VNET GROUP INC Stock Price, News & Analysis

VNET Group, Inc. (Nasdaq: VNET), a top provider of data center services in China, has inked a master joint venture investment agreement with a sovereign wealth fund to establish joint ventures (JVs) aimed at developing build-to-suit hyperscale data centers. The initial capital commitment under this agreement is expected to reach RMB 5 billion. VNET will retain a 51% equity interest in each project while providing management services. CEO Samuel Shen highlighted the growing demand for hyperscale data centers, aligning with ongoing digitalization trends in the market.

VNET Group, Inc. (Nasdaq: VNET) reported strong Q3 2021 financial results, with net revenues of RMB1.56 billion (US$242.2 million), a 25.3% increase year-over-year. Adjusted cash gross profit rose 28.2% to RMB674.5 million (US$104.7 million), reflecting a gross margin of 43.2%. Adjusted EBITDA increased 22.2% to RMB450.4 million (US$69.9 million) with a margin of 28.9%. Total cabinets under management rose by 2,388 to 65,264. Looking ahead, VNET anticipates Q4 2021 revenues between RMB1.75 billion and RMB1.77 billion, positioning for approximately 28.5% growth for the full year.

VNET Group, Inc. (Nasdaq: VNET), a leading data center services provider in China, will release its third quarter 2021 financial results on November 18, 2021, after market close. A conference call is scheduled for 8:00 PM U.S. Eastern Time the same day. Participants must register online to join the call, which will include details such as a unique ID and dial-in numbers. VNET offers a variety of services, including IDC and cloud services, supporting over 6,000 customers across various industries in more than 30 cities in China.

VNET Group announced a proposed offering of senior notes, subject to market conditions. The proceeds from the offering will be aimed at funding capital needs and general corporate purposes. The notes are expected to be rated B2 by Moody’s and B by S&P, and will be unsecured obligations of VNET. The offering will target qualified institutional buyers and non-U.S. persons outside the United States, adhering to U.S. Securities regulations. Completion of the offering is not guaranteed.

On October 8, 2021, 21Vianet Group, Inc. (VNET) held an Extraordinary General Meeting in Beijing, where shareholders approved a special resolution to change the company's name to VNET Group, Inc. This decision is effective immediately. VNET is recognized as a leading carrier- and cloud-neutral Internet data center services provider in China, offering a range of services including cloud and IDC services to a diverse client base across various industries. The company operates in over 20 cities and serves more than 6,000 enterprise customers.

21Vianet Group, Inc. (Nasdaq: VNET) announced recognition for its data centers in Beijing and Nantong as 5A Green Data Centers at the 2021 Open Data Center Summit. This rating, the highest in China, evaluates energy efficiency and innovation in green management. The Foshan Data Center received an award for innovative carbon emission reduction. CEO Samuel Shen highlighted the company's commitment to a green development framework aligned with China's carbon goals for 2030 and 2060, underscoring the focus on reducing emissions and enhancing sustainable operations.

21Vianet Group, a major carrier- and cloud-neutral Internet data center service provider in China, announced the resignation of COO Chunfeng Cai, effective October 1, 2021, due to personal reasons. CEO Samuel Shen expressed gratitude for Cai's contributions, particularly in implementing a dual-core strategy in the IDC market. 21Vianet operates across more than 20 cities in China, servicing over 6,000 clients from various industries, and remains focused on providing reliable hosting and cloud services.

21Vianet Group, a leading Internet data center services provider in China, reported a 30.8% increase in net revenues for Q2 2021, totaling RMB1.50 billion (US$231.9 million). Adjusted EBITDA rose by 38.7% to RMB425.1 million (US$65.8 million), exceeding prior guidance. The company's cash gross profit increased by 36.9% to RMB640.2 million (US$99.2 million), reflecting strong operational efficiency. For Q3 2021, net revenue guidance is set at RMB1.53-1.55 billion, anticipating a year-over-year growth of 28.4%.

21Vianet Group, Inc. (Nasdaq: VNET), a top provider of Internet data center services in China, is set to release its Q2 2021 financial results on August 24, 2021, post-market closure. An investor conference call will be conducted at 8 PM U.S. Eastern Time on the same day to discuss these results. Participants need to register online to receive call details and access dial-in numbers. A playback of the call will be available until September 1, 2021. The company's robust infrastructure supports over 6,000 clients across diverse sectors.