GDS Holdings (9698.HK) has issued a notice regarding a general meeting of holders of its Series B convertible preferred shares, scheduled for February 24, 2026, at 5:30 p.m. (China Standard Time) in Shanghai, P.R.C. According to the announcement, the meeting will focus on a proposal to amend the Articles of Association to increase the voting power of Class B ordinary shares held by the company’s founder, Chairman, and Chief Executive Officer, Mr. William Wei Huang, from 20 votes to 50 votes per share in specific scenarios.
The board of directors indicated that this proposed shift is intended to reinforce the company’s “control” by Chinese nationals, responding to a requirement from certain institutional customers that their data center service provider be controlled by Chinese nationals or entities. The proposal is designed to maintain relationships with key customers operating under evolving data security, cybersecurity, and personal information protection regulations in the Chinese Mainland.
The proposed amendment would raise Mr. Huang’s voting power on two matters at general meetings—electing a majority of the board and approving any changes to the Articles of Association affecting Class B holders—from around 36.2% to approximately 58.6%, based on figures as of December 31, 2025. The board stated that Mr. Huang already holds de facto control of most board appointments under the current weighted voting rights structure and emphasized that the shift is not expected to affect the overall governance framework or shareholders’ interests. The announcement further noted that Mr. Huang and his associates will abstain from voting on the proposal in the extraordinary general meeting and the Class A ordinary shares meeting.
The record date for the Series B convertible preferred shareholders entitled to attend and vote at the meeting is set at the close of business on February 9, 2026 (China Standard Time). Instructions for proxy voting and meeting attendance registration are detailed in the announcement and accompanying proxy statement.