VNET Announces Changes to Leadership Team

VNET (Nasdaq: VNET) announced a CFO leadership change: Mr. Qiyu Wang will resign as Chief Financial Officer, effective April 30, 2026, for personal reasons.

Rhea-AI Summary

VNET (Nasdaq: VNET) announced a CFO leadership change: Mr. Qiyu Wang will resign as Chief Financial Officer, effective April 30, 2026, for personal reasons. The company said the resignation is not due to disagreement with VNET or its accounting practices.

VNET noted that Peter Zhihua Zhang, appointed in February 2026 as Senior Vice President, Operational Finance, will serve as the company’s principal accounting officer; Mr. Zhang has worked at VNET since 2019 and will oversee financial operations during the transition.

Positive

• Internal successor in place as principal accounting officer
• Peter Zhang has served at VNET since 2019
• Appointment maintains continuity in financial operations

Negative

• CFO Qiyu Wang resigns effective April 30, 2026
• Leadership transition could cause short-term operational disruption

Argus Apr 20 session

-2.02% close to close Open Argus

Details

News Market Reaction – VNET

In the Apr 20 session, VNET declined 2.02%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a planned CFO transition effective April 30, 2026, framed as unrelated ...

Analysis

This announcement highlights a planned CFO transition effective April 30, 2026, framed as unrelated to operations or accounting matters. Contextually, VNET has recently strengthened its finance function by appointing a senior operational finance leader as principal accounting officer. Investors may track how this leadership change interacts with themes from recent earnings, capital raises, and regulatory filings, including the company’s growth trajectory and the risk disclosures outlined in its latest 20-F.

Key Figures

CFO resignation effective date: April 30, 2026 Appointment month: February 2026 Service tenure reference: 2019 +5 more

CFO resignation effective date

April 30, 2026

Effective date of Qiyu Wang’s resignation as CFO

Appointment month

February 2026

Month Peter Zhihua Zhang was appointed SVP, Operational Finance

Service tenure reference

2019

Year Peter Zhang joined VNET’s finance operations

Current share price

$9.39

Price before leadership change news on 2026-04-20

1-day price change

1.29%

Move in the 24h prior to the news publication

52-week high

$14.48

Upper end of 52-week trading range pre-announcement

52-week low

$4.65

Lower end of 52-week trading range pre-announcement

Market capitalization

$2,493,870,102

Equity value prior to CFO resignation announcement

Historical Context

5 past events · Latest: Mar 16

5 events

1. Mar 16

   Q4/FY25 earnings

   24h Move

   -8.6%

   Strong Q4 and 2025 revenue and EBITDA growth from wholesale IDC expansion.

2. Mar 04

   Earnings date notice

   24h Move

   +4.1%

   Announcement of timing and call details for Q4 and full-year 2025 results.

3. Feb 27

   Private placement

   24h Move

   -5.4%

   US$138M private placement of Class A shares for general corporate purposes.

4. Feb 13

   Finance officer appointment

   24h Move

   -1.6%

   Appointment of Peter Zhang as SVP Operational Finance and principal accounting officer.

5. Nov 20

   Q3 2025 earnings

   24h Move

   -1.2%

   Strong Q3 revenue, IDC growth and improved EBITDA margin with raised 2025 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

principal accounting officer, u.s. federal securities laws, sec rules, nasdaq requirements

4 terms

principal accounting officer regulatory

"to oversee the Company's financial operations and to serve as the Company's "principal accounting officer""

The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.

u.s. federal securities laws regulatory

"in accordance with applicable U.S. federal securities laws, SEC rules, and Nasdaq requirements"

A set of federal laws that govern the offer, sale and trading of stocks, bonds and other investments in the United States, requiring companies to provide truthful, timely information and banning fraud and insider trading. For investors, these rules act like traffic laws for markets: they aim to keep trading fair and transparent, reduce the risk of deception, and provide legal remedies when companies or individuals break the rules.

sec rules regulatory

"in accordance with applicable U.S. federal securities laws, SEC rules, and Nasdaq requirements"

SEC rules are the regulations issued by the U.S. Securities and Exchange Commission that govern how companies disclose financial information, how securities are offered and traded, and what standards brokers and funds must follow. For investors they matter because these rules act like the “rules of the road” for markets—promoting transparency, reducing fraud, and shaping legal and financial risks that affect stock prices and confidence.

nasdaq requirements regulatory

"in accordance with applicable U.S. federal securities laws, SEC rules, and Nasdaq requirements"

Nasdaq requirements are the financial, reporting and governance rules a company must meet to be listed and remain listed on the Nasdaq stock market — things like minimum revenue or market value, regular financial reports, board and audit standards, and a minimum share price. For investors, these rules act like a mall lease: they help ensure baseline transparency, oversight and liquidity; failure to meet them can lead to fines or delisting, increasing risk and reducing a stock's tradability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEIJING, April 20, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), today announced that Mr. Qiyu Wang has resigned from his position as VNET's Chief Financial Officer for personal reasons, effective April 30, 2026. Mr. Wang's resignation is not due to any disagreement with the Company, nor does it relate to the Company's operations, policies, practices, accounting matters, or procedures.

Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET, commented, "On behalf of the Company, I would like to thank Qiyu for his contributions during his tenure. His financial discipline and strategic insight have been instrumental to the Company's growth. We wish him every success in his future endeavors."

In February 2026, the Company announced the appointment of Mr. Peter Zhihua Zhang as Senior Vice President, Operational Finance of VNET, to oversee the Company's financial operations and to serve as the Company's "principal accounting officer" in accordance with applicable U.S. federal securities laws, SEC rules, and Nasdaq requirements. Since joining VNET in 2019, Mr. Zhang has demonstrated extensive expertise in multiple key roles within the Company's finance operations.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com

View original content:https://www.prnewswire.com/news-releases/vnet-announces-changes-to-leadership-team-302747154.html

SOURCE VNET Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did VNET (Nasdaq: VNET) CFO Qiyu Wang resign on April 20, 2026?

Mr. Qiyu Wang resigned for personal reasons, effective April 30, 2026. According to the company, the resignation is not due to any disagreement with VNET or its accounting practices, and it does not relate to the company’s operations or policies.

Who will handle VNET (Nasdaq: VNET) financial duties after Qiyu Wang leaves on April 30, 2026?

Peter Zhihua Zhang will serve as the company’s principal accounting officer and oversee financial operations. According to the company, Mr. Zhang was appointed in February 2026 and has worked at VNET since 2019.

When is VNET (Nasdaq: VNET) CFO resignation effective and how did the company describe it?

The resignation is effective April 30, 2026, described as for personal reasons. According to the company, it expressly stated the departure is not related to disagreements or accounting matters.

What experience does Peter Zhihua Zhang have for his role at VNET (Nasdaq: VNET)?

Peter Zhihua Zhang has worked at VNET since 2019 and held multiple finance roles. According to the company, his tenure includes extensive expertise in finance operations and he now oversees operational finance.

Does VNET (Nasdaq: VNET) say the CFO resignation involves accounting or policy issues?

No, the company said the resignation does not relate to accounting, operations, policies, or practices. According to the company, the departure was for personal reasons and not due to any disagreement with VNET.