VNET GROUP INC Stock Price, News & Analysis

On September 7, 2022, VNET Group, a top Internet data center services provider in China, appointed KPMG Huazhen LLP as its new independent registered public accounting firm, replacing Ernst & Young Hua Ming LLP, effective immediately. This decision follows a careful evaluation process and was approved by the company's audit committee. Notably, there have been no disagreements between VNET and E&Y during the transition. Since 2010, E&Y provided audit services without any adverse opinions. The company aims for a smooth transition, collaborating closely with both firms.

VNET Group, Inc. (Nasdaq: VNET) reported its Q2 2022 financial results, highlighting a 15.2% increase in net revenues to RMB1.72 billion (US$257.5 million) and a 14.5% rise in adjusted EBITDA to RMB486.9 million (US$72.7 million). The company experienced a net loss of RMB377.2 million (US$56.3 million), largely due to a foreign exchange loss. VNET's retail business thrived amid rising digital demand, while its wholesale segment saw contract expansions. The company anticipates 2022 net revenues between RMB7,250 million and RMB7,550 million, reflecting cautious optimism amid macro uncertainties.

On August 25, 2022, VNET Group, Inc. (NASDAQ: VNET) announced the resignation of board member Mr. Yao Li for personal reasons, with no disagreements noted concerning the company’s operations. Following this change, VNET's board now consists of six directors, including five independent members. VNET is a premier carrier- and cloud-neutral Internet data center service provider in China, serving over 6,500 enterprise customers across various sectors, including government and blue-chip companies, with operations in more than 30 cities.

VNET Group, Inc. (Nasdaq: VNET) will report its unaudited second quarter 2022 financial results on August 30, 2022, after the U.S. market closes. Management will host an earnings call at 9:00 PM ET the same day. The company is a leading carrier- and cloud-neutral Internet data center services provider in China, servicing over 6,500 enterprise customers across multiple industries. Interested participants can register for the call and access a simultaneous audio webcast on the company's investor relations website.

On August 9, 2022, VNET Group, Inc. (NASDAQ: VNET) announced the appointment of Mr. Changqing Ye as a new director and member of the audit committee. The Board confirmed Mr. Ye's independence under applicable rules. He brings extensive experience, having served as an independent director for several Nasdaq and Hong Kong-listed companies. In related changes, Mr. Sheng Chen joined the compensation and corporate governance committees, while Kenneth Chung-Hou Tai and Erhfei Liu stepped down from certain committee roles but remain on the Board. These changes are expected to enhance the governance structure of VNET.

VNET Group, Inc. (Nasdaq: VNET) reported an 18.6% year-over-year increase in net revenues to RMB1.65 billion (US$259.6 million) for Q1 2022. Adjusted EBITDA rose by 21.9% to RMB506.2 million (US$79.8 million). The company managed 78,964 cabinets, up from 55,926 year-over-year, but the overall cabinet utilization rate fell to 54.5%. Despite challenges from COVID-19, VNET maintains its revenue outlook for 2022, projecting net revenues between RMB7,450 million and RMB7,750 million and adjusted EBITDA of RMB1,975 million to RMB2,125 million.

VNET Group, Inc. (Nasdaq: VNET), a leading Internet data center services provider in China, will report its first quarter 2022 unaudited financial results on May 24, 2022, after U.S. market close. A conference call is scheduled for 9:00 PM ET on the same day. Investors can register through a provided link to access the call. A replay will be available for two weeks following the event. VNET operates in over 30 cities in China, serving a diverse client base of over 6,500 enterprises across various industries.

VNET Group, Inc. (NASDAQ: VNET) announced it has been provisionally identified by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) as of May 4, 2022. This designation stems from the SEC's assessment that VNET's independent auditor's working papers could not be fully inspected by the PCAOB. If this designation remains for three consecutive years, VNET's shares could face trading restrictions on U.S. exchanges. The company is exploring solutions to safeguard stakeholder interests and remains committed to regulatory compliance.

VNET Group, Inc. (NASDAQ: VNET), a leading data center services provider in China, announced the publication of its 2021 ESG report on April 28, 2022. The report elaborates on VNET's commitment to sustainability, targeting carbon neutrality and 100% renewable energy usage by 2030. Highlights include an average Power Usage Effectiveness (PUE) of 1.37, which is below the industry average, and recognition for three data centers as 'National Green Data Centers.' VNET aims to lead by example in integrating sustainability across its operations, ensuring a greener future for its stakeholders.