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, 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.
VNET Group (Nasdaq: VNET), a major provider of internet data center services in China, will announce its unaudited Q1 2024 financial results on May 29, 2024, after U.S. market close.
The management will host an earnings conference call at 9:00 PM U.S. Eastern Time on May 29, 2024, or 9:00 AM Beijing Time on May 30, 2024.
Participants can register online to join the call and will receive dial-in numbers, a personal PIN, and further instructions upon registration.
An audio webcast and replay will be available on VNET's investor relations website.
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