Welcome to our dedicated page for VNET GROUP news (Ticker: VNET), a resource for investors and traders seeking the latest updates and insights on VNET GROUP stock.
VNET Group Inc (VNET) operates at the forefront of China's internet infrastructure sector, providing carrier-neutral data center services and cloud solutions to enterprises across 30+ cities. This dedicated news hub delivers essential updates for stakeholders tracking the company's strategic direction and market position.
Investors and industry observers will find curated press releases detailing financial results, capacity expansions, and technology partnerships. The archive includes announcements about colocation service enhancements, network infrastructure developments, and enterprise cloud initiatives that underscore VNET's role in China's digital transformation.
Our collection serves as a definitive resource for monitoring operational milestones in the IDC sector, from new data center deployments to innovations in smart routing technology. All content is sourced directly from official channels to ensure reliability, with updates organized for efficient navigation across devices.
Bookmark this page for streamlined access to VNET's corporate communications, providing critical insights into one of China's key digital infrastructure providers. Regular updates reflect the company's evolving capabilities in supporting hyperscale operators and enterprise clients alike.
VNET Group reported strong Q3 2024 results with total net revenues increasing 12.4% year-over-year to RMB2.12 billion. The growth was primarily driven by the wholesale IDC business, which saw an 86.4% increase in revenues to RMB523.0 million. Adjusted EBITDA grew 17.1% to RMB594.8 million, with a margin of 28.0%. The company secured six new order wins totaling 84MW, including a 32MW wholesale order at their Huailai IDC Campus. VNET plans to form a pre-REITs fund with a leading Chinese insurance company, featuring their Taicang IDC Campus as underlying assets. The company raised its full-year 2024 guidance, now expecting total net revenues between RMB8,000-8,100 million.
VNET Group (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, has scheduled its unaudited third quarter 2024 financial results announcement for November 20, 2024, after U.S. markets close. Management will host an earnings conference call at 8:00 PM U.S. Eastern Time on the same day (9:00 AM Beijing Time on November 21). The company will provide both English and Chinese conference lines, with the Chinese option being listen-only. A webcast will be available on VNET's investor relations website, and a replay will be accessible through November 28, 2024.
VNET Group announced changes to its Board of Directors. Mr. Changqing Ye has resigned as an independent director and audit committee member, effective October 31, 2024, citing personal reasons with no disagreements. Mr. Kenneth Chung-Hou Tai, who has served as an independent director since October 2012, will replace Mr. Ye on the audit committee. Following these changes, the Board consists of six directors, including four independent directors, with the audit committee now comprising Mr. Sean Shao, Mr. Yoshihisa Ueno, and Mr. Kenneth Chung-Hou Tai.
VNET Group reported solid Q2 2024 financial results, with total net revenues increasing 9.4% year-over-year to RMB1.99 billion. Key highlights include:
- Wholesale IDC revenues grew 81% YoY to RMB402 million
- Adjusted EBITDA increased 7.3% YoY to RMB573.8 million
- Net income of RMB71.8 million, compared to a net loss in Q2 2023
- Utilization rate of wholesale capacity improved to 75.9%
- Pre-commitment rate for capacity under construction at 85.5%
The company maintained its 2024 outlook, expecting total net revenues of RMB7.8-8.0 billion and adjusted EBITDA of RMB2.22-2.28 billion. VNET continues to focus on its dual-core strategy, advancing AI data center development and strengthening innovative service offerings to drive growth.
VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, has announced it will report its unaudited second quarter 2024 financial results on Tuesday, August 27, 2024, after the close of U.S. markets. The company will host an earnings conference call at 9:00 PM U.S. Eastern Time on the same day, or 9:00 AM Beijing Time on Wednesday, August 28, 2024.
Participants can join the call by registering through provided links for English and Chinese options. The Chinese option will be in listen-only mode. A live and archived webcast of the conference call will be available on VNET's investor relations website. A replay of the call will be accessible through September 4, 2024, via provided dial-in numbers.
VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, announced changes to its Board of Directors. Mr. Erhfei Liu resigned as an independent director effective July 24, 2024, for personal reasons. The Board appointed Mr. David Lifeng Chen as a new independent director, effective immediately.
Mr. Chen brings extensive experience as a tech entrepreneur, executive, and venture capitalist. He has been an Operating Partner for the Hongshan CBC Cross-border Digital Fund since 2017 and serves on the boards of GitLab China JV and Atos China JV. Mr. Chen co-founded VanceInfo, which later merged to form Pactera, recognized as the largest banking IT services provider in China.
VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, has been recognized in S&P Global's Sustainability Yearbook 2024 (China) for the second consecutive year. VNET received the highest S&P Global ESG score among its Chinese peers in the IT services industry, ranking in the top 11% globally.
The company's SHIELD sustainability system drives ESG progress across six key areas: Social, Human, Innovation, Environment, Leadership, and Development. VNET aims to achieve operational carbon neutrality (Scope 1 and 2) by 2030 and is actively promoting green transformation of data centers.
As a member of the United Nations Global Compact (UNGC), VNET is committed to fostering diversity, equity, and inclusion while delivering high-quality products and services. This recognition affirms the strength of VNET's ESG efforts as it continues to advance towards a low-carbon digital future.
On July 11, 2024, VNET Group, a key internet data center service provider in China, announced the withdrawal of a non-binding offer from founder and interim CEO Josh Sheng Chen to acquire all outstanding shares. The proposal, originally made in September 2022, was withdrawn due to current market conditions favoring VNET's listing status. Additionally, no progress was made on other acquisition proposals, leading the board to dissolve its special committee evaluating such transactions. Mr. Chen emphasized VNET's long-term growth potential and commitment to sustainable development. Co-Chairperson Jianbiao Zhu echoed this optimism, highlighting SDHG's contribution to VNET's green transformation and AI-driven advancements.
VNET, a leading provider of internet data center services in China, announced the refinancing of a margin loan taken by its founder, Josh Sheng Chen, to purchase 17,140,898 Class A shares in 2021. Chen has settled the loan using proceeds from a promissory note issued to Shining Rich Holdings and his cash reserves. This settlement fully releases Chen's pledged shares, restoring his ownership of 33,628,926 Class A shares. The promissory note is secured by additional shares representing 6% of VNET's share capital and 18.41% of its voting power. Chen's considerable influence includes veto rights and executive powers as co-Chairperson and interim CEO.
VNET Group, a leading provider of data center services in China, reported a 5.1% year-over-year increase in net revenues to RMB1.9 billion ($262.9 million) for Q1 2024. Wholesale IDC business revenues surged by 59.1% to RMB361 million ($50 million), while retail IDC business revenues fell by 7.1% to RMB923.7 million ($127.9 million). Adjusted EBITDA decreased by 2.9% to RMB539.8 million ($74.8 million) with a margin of 28.4%. The company reported a net loss of RMB187 million ($25.9 million), compared to a net income of RMB82.3 million in Q1 2023. VNET expects 2024 revenues between RMB7.8 billion and RMB8 billion, and adjusted EBITDA between RMB2.22 billion and RMB2.28 billion.
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