VNET Announces New Strategic Investors

VNET (Nasdaq: VNET) announced a strategic investment where PJ Millennium I and II will buy from SDHG-owned sellers up to 650,424,192 Class A shares at US$1.4486 per share (US$8.6914 per ADS).

Rhea-AI Impact

(High)

Rhea-AI Sentiment

(Positive)

Rhea-AI Summary

VNET (Nasdaq: VNET) announced a strategic investment where PJ Millennium I and II will buy from SDHG-owned sellers up to 650,424,192 Class A shares at US$1.4486 per share (US$8.6914 per ADS). Closing is subject to conditions and targeted for Q4 2026.

Post-closing, buyers may hold up to 38.1% of VNET. Investor rights, lock-up, and voting agreements with the founder and affiliates are designed to support control stability and align voting of certain acquired shares with founder instructions for a specified period.

Positive

Strategic investors to acquire up to 650,424,192 Class A shares
Purchase price set at US$1.4486 per ordinary share, US$8.6914 per ADS
Buyers may hold up to 38.1% of VNET’s outstanding shares post-closing
Investor rights agreement includes transfer restrictions on certain acquired shares
Voting agreement aligns votes of some acquired shares with founder instructions
Buyers undertake actions to support stability of VNET’s corporate control

Negative

None.

Argus May 13 session

+25.06% close to close Open Argus

Details

News Market Reaction – VNET

In the May 13 session, VNET gained 25.06%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +25.1% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +25.1% in the session following this news. A strong positive reaction aligns with the entry of sizable strategic investors acquiring up to 650,424,192 Class A shares at US$1.4486 per share (US$8.6914 per ADS). Past news has produced mixed outcomes, with some positive catalysts still followed by selling. Investors would have needed to watch for profit-taking, insider activity, and broader Technology-sector sentiment as potential checks on how long such strength could persist.

Key Figures

Shares in proposed investment: up to 650,424,192 shares Ordinary share price: US$1.4486 per share ADS price: US$8.6914 per ADS +5 more

Shares in proposed investment: up to 650,424,192 shares; Class A ordinary shares to be purchased from Sellers
Ordinary share price: US$1.4486 per share; Cash consideration per Class A ordinary share
ADS price: US$8.6914 per ADS; Price equivalent per American Depositary Share
Post-closing stake: 38.1%; Approximate ownership of Buyers after closing of Proposed Investment
Shares outstanding: 1,708,149,858 shares; Total ordinary shares issued and outstanding as of March 31, 2026
Seller B disposal allowance: up to 195,127,260 shares; Class A ordinary shares Seller B may dispose of before closing
Current ADS price: $9.02; Pre-news price vs. US$8.6914 per ADS deal reference
52-week range: $5.145–$14.48; Pre-news 52-week low and high for VNET

Historical Context

5 past events · Latest: May 12

5 events

May 12
Earnings date notice

24h Move

-1.3%

Announcement of Q1 2026 results release date and earnings call details.
Apr 24
ESG report

24h Move

+4.3%

Publication of 2025 ESG report with renewable energy and green finance metrics.
Apr 20
Leadership change

24h Move

-2.0%

CFO resignation announcement and designation of principal accounting officer.
Apr 16
Annual report filing

24h Move

+1.3%

Form 20-F filing with audited financials and risk disclosures for 2025.
Mar 16
Earnings results

24h Move

-8.6%

Q4 and full-year 2025 revenue and EBITDA growth driven by IDC expansion.

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

Key Terms

share purchase agreement, investor rights agreement, voting and consortium agreement, american depositary shares, +1 more

5 terms

investor rights agreement financial

"the Buyers entered into an investor rights agreement with the Company (the "Investor Rights Agreement")"

A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.

voting and consortium agreement financial

"and a voting and consortium agreement (the "Voting and Consortium Agreement") with Mr."

A voting and consortium agreement is a contract among shareholders or investors who hold significant stakes that sets out how they will vote on corporate decisions and coordinate their actions, such as board appointments, major transactions, or exit plans. It matters to investors because it determines who effectively controls company decisions and how blocks of shares will act together—like neighbors agreeing in advance to vote the same way at a homeowners’ meeting so their combined influence is predictable.

american depositary shares financial

"which is equivalent to US$8.6914 per ADS"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

class a ordinary shares financial

"to purchase from the Sellers in aggregate up to 650,424,192 Class A ordinary shares"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

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

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05/13/2026 - 08:15 AM

BEIJING, May 13, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced that PJ Millennium I Limited ("Buyer I") and PJ Millennium II Limited ("Buyer II", together with "Buyer I", the "Buyers") have entered into a share purchase agreement (the "Share Purchase Agreement") with Success Flow International Investment Limited ("Success Flow") and Choice Faith Group Holdings Limited ("Choice Faith", together with "Success Flow", the "Sellers") to purchase from the Sellers in aggregate up to 650,424,192 Class A ordinary shares in the Company (the "Proposed Investment"), at a price of US$1.4486 per ordinary share in cash (which is equivalent to US$8.6914 per ADS). VNET also entered into a deed with the Buyers to provide certain representations and warranties and undertakings to the Buyers in connection with the Proposed Investment. The closing of the Proposed Investment is subject to conditions set forth in the Share Purchase Agreement, including approval by the shareholders of SDHG (as defined below), and is expected to take place in the fourth quarter of 2026.

Both Buyers are wholly-owned subsidiaries of PJ Millennium Limited Partnership ("PJ Millennium Partnership"). The general partner of PJ Millennium Partnership is Lochpine BG I GP Limited, which is a non-controlled and non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK).

Both Sellers are beneficially owned by Shandong Hi-Speed Holdings Group Limited ("SDHG") (stock code: 00412.HK).

Immediately after the closing of the Proposed Investment, the Buyers will hold in aggregate approximately up to 38.1% of the total issued and outstanding shares of the Company, based on 1,708,149,858 ordinary shares issued and outstanding as of March 31, 2026. Under the Share Purchase Agreement, Seller B may dispose of up to 195,127,260 Class A ordinary shares held by it before the closing of the Proposed Investment, unless the Buyers require the closing in respect of all of such Class A ordinary shares to take place on or before September 15, 2026, subject to the terms and conditions of the Share Purchase Agreement.

Concurrently with the signing of the Share Purchase Agreement, the Buyers entered into an investor rights agreement with the Company (the "Investor Rights Agreement") and a voting and consortium agreement (the "Voting and Consortium Agreement") with Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET, and certain affiliated investment vehicles (collectively, the "Founder Parties"), both of which will become effective upon closing of the Proposed Investment. Pursuant to the Investor Rights Agreement, the Company will grant the Buyers certain investor rights and the Buyers will be restricted from transferring or otherwise disposing of certain Class A ordinary shares of the Company acquired in the Proposed Investment for a specified period, subject to terms and conditions of the Investor Rights Agreement. In addition, the Buyers undertake to take necessary actions to support the stability of control of the Company.

Pursuant to the Voting and Consortium Agreement, the Buyers will vote certain Class A ordinary shares of the Company acquired in the Proposed Investment at the shareholders' meetings of the Company in accordance with any voting instructions provided by the Founder Parties for a specified period, subject to the terms and conditions of the Voting and Consortium Agreement.

"We are pleased to welcome our new strategic investors and greatly appreciate their strong support for VNET and our long-term vision. Looking ahead, we will work closely with our strategic partners to deepen collaboration across technology and supply chains, and to jointly advance original, end-to-end innovation across the next generation of the AIDC industry," said Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET.

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: the consummation of the Proposed Investment; 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-new-strategic-investors-302770890.html

SOURCE VNET Group, Inc.

FAQ

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

What strategic investment did VNET (Nasdaq: VNET) announce on May 13, 2026?

VNET announced a planned share sale to new strategic investors PJ Millennium I and II, subject to closing conditions. According to VNET, the buyers will acquire up to 650,424,192 Class A shares from SDHG-owned sellers under a signed share purchase agreement.

How many VNET shares are involved in the PJ Millennium investment and at what price?

The proposed investment covers up to 650,424,192 VNET Class A ordinary shares at US$1.4486 per share. According to VNET, this equals US$8.6914 per ADS, with all consideration payable in cash under the share purchase agreement with SDHG-affiliated sellers.

When is the VNET (VNET) strategic investment with PJ Millennium expected to close?

The transaction is expected to close in the fourth quarter of 2026, subject to conditions. According to VNET, closing depends on factors including approval by SDHG shareholders and other conditions detailed in the share purchase agreement between the buyers and sellers.

What ownership stake in VNET will PJ Millennium’s subsidiaries hold after the proposed investment?

Immediately after closing, PJ Millennium I and II are expected to hold up to about 38.1% of VNET shares. According to VNET, this is based on 1,708,149,858 ordinary shares outstanding as of March 31, 2026, assuming full completion of the proposed purchase.

How do the investor rights and voting agreements affect VNET’s control structure?

The agreements are structured to support stability of VNET’s control while introducing new investors. According to VNET, buyers face transfer restrictions on certain shares and must vote specified shares per instructions from founder-linked parties for a defined period.

Who are the buyers and sellers in VNET’s May 13, 2026 strategic investment deal?

The buyers are PJ Millennium I and II, subsidiaries of PJ Millennium Limited Partnership. According to VNET, the sellers are Success Flow and Choice Faith, both beneficially owned by Shandong Hi-Speed Holdings Group, with all parties bound by the share purchase agreement.

What is the relationship between PJ Millennium Partnership and Contemporary Amperex Technology in the VNET deal?

PJ Millennium Partnership’s general partner is Lochpine BG I GP, a non-controlled, non-consolidated affiliate of Contemporary Amperex Technology. According to VNET, this affiliation is disclosed to clarify the buyers’ background but does not imply direct corporate control by Contemporary Amperex.

VNET Announces New Strategic Investors