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VNET Group, Inc. reports developments for a carrier- and cloud-neutral internet data center services provider in China. The company provides hosting and related services, including IDC services, cloud services and business VPN services, and its data centers connect customer equipment to China’s internet backbone.
Recurring VNET news covers unaudited financial results, IDC and non-IDC revenue trends, wholesale data center capacity, customer orders, hyperscale infrastructure demand, ESG reporting and finance leadership changes. Updates also include annual Form 20-F filing announcements, shareholder voting matters and capital-structure disclosures tied to its ADR issuer profile.
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 The proposal, originally made in September 2022, was withdrawn due to current market conditions favoring VNET's listing status.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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