions and investments; GDS Holdings&rsquo; ability to maintain or grow its revenue or business; fluctuations
in GDS Holdings&rsquo; operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings&rsquo; business
operations and those of its major equity investees; competition in GDS Holdings&rsquo; industry in China and in markets that affect the
business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic
and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding
these and other risks, uncertainties or factors is included in GDS Holdings&rsquo; filings with the SEC, including its annual report on
Form&nbsp;20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press
release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake
any obligation to update any forward-looking statement, except as required under applicable law.</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>For investor and media inquiries, please contact:</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"><B>GDS Holdings Limited</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&nbsp;<U>ir@gds-services.com</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"><B>Piacente Financial Communications</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&nbsp;<U>GDS@tpg-ir.com</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">Brandi Piacente&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<U>GDS@tpg-ir.com</U>&nbsp;</P>

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

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

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

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