VNET GROUP INC Stock Price, News & Analysis

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.

VNET Group, Inc. (NASDAQ: VNET) filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, on April 26, 2022. The report includes audited consolidated financial statements which are available on the SEC's website and the company's investor relations site. VNET is a leading carrier- and cloud-neutral Internet data center services provider in China, operating in over 30 cities with a diverse customer base exceeding 6,500 enterprises. Shareholders can request hard copies of the annual report free of charge.

VNET Group, Inc. (Nasdaq: VNET) announced it received an unsolicited preliminary non-binding acquisition proposal from The Hina Group and Industrial Bank Co., Ltd., Shanghai Branch. The proposal suggests acquiring all outstanding shares for US$8.00 per American depositary share, translating to approximately US$1.3333 per ordinary share. The Board has not yet made any decisions regarding the Proposal, and no assurances can be provided that a definitive offer will be made. Further details will be available in a report to the SEC.

VNET Group, Inc. (Nasdaq: VNET) reported robust financial results for Q4 2021, with net revenues reaching RMB1.75 billion (US$273.9 million), a 29.4% increase year-over-year. Adjusted EBITDA rose by 18.8% to RMB463.0 million (US$72.7 million). For the full year, net revenues were RMB6.19 billion (US$971.3 million), up 28.2%, and net profit was RMB500.1 million (US$78.5 million), reversing a loss from 2020. The company anticipates 2022 net revenues between RMB7,450 million and RMB7,750 million, reflecting continued growth amid challenges.

VNET Group, Inc. (Nasdaq: VNET) will release its fourth quarter and full year 2021 financial results on March 30, 2022, after market close. A conference call is scheduled for 9:00 PM ET on the same date to discuss the results, with registration required in advance. VNET is a key player in the Internet data center services sector in China, providing hosting, cloud services, and solutions for over 6,000 enterprise customers across various industries.