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VNET Group, Inc. (VNET) is the subject of a Schedule 13D filed by a group led by PJ Millennium Limited Partnership and its British Virgin Islands subsidiaries PJ Millennium I Limited and PJ Millennium II Limited, together with Lochpine BG I GP Limited and Lochpine Capital Limited. As of the August 24, 2026 closing, the group reports beneficial ownership of 195,127,260 Class A Ordinary Shares, representing 11.4% of VNET’s Ordinary Shares, based on 1,708,970,760 Ordinary Shares outstanding as of June 30, 2026. PJ Millennium I Limited and PJ Millennium II Limited each directly hold 97,563,630 Class A shares, or 5.7% each.
The stake arises under a May 13, 2026 Share Purchase Agreement under which the purchasers agreed to buy an aggregate of 650,424,192 Class A shares for US$942,182,804, or US$1.4486 per share. An early closing for the 195,127,260 shares held by one seller was completed on August 24, 2026 for US$282,654,841, with the remaining 455,296,932 shares still subject to closing. Related agreements grant the investors registration, information, pre-emptive and participation rights, the right to appoint one director to VNET’s board, certain consent rights on reserved matters, and voting and transfer arrangements with founder parties.
VNET Group, Inc. reported second quarter 2026 net revenues of RMB2.78 billion, up 14.2% year-over-year, driven by wholesale IDC revenue growth of 29.3% to RMB1.10 billion. Retail IDC revenue rose 9.1% to RMB1.05 billion, while non-IDC revenue increased modestly.
GAAP gross profit declined 7.8% to RMB505.2 million as gross margin fell from 22.5% to 18.2%, mainly due to higher depreciation from rapid capacity expansion. However, non-GAAP adjusted cash gross profit grew 9.4% to RMB1.16 billion, and adjusted EBITDA increased 25.4% to RMB918.3 million, lifting adjusted EBITDA margin to 33.0%.
GAAP net loss attributable to VNET widened to RMB135.6 million from RMB11.9 million, largely reflecting a swing in fair value of financial instruments from a gain to a loss. Excluding this, adjusted net income turned positive at RMB7.4 million versus a prior adjusted net loss. The company ended June 30, 2026 with total cash, restricted cash and short-term investments of RMB7.21 billion against total debt of RMB23.42 billion.
Wholesale capacity in service rose to 1,007MW with total capacity committed of 970MW, and VNET secured a 345MW wholesale order and expanded its land bank to over 4GW of capacity. Full-year 2026 guidance was reiterated, targeting net revenues of RMB11.5–11.8 billion and adjusted EBITDA of RMB3,550–3,750 million. VNET also announced a strategic cooperation agreement with CATL to jointly develop integrated compute-energy infrastructure.
VNET Group, Inc. received an updated ownership report from Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., and Steven A. Cohen regarding Class A ordinary shares held in the form of American Depositary Shares (ADSs) through Point72 Associates, LLC.
The reporting group states beneficial ownership of 109,989,366 Class A Ordinary Shares, represented by 18,331,561 ADSs, including 244,800 Class A Ordinary Shares (represented by 40,800 ADSs) issuable upon exercise of call options. This position represents 6.6% of VNET’s outstanding Class A Ordinary Shares as of June 30, 2026, with shared voting and dispositive power and no directly held Class A shares.
VNET Group, Inc. director David Lifeng Chen reported the vesting and exercise of 83,544 RSUs into the same number of Class A ordinary shares in the form of American depositary shares on July 31, 2026. After this, he held 501,252 Class A ordinary shares and 417,708 unvested RSUs scheduled to vest through 2027.
VNET Group director Sean Shao sold shares in the company. On June 1, 2026, he completed an open-market sale of 60,000 Class A ordinary shares, at an average price of $1.7133 per share.
The shares were sold in the form of American depositary shares, with each ADS representing six Class A ordinary shares. After this transaction, Shao directly holds 983,820 Class A ordinary shares, indicating he retains a substantial stake in VNET Group.
VNET Group, Inc. reported solid first-quarter 2026 growth while remaining loss-making. Total net revenues rose 19.8% year-over-year to RMB2.69 billion, driven by a 58.1% surge in wholesale IDC revenues to RMB1.06 billion, while retail IDC revenues grew 5.4% to RMB1.02 billion.
Adjusted EBITDA increased 30.6% to RMB891.5 million, lifting the adjusted EBITDA margin to 33.1%. Wholesale capacity in service reached 907MW with a 75.7% utilization rate and total committed capacity of 869MW, showing strong demand, particularly in the Greater Beijing Area.
Despite better operating metrics, net loss attributable to VNET widened to RMB531.8 million, mainly due to RMB486.2 million of capital transactions-related income tax expenses and significant accretion on redeemable non-controlling interests. Liquidity remained sizable with RMB8.80 billion in cash, restricted cash and short-term investments.
Strategically, new CATL-affiliated investors agreed to acquire up to 650,424,192 Class A shares at US$1.4486 per share, potentially holding about 38.1% of outstanding shares after an expected fourth-quarter 2026 closing, subject to shareholder and other conditions.
VNET Group SVP of Operational Finance, Zhang Zhihua, reported RSU vesting, a new RSU grant, and a small tax-related sale of shares. On May 15, 2026, 42,996 Restricted Share Units vested and were converted into the same number of Class A ordinary shares, and 42,996 new RSUs were granted.
To cover tax liabilities from the vesting, 9,072 Class A ordinary shares were sold at an average price of $1.6946 per share on May 18, 2026, leaving 33,924 shares held directly afterward. The filing also notes 158,400 unvested RSUs remaining, with 79,200 scheduled to vest on October 31, 2026 and 79,200 on October 31, 2027.
VNET Group’s largest Schedule 13D holder is exiting its position through a structured block sale. Shandong Hi-Speed Holdings Group Limited, via its subsidiaries Success Flow and Choice Faith, agreed to sell 650,424,192 Class A Ordinary Shares to PJ Millennium I and II for cash consideration of US$942,182,804.
The sale shares comprise 455,296,932 shares from Success Flow and 195,127,260 shares from Choice Faith, representing 38.1% of the issuer’s 1,708,149,858 Ordinary Shares outstanding as of March 31, 2026. Purchasers will pay a 30% deposit, with closing conditional on SDHG shareholder approval and specified Hong Kong regulatory clearances, and scheduled for the later of the third business day after those conditions are met and October 30, 2026. If the transaction closes, the reporting persons will own under 5% and treat this amendment as an exit filing, ending their Schedule 13D reporting.
VNET Group’s founder, Sheng Chen, and affiliated entities filed Amendment No. 10 to their Schedule 13D to reflect a major share purchase and voting arrangement. Chen beneficially owns 553,737,207 ordinary shares, or 32.4% of VNET’s total 1,708,149,858 outstanding ordinary shares as of March 31, 2026.
On May 13, 2026, non‑controlled affiliates of Contemporary Amperex Technology Co., Limited agreed to buy up to 650,424,192 Class A ordinary shares from Investor A and Investor B. At closing, Chen will lose voting power over 455,296,932 Investor A shares but gain shared voting power over up to 325,212,096 shares held by the buyers under a voting and consortium agreement. After the transaction closes, his beneficial ownership could be up to 423,652,371 shares, representing up to 24.8% of outstanding shares and up to 34.3% of voting power.
TAI KENNETH reported acquisition or exercise transactions in this Form 4 filing.
VNET Group, Inc. director Kenneth Tai received a grant of 243,768 Restricted Share Units (RSUs) as equity compensation. Each RSU gives him the right to receive one Class A ordinary share when it vests. The award was granted under the company’s share incentive plans.
The RSUs vest over three years: 81,252 units on December 13, 2026, and 81,258 units on each of December 13, 2027 and December 13, 2028. After this grant, Tai holds 243,768 RSUs directly, aligning his compensation more closely with shareholder interests over a multi‑year period.