What RSU vesting and share acquisition did Zhang Zhihua report at VNET?

The filing shows 42,996 Restricted Share Units vested on May 15, 2026, converting into 42,996 Class A ordinary shares. These shares are represented by American depositary shares, with each ADS representing six Class A ordinary shares of VNET Group, Inc., per the footnote.

VNET Group (VNET) SVP vests RSUs and sells shares for tax

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

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.

Insider Trade Summary

Net Seller: 9,072 shares ($15,373)

Net Sell 4 txns

Insider ZHANG ZHIHUA

Role SVP, Operational Finance

Sold 9,072 shs ($15K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	9,072	$1.6946	$15K
Grant/Award	Restricted Share Units (RSUs)	42,996	$0.00	--
Exercise	Restricted Share Units (RSUs)	42,996	$0.00	--
Exercise	Class A ordinary shares	42,996	$0.00	--

Holdings After Transaction: Class A ordinary shares — 33,924 shares (Direct, null); Restricted Share Units (RSUs) — 201,396 shares (Direct, null)

Footnotes (1)

Represents Class A ordinary shares in the form of American depositary shares, each representing six Class A ordinary shares of the issuer. Represents 42,996 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs on May 15, 2026. Represents 9072 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. Represents RSUs granted to the reporting person pursuant to the issuer's share incentive plans, of which 42,996 RSUs vested on May 15, 2026. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting. These RSUs do not have an expiration date. For the remaining 158,400 RSUs granted to the reporting person pursuant to the issuer's share incentive plans, 79,200 RSUs will vest on October 31, 2026 and October 31, 2027, respectively. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.

Key Figures

Shares sold: 9,072 shares Sale price per share: $1.6946 per share Shares held after sale: 33,924 shares +4 more

7 metrics

Shares sold 9,072 shares Class A ordinary shares sold on May 18, 2026

Sale price per share $1.6946 per share Average sale price for 9,072 shares

Shares held after sale 33,924 shares Direct Class A ordinary shares following May 18, 2026 sale

RSUs vested 42,996 RSUs Vested and converted into shares on May 15, 2026

New RSU grant 42,996 RSUs Granted on May 15, 2026 under share incentive plans

Remaining RSUs 158,400 RSUs Unvested RSUs after reported transactions

Future vesting tranches 79,200 RSUs each Scheduled to vest on October 31, 2026 and October 31, 2027

Key Terms

Restricted Share Units (RSUs), sell-to-cover arrangement, American depositary shares, share incentive plans, +1 more

5 terms

sell-to-cover arrangement financial

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

American depositary shares financial

"Represents Class A ordinary shares in the form of American depositary 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.

vesting financial

"42,996 RSUs vested on May 15, 2026"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 06:23 AM

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)
05/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A ordinary shares⁽¹⁾	05/15/2026		M		42,996⁽²⁾	A	$0	42,996	D
Class A ordinary shares⁽³⁾	05/18/2026		S		9,072	D	$1.6946	33,924	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Share Units (RSUs)	⁽⁴⁾	05/15/2026		A		42,996		⁽⁴⁾	⁽⁵⁾	Class A ordinary shares⁽¹⁾	42,996	$0	201,396	D
Restricted Share Units (RSUs)	⁽²⁾	05/15/2026		M			42,996	⁽⁴⁾	⁽⁵⁾	Class A ordinary shares⁽¹⁾	42,996	$0	158,400⁽⁶⁾	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 42,996 Class A ordinary shares in the form of American depositary shares acquired upon the vesting of the same number of RSUs on May 15, 2026.

3. Represents 9072 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 42,996 RSUs vested on May 15, 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. For the remaining 158,400 RSUs granted to the reporting person pursuant to the issuer's share incentive plans, 79,200 RSUs will vest on October 31, 2026 and October 31, 2027, respectively. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the issuer upon vesting.

	/s/ Zhang Zhihua	05/19/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did VNET (VNET) SVP Zhang Zhihua report?

Zhang Zhihua reported RSU vesting, a new RSU grant, and a small share sale. On May 15, 2026, 42,996 RSUs vested and 42,996 new RSUs were granted, followed by selling 9,072 shares on May 18, 2026 to cover taxes.

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

Zhang Zhihua sold 9,072 Class A ordinary shares at an average price of $1.6946 per share. According to the filing, this sale was made under a sell-to-cover arrangement to satisfy tax liabilities arising from RSU vesting on May 15, 2026.

How many VNET shares does Zhang Zhihua hold after the reported sale?

After selling 9,072 Class A ordinary shares on May 18, 2026, Zhang Zhihua directly holds 33,924 Class A ordinary shares. This post-transaction holding reflects the remaining shares following the tax-related sell-to-cover transaction described in the Form 4 filing.

What is the remaining RSU position for Zhang Zhihua at VNET?

Following the reported grant and vesting, the filing lists 158,400 remaining RSUs. Of these, 79,200 RSUs are scheduled to vest on October 31, 2026 and another 79,200 RSUs on October 31, 2027, each convertible into one Class A ordinary share upon vesting.

How were American depositary shares referenced in Zhang Zhihua’s VNET filing?

The footnotes explain that the reported Class A ordinary shares are in the form of American depositary shares. Each ADS represents six Class A ordinary shares of VNET Group, Inc., providing the structure under which the vested and sold shares are held.