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VNET Group, Inc. executive chairperson and interim CEO Chen Sheng filed an initial ownership report showing indirect holdings of the company’s ordinary shares through several controlled entities. This is a disclosure of existing positions, not a new share purchase or sale.
The filing lists Class A ordinary share holdings of 1,479,660 shares through Zentribe Capital (BVI) Limited, 33,628,927 shares through GenTao Capital Limited, 34,744,206 shares through Beacon Capital Group Inc. and 4 shares through Personal Group Limited. It also reports Class B ordinary shares of 19,670,117 shares through Fast Horse Technology Limited, 8,087,875 shares through Sunrise Corporate Holding Ltd. and 769,486 shares through Personal Group Limited, plus 60,000 Class C ordinary shares through Personal Group Limited.
VNET Group, Inc. director Kenneth Tai filed an initial ownership report showing he directly holds 1,262,802 Class A ordinary shares. These shares are held in the form of American depositary shares, with each ADS representing six Class A ordinary shares of VNET.
VNET Group, Inc. filed an initial ownership report for Chief Financial Officer WANG QIYU, showing holdings of 347,652 Restricted Share Units (RSUs) tied to Class A ordinary shares. According to the disclosure, 173,826 RSUs vest on June 1, 2026 and another 173,826 RSUs vest on June 1, 2027.
Each RSU represents the right to receive one Class A ordinary share upon vesting, with an exercise price of zero and no expiration date. All RSUs are reported as directly owned by the CFO.
VNET Group, Inc. director Sean Shao filed an initial ownership report showing beneficial ownership of 1,043,820 Class A ordinary shares. These holdings are in the form of American depositary shares, with each ADS representing six Class A ordinary shares of the issuer. The filing does not reflect any recent share purchases or sales, only Sean Shao’s existing position as of the reporting date.
VNET Group, Inc. director Ueno Yoshihisa filed an initial ownership report showing substantial stakes in both share classes. He holds 3,295,248 Class A ordinary shares and 2,194,200 Class B ordinary shares directly. This Form 3 filing records existing ownership and does not report any recent share purchases or sales.
VNET Group, Inc. senior vice president of operational finance, Zhang Zhihua, has filed an initial ownership statement showing holdings of restricted share units. The filing reports 158,400 RSUs tied to Class A ordinary shares. These awards were granted under the company’s share incentive plans.
According to the vesting schedule, 79,200 RSUs are scheduled to vest on October 31, 2026 and the remaining 79,200 RSUs on October 31, 2027. Each RSU represents the right to receive one Class A ordinary share upon vesting, and the RSUs do not have an expiration date.
VNET Group reported strong growth for 2025, driven by wholesale data center demand and AI-related workloads. Full-year net revenues rose 20.5% to RMB9.95 billion, while adjusted EBITDA increased 22.6% to RMB2.98 billion with a 29.9% margin.
Despite this, the company swung to a net loss attributable to VNET of RMB251.8 million, mainly due to RMB557.5 million in income tax expenses and a RMB314.3 million fair value loss on financial instruments, partly offset by a RMB469.8 million gain on deconsolidation of a subsidiary.
Fourth quarter results were stronger at the bottom line: net income attributable to VNET was RMB304.7 million versus a loss a year earlier, on revenues up 19.6% to RMB2.69 billion and adjusted EBITDA up 11.6% to RMB805.1 million. At year-end, cash, restricted cash and short-term investments totaled RMB6.58 billion against total short- and long-term debt of RMB19.95 billion.
For 2026, VNET guides total net revenues to RMB11.5–11.8 billion, implying 15.6–18.6% growth, and adjusted EBITDA to RMB3.55–3.75 billion, up 19.2–25.9%, with planned capital expenditures of RMB10–12 billion.
VNET Group, Inc. reported that Mr. Jianbiao Zhu has resigned from his position as a director of the company, effective March 9, 2026. The company states that his resignation was not due to any dispute or disagreement regarding its business, finance, accounting, or other matters.
VNET Group, Inc. plans a private placement of 81.0 million newly issued Class A ordinary shares to certain institutional investors at US$1.7 per share, or US$10.2 per ADS, each ADS representing six Class A ordinary shares.
The transaction is expected to raise approximately US$137.7 million in gross proceeds, closing on or about March 3, 2026 subject to customary conditions. VNET intends to use the funds for general corporate purposes, including working capital, capital expenditures, and potential strategic transactions. The deal is conducted offshore under Regulation S, with resale into the United States restricted for 40 days.
Blackstone-affiliated investors are exiting a large convertible note position in VNET Group while remaining minority shareholders. Vector Holdco Pte. Ltd. and BTO Vector Fund FD (CYM) L.P. amended prior investment agreements and the indenture governing VNET’s 2% convertible notes due 2027, covering an aggregate principal amount of US$250.0 million.
Acting as noteholders, they notified VNET and Citibank of a Transfer Event and Minimum Shareholding Event and will dispose of all Amended Notes through secondary sale transactions. These sales correspond to 147,340,909 Class A Ordinary Shares on an as-converted basis. Separately, Blackstone-related entities report beneficial ownership of 62,412,780 Class A Ordinary Shares, equal to 3.94% of the 1,583,373,683 Class A shares outstanding as of February 28, 2025. After the note sales settle on February 19, 2026, they will no longer be beneficial owners of more than five percent of VNET’s Class A shares on an as-converted basis, and this amendment is described as their final exit filing.