VNET Group's Zhihua Zhang sells 28,740 shares

The SVP's transactions were reported as direct holdings, and no Rule 10b5-1 plan was reported.

Available on EDGAR 11/03/2026 - 08:15 AM EST Accepted by SEC EDGAR 11/03/2026 - 08:14 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

VNET Group, Inc. SVP of Operational Finance Zhihua Zhang had 79,200 RSUs vest on October 31, 2026, delivering 79,200 Class A ordinary shares. On November 2, 2026, he sold 28,740 Class A ordinary shares at $0.5472 per share in ADS form under a sell-to-cover arrangement for tax liabilities from RSU vesting. A further 79,200 RSUs are scheduled to vest on October 31, 2027.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider ZHANG ZHIHUA

Role SVP, Operational Finance

Sold 28,740 shs ($16K)

Approx. gross sale proceeds $16K

Share of Position Sold 25.4%

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares F3	28,740	$0.5472	$16K
Exercise	Restricted Share Units (RSUs) F2, F4, F5, F1, F6	79,200	$0.00	$0.00
Exercise	Class A ordinary shares F1, F2	79,200	$0.00	$0.00

Holdings After Transaction: Restricted Share Units (RSUs) — 79,200 contracts (Direct); Class A ordinary shares — 84,384 shares (Direct)

Holdings Before and After: Restricted Share Units (RSUs), 158,400 to 79,200 contracts (Direct); Class A ordinary shares, 33,924 to 84,384 shares (Direct)

Footnotes (6)

1. F1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"). Each ADS represents six(6) Class A ordinary shares.
2. F2. Represents 79,200 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs on October 31, 2026.
3. F3. Represents 28,740 Class A ordinary shares sold in the form of American depositary shares pursuant to a sell-to-cover arrangement for purposes of satisfying tax liabilities incurred upon vesting of restricted share units.
4. F4. Represents RSUs granted to the reporting person pursuant to the issuer's share incentive plans, of which 79,200 RSUs vested on October 31, 2026. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.
5. F5. These RSUs do not have an expiration date.
6. F6. The remaining 79,200 RSUs granted to the reporting person pursuant to the issuer's share incentive plans will vest on October 31, 2027. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.

Key Figures

Class A ordinary shares sold: 28,740 shares Sale price: $0.5472 per share RSUs vested: 79,200 RSUs +2 more

5 metrics

Class A ordinary shares sold 28,740 shares November 2, 2026; sold in the form of ADS

Sale price $0.5472 per share November 2, 2026

RSUs vested 79,200 RSUs October 31, 2026

Class A ordinary shares acquired upon vesting 79,200 shares October 31, 2026

RSUs remaining 79,200 RSUs Scheduled to vest on October 31, 2027

Key Terms

Restricted Share Units (RSUs), American depositary shares ("ADS"), sell-to-cover arrangement

3 terms

Restricted Share Units (RSUs) financial

"Represents RSUs granted to the reporting person pursuant to the issuer's share incentive plans"

Restricted share units (RSUs) are a form of employee pay where a company promises to give shares (or their cash value) to workers after certain conditions, usually time or performance, are met. For investors, RSUs matter because they can increase the number of shares outstanding and signal how management is being paid and incentivized—think of them as delayed bonuses that convert into ownership when vesting conditions are satisfied.

American depositary shares ("ADS") financial

"held in the form of American depositary shares ("ADS")"

American depositary shares are U.S.-listed certificates issued by a bank that represent ownership in shares of a foreign company, trading on American exchanges in dollars. Think of them as voucher tickets that let U.S. investors buy and sell foreign stock without handling foreign exchanges, currencies, or settlement rules directly. They matter because they make cross-border investing simpler and can affect liquidity, dividend payments and currency exposure for investors.

sell-to-cover arrangement financial

"sold in the form of American depositary shares pursuant to a sell-to-cover arrangement"

FAQ

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

How many VNET shares did Zhihua Zhang sell, and at what price?

Zhihua Zhang, VNET's SVP of Operational Finance, sold 28,740 Class A ordinary shares at $0.5472 per share on November 2, 2026. The shares were held in the form of ADS and sold under a sell-to-cover arrangement to satisfy tax liabilities incurred upon RSU vesting; no Rule 10b5-1 plan was reported.

When will Zhihua Zhang's remaining VNET RSUs vest?

The remaining 79,200 RSUs are scheduled to vest on October 31, 2027. Each RSU represents the contingent right to receive one Class A ordinary share upon vesting.

How many VNET Class A ordinary shares does each ADS represent?

Each ADS represents six Class A ordinary shares.

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

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ZHANG ZHIHUA

(Last) (First) (Middle)

10# JIU XIANQIAO EAST ROAD,

CHAOYANG DISTRICT

(Street)

BEIJING 100016

(City) (State) (Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
VNET Group, Inc. [ VNET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Operational Finance

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares(1)	10/31/2026		M		79,200(2)	A	$0	113,124	D
Class A ordinary shares(3)	11/02/2026		S		28,740	D	$0.5472	84,384	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Units (RSUs)	(2)	10/31/2026		M			79,200	(4)	(5)	Class A ordinary shares(1)	79,200	$0	79,200(6)	D

Explanation of Responses:

1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"). Each ADS represents six(6) Class A ordinary shares.

2. Represents 79,200 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs on October 31, 2026.

3. Represents 28,740 Class A ordinary shares sold in the form of American depositary shares pursuant to a sell-to-cover arrangement for purposes of satisfying tax liabilities incurred upon vesting of restricted share units.

4. Represents RSUs granted to the reporting person pursuant to the issuer's share incentive plans, of which 79,200 RSUs vested on October 31, 2026. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.

5. These RSUs do not have an expiration date.

6. The remaining 79,200 RSUs granted to the reporting person pursuant to the issuer's share incentive plans will vest on October 31, 2027. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.

	/s/ Zhang Zhihua	11/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)