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GDS on Nasdaq

GDS Holdings Ltd

GDS Holdings Ltd is a computer programming, data processing services company, listed on Nasdaq (GDS).1

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Last updated Oct 21, 2026.

Overview

11.4BRevenue, fiscal 20252
949.6MNet income, fiscal 20252

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  • TickerGDS on Nasdaq1
  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • Business addressF4/F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong,, Shanghai, 2001373
  • Filer categoryLarge accelerated filer3

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We operate our business through our wholly-owned subsidiaries, joint ventures, the VIEs and their subsidiaries. We own 100% of the shares in EDC Holding, an exempted company also incorporated in the Cayman Islands, through which we indirectly hold 100% of the equity interests in holding companies in Hong Kong, many of which own our data centers through one or more data center companies. Through EDC Holding we also indirectly hold 100% of the equity interests in GDS Investment Company.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CNY, the currency the company reports in.

Key numbers, fiscal 2025

22.6%Gross margin2
-0.5%Operating margin2
8.3%Net margin2
10.8%Revenue growth, 20252
3.7%Return on equity2
0.91×Debt to equity2
-1.3B CNYFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue77¢8.8B CNY
  • Research and development0¢32.7M CNY
  • Other costs10¢1.1B CNY
  • Income tax4¢469.7M CNY
  • Profit8¢949.6M CNY

Out of 11.4B CNY in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢4.7B CNY

Out of 3.4B CNY of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Revenue56789211.4B CNY in 2025+309% since 2018
05.0B CNY10.0B CNY15.0B CNY2018: 2.8B CNY2.8B CNY20182019: 4.1B CNY4.1B CNY2019+48%2020: 5.7B CNY5.7B CNY2020+39%2021: 7.8B CNY7.8B CNY2021+36%2022: 9.3B CNY9.3B CNY2022+19%2023: 9.8B CNY9.8B CNY2023+6%2024: 10.3B CNY10.3B CNY2024+6%2025: 11.4B CNY11.4B CNY2025+11%
Gross profit5678922.6B CNY in 2025+315% since 2018
01.0B CNY2.0B CNY3.0B CNY2018: 622.4M CNY622.4M CNY20182019: 1.0B CNY1.0B CNY2019+68%2020: 1.6B CNY1.6B CNY2020+49%2021: 1.8B CNY1.8B CNY2021+15%2022: 2.0B CNY2.0B CNY2022+10%2023: 2.0B CNY2.0B CNY2023−0%2024: 2.2B CNY2.2B CNY2024+14%2025: 2.6B CNY2.6B CNY2025+16%
Operating income567892-55.8M CNY in 2025
-3.0B CNY-2.0B CNY-1.0B CNY01.0B CNY2.0B CNY2018: 168.4M CNY168.4M CNY20182019: 479.8M CNY479.8M CNY2019+185%2020: 672.9M CNY672.9M CNY2020+40%2021: 569.5M CNY569.5M CNY2021−15%2022: 713.2M CNY713.2M CNY2022+25%2023: -2.2B CNY-2.2B CNY20232024: 1.2B CNY1.2B CNY20242025: -55.8M CNY-55.8M CNY2025
Net income567892949.6M CNY in 2025
-6.0B CNY-4.0B CNY-2.0B CNY02.0B CNY4.0B CNY2018: -430.3M CNY-430.3M CNY20182019: -442.1M CNY-442.1M CNY2019+3%2020: -666.4M CNY-666.4M CNY2020+51%2021: -1.2B CNY-1.2B CNY2021+78%2022: -1.3B CNY-1.3B CNY2022+7%2023: -4.3B CNY-4.3B CNY2023+238%2024: 3.4B CNY3.4B CNY20242025: 949.6M CNY949.6M CNY2025−72%
Fiscal year20182019202020212022202320242025
Revenue2.8B CNY54.1B CNY65.7B CNY77.8B CNY89.3B CNY99.8B CNY210.3B CNY211.4B CNY2
Cost of revenue2.2B CNY53.1B CNY64.2B CNY76.0B CNY87.3B CNY97.8B CNY28.1B CNY28.8B CNY2
Gross profit622.4M CNY51.0B CNY61.6B CNY71.8B CNY82.0B CNY92.0B CNY22.2B CNY22.6B CNY2
Research and development13.9M CNY521.6M CNY640.0M CNY739.3M CNY831.9M CNY938.2M CNY236.3M CNY232.7M CNY2
Operating income168.4M CNY5479.8M CNY6672.9M CNY7569.5M CNY8713.2M CNY9-2.2B CNY21.2B CNY2-55.8M CNY2
Interest656.2M CNY5968.7M CNY61.3B CNY71.7B CNY81.9B CNY82.0B CNY8
Income before tax-948.8M CNY8-828.3M CNY9-3.9B CNY9-614.9M CNY9713.2M CNY2
Income tax-9.4M CNY515.7M CNY6120.8M CNY7242.5M CNY8276.2M CNY9-15.6M CNY2156.1M CNY2469.7M CNY2
Net income-430.3M CNY5-442.1M CNY6-666.4M CNY7-1.2B CNY8-1.3B CNY9-4.3B CNY23.4B CNY2949.6M CNY2
Earnings per share-0 CNY/shares6-1 CNY/shares7-1 CNY/shares8-1 CNY/shares9-3 CNY/shares22 CNY/shares21 CNY/shares2
Earnings per share (diluted)-0 CNY/shares6-1 CNY/shares7-1 CNY/shares8-1 CNY/shares9-3 CNY/shares22 CNY/shares21 CNY/shares2
Shares (weighted, basic)1.5B shares81.5B shares91.5B shares21.5B shares21.5B shares2
Shares (weighted, diluted)1.5B shares81.5B shares91.5B shares21.5B shares21.6B shares2

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Corporate structure

GDS Holdings Ltd sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GDS Holdings Ltd

  • GDS Holdings Ltd

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GDS Holdings Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress5.6B CNY2 Dec 31, 20256.6B CNY2 Dec 31, 2024−14.1%
Finance-lease assets4.6B CNY2 Dec 31, 20255.5B CNY2 Dec 31, 2024−16.1%
Operating-lease assets (leased space)4.8B CNY2 Dec 31, 20255.2B CNY2 Dec 31, 2024−7.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents14.3B CNY2 Dec 31, 20257.9B CNY2 Dec 31, 2024+81.8%
Long-term investments10.1B CNY2 Dec 31, 20257.5B CNY2 Dec 31, 2024+33.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill5.2B CNY2 Dec 31, 20255.9B CNY2 Dec 31, 2024−11.9%
Intangible assets, net (excluding goodwill)273.3M CNY2 Dec 31, 2025481.1M CNY2 Dec 31, 2024−43.2%
Finite-lived intangibles, gross1.3B CNY2 Dec 31, 20251.5B CNY2 Dec 31, 2024−12.1%
Accumulated amortization956.4M CNY2 Dec 31, 2025955.5M CNY2 Dec 31, 2024+0.1%
Finite-lived intangibles, net273.3M CNY2 Dec 31, 2025481.1M CNY2 Dec 31, 2024−43.2%

Leadership

Who has led GDS Holdings Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William W. Huang2026–now

Chair

  1. William W. Huang2026–now
Board members and other officers (12)

Timeline

  1. Mar 16, 2026New chief executive William W. Huang becomes CEO11

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.45 a share, on Nov 19, 2025.24

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

251 filings to the SEC since October 2021: 5 annual reports, 62 insider forms, 17 large holders, 167 other. The latest 20:

  1. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Sep 4, 20266-K EDGAR
  12. Aug 13, 2026SCHEDULE 13G/A EDGAR
  13. Aug 13, 20266-K EDGAR
  14. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jul 30, 20266-K EDGAR
  20. Jul 28, 20266-K EDGAR

The 251 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 0 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 10, 2026Qian YixinExecutive VP, operationSale10,000$35.25$352.5KForm 4
Jun 2, 2026Ye Judy QingDirectorSale37,394$36.21$1.4MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Singapore Technologies Telemedia Pte Ltd9,835,680$295.4M100.0%No change
Sachem Head Capital Management LP8,685,000$260.8M5.4%No change
Canada Pension Plan Investment Board7,004,083$210.3M0.1%No change
Barclays PLC6,654,192$199.8M0.1%+3,663,017
Tekne Capital Management, LLC5,976,818$179.5M58.7%+925,000
Bamco Inc /ny/4,245,033$127.5M0.2%−352,213
UBS Group AG3,590,986$107.8M0.0%+1,565,360
Carrhae Capital LLP3,300,419$99.1M6.5%+1,115,757
Goldman Sachs Group Inc3,162,100$95.0M0.0%+1,113,768
TOMS Capital Investment Management LP2,722,000$81.7M4.3%New
12 West Capital Management LP2,563,192$77.0M14.4%−13,384
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,488,523$74.7M0.1%+1,053,521
BlackRock, Inc.2,219,981$66.7M0.0%+983,450
Point72 Asset Management, L.P.2,169,763$65.2M0.1%+616,711
Morgan Stanley1,722,275$51.7M0.0%+128,323
Triata Capital Ltd1,705,220$51.2M8.7%+617,318
Clearline Capital LP1,665,600$50.0M3.2%New
D. E. Shaw & Co., Inc.1,624,322$48.8M0.0%−340,496
Alyeska Investment Group, L.P.1,554,533$46.7M0.1%+1,154,533
Slate Path Capital LP1,501,100$45.1M0.6%New
Dendur Capital LP1,414,000$42.5M2.5%+266,000
Wcm Investment Management, LLC1,111,344$32.6M0.1%−622,593
American Century Companies Inc1,078,207$32.4M0.0%−50,971
Cerity Partners LLC1,062,069$31.9M0.0%−241
Philosophy Capital Management LLC1,018,658$30.6M2.9%+435,996

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How GDS Holdings Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGDS Holdings Ltd1
  • CIK0001526125
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business addressF4/F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong,, Shanghai, 200137, China1
  • Phone86-21-2029-22001
  • Shares outstanding1,559,430,567 Common Class A shares; 43,590,336 Common Class B shares as of Dec 31, 20254
  • AuditorKPMG Huazhen LLP, Shanghai, China PCAOB ID 1186; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMay 20, 20161
  • Filings456 in all: 6-K (216), 4 (44), 144 (40), SC 13G/A (19), 3 (18), CORRESP (17), SC 13D/A (15), UPLOAD (13)1
    All 31 form types

    424B5 (12), SC 13G (12), 20-F (10), S-8 (5), DRSLTR (4), DRS/A (3), F-3ASR (3), F-6EF (3), 424B7 (2), EFFECT (2), F-1/A (2), FWP (2), SC 13D (2), SCHEDULE 13D/A (2), SCHEDULE 13G/A (2), 424B4 (1), 8-A12B (1), CERTNAS (1), CT ORDER (1), DRS (1), F-1 (1), F-6 (1), F-6 POS (1)

  • Latest filingsAnnual report (20-F) Apr 29, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, each representing eight Class A ordinary sharesGDSNasdaq

From the cover page of the 20-F filed Apr 29, 2026 (Section 12(b) of the Exchange Act).4

Sources

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