VNET director exercises 83,544 RSUs into shares

VNET Group, Inc. director Chen David Lifeng acquired 83,544 Class A ordinary shares through the vesting and exercise of an equal number of restricted share units on April 30, 2026.

Rhea-AI Filing Summary

VNET Group, Inc. director Chen David Lifeng acquired 83,544 Class A ordinary shares through the vesting and exercise of an equal number of restricted share units on April 30, 2026. These shares are in the form of American depositary shares, each representing six Class A ordinary shares.

Following the transaction, he holds 417,708 Class A ordinary shares directly and retains 501,252 unvested RSUs granted under the company’s share incentive plans. The remaining RSUs vest in scheduled tranches through October 31, 2027, with each RSU convertible into one Class A ordinary share.

Insider Trade Summary

83,544 shares exercised/converted

Exercise 2 txns

Insider Chen David Lifeng

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units (RSUs)	83,544	$0.00	$0.00
Exercise	Class A ordinary shares	83,544	$0.00	$0.00

Holdings After Transaction: Restricted Share Units (RSUs) — 501,252 contracts (Direct); Class A ordinary shares — 417,708 shares (Direct)

Footnotes (4)

1. F1. Represents Class A ordinary shares in the form of American depositary shares, each representing six Class A ordinary shares of the issuer.
2. F2. Represents 83544 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs on April 30, 2026.
3. F3. For the remaining 501,252 RSUs granted to the reporting person pursuant to the issuer's share incentive plans, 83,544 RSUs will vest on July 31, 2026, January 31, 2027, April 30, 2027 and October 31, 2027, respectively, and 83,538 RSUs will vest on October 31, 2026 and July 31, 2027, respectively. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.
4. F4. These RSUs do not have an expiration date.

Key Figures

RSUs exercised: 83,544 shares Shares held after transaction: 417,708 shares Remaining RSUs: 501,252 RSUs +2 more

5 metrics

RSUs exercised 83,544 shares Class A ordinary shares acquired on April 30, 2026 via RSU vesting

Shares held after transaction 417,708 shares Total direct Class A ordinary shares following the Form 4 transaction

Remaining RSUs 501,252 RSUs Unvested restricted share units outstanding after the reported exercise

ADS to ordinary share ratio 1 ADS = 6 shares Each ADS represents six Class A ordinary shares of the issuer

Future RSU vesting tranches 4 × 83,544 and 2 × 83,538 Scheduled RSU vesting amounts between July 31, 2026 and October 31, 2027

Key Terms

Restricted Share Units (RSUs), American depositary shares, Class A ordinary shares, share incentive plans

4 terms

Restricted Share Units (RSUs) financial

"Represents 83544 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs"

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 financial

"Represents Class A ordinary shares in the form of American depositary shares, each representing six Class A ordinary shares"

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

"Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting"

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.

share incentive plans financial

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

FAQ

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

What insider transaction did VNET (VNET) director Chen David Lifeng report?

Director Chen David Lifeng reported acquiring 83,544 Class A ordinary shares via vesting of an equal number of RSUs on April 30, 2026. This reflects a routine equity compensation event rather than an open-market share purchase or sale.

How many VNET (VNET) shares does Chen David Lifeng hold after this Form 4?

After the reported transaction, Chen David Lifeng holds 417,708 Class A ordinary shares directly. These holdings come in addition to his remaining unvested RSUs, which, upon future vesting, can convert into more Class A ordinary shares of VNET Group, Inc.

How many VNET (VNET) RSUs remain outstanding for Chen David Lifeng?

Chen David Lifeng has 501,252 restricted share units outstanding after this transaction. Each RSU represents the contingent right to receive one Class A ordinary share of VNET Group, Inc. upon vesting, providing additional potential future equity exposure.

What is the vesting schedule for Chen David Lifeng’s remaining VNET RSUs?

For the remaining 501,252 RSUs, 83,544 units will vest on July 31, 2026, January 31, 2027, April 30, 2027 and October 31, 2027, and 83,538 units will vest on October 31, 2026 and July 31, 2027, subject to the plan’s terms.

Are Chen David Lifeng’s vested VNET shares represented by American depositary shares?

Yes. The filing notes that the Class A ordinary shares are in the form of American depositary shares, with each ADS representing six Class A ordinary shares of VNET Group, Inc., linking U.S.-traded instruments to the underlying ordinary shares.

Do Chen David Lifeng’s VNET RSUs have an expiration date?

The filing specifies that these restricted share units do not have an expiration date. Instead, they are governed by the stated vesting schedule, after which each vested RSU converts into one Class A ordinary share of VNET Group, Inc.

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

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Accepted by SEC EDGAR 05/01/2026 - 06:01 AM Learn about SEC filing dates

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^*

Chen David Lifeng

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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)	04/30/2026		M		83,544(2)	A	$0	417,708	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)	04/30/2026		M			83,544	(3)	(4)	Class A ordinary shares(1)	83,544	$0	501,252(3)	D

Explanation of Responses:

1. Represents Class A ordinary shares in the form of American depositary shares, each representing six Class A ordinary shares of the issuer.

2. Represents 83544 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs on April 30, 2026.

3. For the remaining 501,252 RSUs granted to the reporting person pursuant to the issuer's share incentive plans, 83,544 RSUs will vest on July 31, 2026, January 31, 2027, April 30, 2027 and October 31, 2027, respectively, and 83,538 RSUs will vest on October 31, 2026 and July 31, 2027, respectively. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.

4. These RSUs do not have an expiration date.

	/s/Chen David Lifeng	05/01/2026
	** 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)