Sec Form 13G Filing - SBCVC Holdings Ltd filing for GDS HLDGS LTD SPONSORED ADR (GDS) - 2020-02-12

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 2)*

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(1) This CUSIP number applies to the Issuer’s American Depositary Shares, each representing eight Class A ordinary shares.

SCHEDULE 13G

*                 The percentages used in this Schedule 13G are calculated based on a total of 1,148,842,379 Class A ordinary shares of the Issuer issued and outstanding as of December 31, 2019. Beneficial ownership information is presented as of December 31, 2019.

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*                 The percentages used in this Schedule 13G are calculated based on a total of 1,148,842,379 Class A ordinary shares of the Issuer issued and outstanding as of December 31, 2019. Beneficial ownership information is presented as of December 31, 2019.

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*                 The percentages used in this Schedule 13G are calculated based on a total of 1,148,842,379 Class A ordinary shares of the Issuer issued and outstanding as of December 31, 2019. Beneficial ownership information is presented as of December 31, 2019.

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*                 The percentages used in this Schedule 13G are calculated based on a total of 1,148,842,379 Class A ordinary shares of the Issuer issued and outstanding as of December 31, 2019. Beneficial ownership information is presented as of December 31, 2019.

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Item 1.

(a)                                 Name of Issuer:

GDS Holdings Limited

(b)                                 Address of Issuer’s Principal Executive Offices:

2/F, Tower 2, Youyou Century Place

428 South Yanggao Road

Pudong, Shanghai 200127

People’s Republic of China

Item 2.

(a)                                 Name of Person Filing: This statement is filed by the entities listed below, all of whom together are referred to herein as the “Reporting Persons”:

(i)                                     SBCVC Holdings Limited (“SBCVC Holdings”), a British Virgin Islands company;

(ii)                                  Lin Ye Song;

(iii)                               Star Pioneer Investment Holdings Limited (“Star Pioneer”), a British Virgin Islands company; and

(iv)                              SBCVC Limited, a Cayman Islands company.

(b)                                 Address of Principal Business Office or, if none, Residence:

(i)                                     SBCVC Holdings

The address of the principal business office of SBCVC Holdings is located at:

OMC Chambers, Wickham Cay 1, Road Town, Tortola, British Virgin Islands

(ii)                                  ; Lin Ye Song

The residence of Lin Ye Song is located at:

68 Lurline Street, Katoomba NSW 2780, Australia

(iii)                               Star Pioneer

The address of the principal business office of Star Pioneer is located at:

OMC Chambers, P.O. Box 3152, Road Town, Tortola, British Virgin Islands

(iv)                              SBCVC Limited

The address of the principal business office of SBCVC Limited is located at:

Cricket Square, Hutchins Dr., PO Box 2681GT
George Town, Grand Cayman, Cayman Islands KY1-111

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(c)                                  Citizenship:

SBCVC Holdings — British Virgin Islands

Lin Ye Song — Australia

Star Pioneer — British Virgin Islands

SBCVC Limited — Cayman Islands

(d)                                 Title and Class of Securities:
Class A ordinary shares, US$0.00005 par value per share (“Ordinary Shares”)

(e)                                  CUSIP No.:
36165L108

Item 3.                                 If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:

o

Item 4.         Ownership

Two entities, namely, (i) SBCVC Fund II, L.P. (“SBCVC Fund II”) and (ii) SBCVC Fund III, L.P. (“SBCVC Fund III”) hold in aggregate 34,557,344 Class A ordinary shares issued by GDS Holdings Limited (the “Issuer”) in the form of 4,319,668 American Depositary Shares (“ADSs”), each representing eight Class A ordinary shares.

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(i) SBCVC Fund II

SBCVC Fund II holds 3,413,080, or 0.3%, of the Issuer’s Class A ordinary shares in the form of 426,635 ADSs.

SBCVC Fund II is a Cayman Islands limited partnership of which SBCVC Management II is the general partner. As such, SBCVC Management II has the power to make all decisions with respect to SBCVC Fund II.

Each of SBCVC Fund II and SBCVC Management II may thereby be deemed to beneficially own 3,413,080, or 0.3%, of the Issuer’s Class A ordinary shares.

SBCVC Management II is a Cayman Islands limited partnership of which SBCVC Limited is the general partner.

(ii) SBCVC Fund III

SBCVC Fund III holds 31,144,264, or 2.7%, of the Issuer’s Class A ordinary shares in the form of 3,893,033 ADSs.

SBCVC Fund III is a Cayman Islands limited partnership of which SBCVC Management III is the general partner. As such, SBCVC Management III has the power to make all decisions with respect to SBCVC Fund III.

Each of SBCVC Fund III and SBCVC Management III may thereby be deemed to beneficially own 31,144,264, or 2.7%, of the Issuer’s Class A ordinary shares.

SBCVC Management III is a Cayman Islands limited partnership of which SBCVC Limited is the general partner.

SBCVC Limited, Star Pioneer and Lin Ye Song

SBCVC Limited is the general partner of each of SBCVC Management II and SBCVC Management III, and as such, has the power to make all decisions with respect to these entities and the shares beneficially owned by them.

Star Pioneer is a British Virgin Islands company that is the majority shareholder of SBCVC Limited. Lin Ye Song is the sole owner of Star Pioneer.

Each of SBCVC Limited, Star Pioneer and Lin Ye Song may thereby be deemed to beneficially own in aggregate 34,557,344, or 3.0%, of the Issuer’s Class A ordinary shares.(2)

SBCVC Holdings

The voting and investment decisions made by SBCVC Limited are executed by SBCVC Holdings by means of management agreements by and between SBCVC Holdings and each of SBCVC Management II and SBCVC Management III.

SBCVC Holdings may thereby be deemed to beneficially own in aggregate 34,557,344, or 3.0%, of the Issuer’s Class A ordinary shares.(3)

(2) Includes (i) 3,413,080 of the Issuer’s Class A ordinary shares in the form of 426,635 ADSs held by SBCVC Fund II, L.P. and beneficially owned by SBCVC Management II, and (ii) 31,144,264 of the Issuer’s Class A ordinary shares in the form of 3,893,033 ADSs held by SBCVC Fund III and beneficially owned by SBCVC Management III.

(3) Includes (i) 3,413,080 of the Issuer’s Class A ordinary shares in the form of 426,635 ADSs held by SBCVC Fund II, L.P. and beneficially owned by SBCVC Management II, and (ii) 31,144,264 of the Issuer’s Class A ordinary shares in the form of 3,893,033 ADSs held by SBCVC Fund III and beneficially owned by SBCVC Management III.

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The power to execute SBCVC Limited’s voting and investment decisions is exercised by the board of directors of SBCVC Holdings , which board consists of Chauncey Shey and Fenghe Xue. As SBCVC Holdings executes voting and investment decisions made by SBCVC Limited as to the shares beneficially owned by it and its subsidiary general partners by means of multiple management agreements, but decision-making power remains with SBCVC Limited and its subsidiary general partners, each of Chauncey Shey and Fenghe Xue disclaims beneficial ownership of the Issuer’s Class A ordinary shares held by SBCVC Holdings except to the extent of his/her pecuniary interest therein.

Voting and Dispositive Power

Each of SBCVC Limited, Star Pioneer, Lin Ye Song and SBCVC Holdings may thereby be deemed to have sole voting and dispositive power over less than five percent of the Issuer’s Class A ordinary shares.

Calculations

The percentages used in this Schedule 13G are calculated based on a total of 1,148,842,379 Class A ordinary shares of the Issuer issued and outstanding as of December 31, 2019. Beneficial ownership information is presented as of December 31, 2019.

A.                                    SBCVC Holdings

(a)                                 Amount beneficially owned:
34,557,344

(b)                                 Percent of class:
3.0%

(c)                                  Number of shares as to which the person has:

(i)                                    Sole power to vote or to direct the vote:

34,557,344

(ii)                                Shared power to vote or to direct the vote:

0

(iii)                            Sole power to dispose or to direct the disposition of:

34,557,344

(iv)                             Shared power to dispose or to direct the disposition of:

0

B.                                    Lin Ye Song

(a)                                 Amount beneficially owned:
34,557,344

(b)                                 Percent of class: 

3.0%

(c)                                  Number of shares as to which the person has:

(i)                                    Sole power to vote or to direct the vote:
34,557,344

(ii)                                Shared power to vote or to direct the vote:
0

(iii)                            Sole power to dispose or to direct the disposition of:
34,557,344

(iv)                             Shared power to dispose or to direct the disposition of:

0

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C.                                    Star Pioneer

(a)                                 Amount beneficially owned:
34,557,344

(b)                                 Percent of class:
3.0%

(c)                                  Number of shares as to which the person has:

(i)                                    Sole power to vote or to direct the vote:
34,557,344

(ii)                                Shared power to vote or to direct the vote:
0

(iii)                            Sole power to dispose or to direct the disposition of:
34,557,344

(iv)                             Shared power to dispose or to direct the disposition of:

0

D.                                    SBCVC Limited

(a)                                 Amount beneficially owned:
34,557,344

(b)                                 Percent of class:

3.0%

(c)                                  Number of shares as to which the person has:

(i)                                    Sole power to vote or to direct the vote:

34,557,344

(ii)                                Shared power to vote or to direct the vote:

0

(iii)                            Sole power to dispose or to direct the disposition of:

34,557,344

(iv)                             Shared power to dispose or to direct the disposition of:

0

Item 5.                                 Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following x.

Item 6.                                 Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7.                                 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

See Exhibit 99.2 filed together with this Schedule 13G.

Item 8.                                 Identification and Classification of Members of the Group.

Not applicable.

Item 9.                                 Notice of Dissolution of Group.

Not applicable.

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Item 10.         Certifications.

Not applicable.

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: February 12, 2020

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EXHIBIT INDEX

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