[SCHEDULE 13G/A] VNET Group, Inc. American SEC Filing

Rhea-AI Filing Summary

Point72-affiliated entities and Steven A. Cohen reported shared beneficial ownership of VNET Group, Inc. Class A ordinary shares equal to 38,180,856 shares (representing 6,363,476 ADSs), which the filing says equals 2.4% of the class as of the close of business on June 30, 2025. The positions are held in ADS form (each ADS represents six Class A shares) and include certain call options equivalent to 519,000 Class A shares (represented by 86,500 ADSs). The report was filed jointly by Point72 Asset Management, Point72 Capital Advisors, Point72 Europe (London) and Steven A. Cohen under a joint filing agreement.

Insights

Financial Analyst

TL;DR: Point72 reports a modest 2.4% shared stake in VNET, disclosed via ADS holdings and related call options; ownership is non-control.

The filing shows shared voting and dispositive power over 38,180,856 Class A shares (6,363,476 ADSs) as of June 30, 2025. The stake is below the 5% threshold commonly viewed as a significant passive stake, and the certification indicates the holdings were not acquired to influence control. For investors, this is a transparent disclosure of a hedge fund-affiliated passive position rather than an activist or control position.

Corporate Governance Expert

TL;DR: Joint filing by Point72 entities and Steven A. Cohen documents shared beneficial ownership and clarifies voting/dispositive arrangements.

The Schedule 13G/A identifies shared voting and dispositive power and references a joint filing agreement and sub-advisors under common control. The filing explicitly disclaims any intent to change or influence control of the issuer. As a governance matter, the disclosure fulfils regulatory transparency requirements but does not indicate coordination to pursue governance changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

VNET Group, Inc.

(Name of Issuer)

Class A Ordinary Shares, par value $0.00001 per share

(Title of Class of Securities)

90138A103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 90138A103

1

Names of Reporting Persons

Point72 Asset Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 33,834,222.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 33,834,222.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,834,222.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Represented by 5,639,037 ADSs (includes 519,000 Class A Ordinary Shares (represented by 86,500 ADSs) issuable upon exercise of call options)

SCHEDULE 13G

CUSIP No. 90138A103

1

Names of Reporting Persons

Point72 Capital Advisors, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 33,834,222.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 33,834,222.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,834,222.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Represented by 5,639,037 ADSs (includes 519,000 Class A Ordinary Shares (represented by 86,500 ADSs) issuable upon exercise of call options)

SCHEDULE 13G

CUSIP No. 90138A103

1

Names of Reporting Persons

Point72 Europe (London) LLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,346,634.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,346,634.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,346,634.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Represented by 724,439 ADSs

SCHEDULE 13G

CUSIP No. 90138A103

1

Names of Reporting Persons

Steven A. Cohen

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 38,180,856.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 38,180,856.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

38,180,856.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Represented by 6,363,476 ADSs (includes 519,000 Class A Ordinary Shares (represented by 86,500 ADSs) issuable upon exercise of call options)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: VNET Group, Inc.
(b)	Address of issuer's principal executive offices: Guanjie Building, Southeast 1st Floor, 10# Jiuxianqiao East Road Chaoyang District, Beijing, 100016, The People's Republic Of China
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Point72 Asset Management, L.P. ("Point72 Asset Management") with respect to the class A ordinary shares, par value $0.00001 per share ("Class A Ordinary Shares"), of VNET Group, Inc. (the "Issuer") held, in the form of American Depositary Shares ("ADSs"), by (and underlying options held by) an investment fund it manages; (ii) Point72 Capital Advisors, Inc. ("Point72 Capital Advisors Inc.") with respect to the Class A Ordinary Shares held, in the form of ADSs, by (and underlying options held by) an investment fund managed by Point72 Asset Management; (iii) Point72 Europe (London) LLP ("Point72 Europe (London)") with respect to the Class A Ordinary Shares held, in the form of ADSs, by an investment fund it manages; and (iv) Steven A. Cohen ("Mr. Cohen") with respect to the Class A Ordinary Shares beneficially owned, in the form of ADSs, by Point72 Asset Management, Point72 Capital Advisors Inc. and Point72 Europe (London). Each of Cubist Systematic Strategies, LLC, Point72 Hong Kong Limited, Point72 (DIFC) Limited, and Point72 Asia (Singapore) Pte. Ltd. are advisors under common control with Point72 Asset Management, and each acts as a sub-advisor with respect to a portion of the Class A Ordinary Shares reported herein. There is no CUSIP number assigned to the Class A Ordinary Shares. The CUSIP Number 90138A103 has been assigned to the ADSs of the Issuer, which are quoted on the Nasdaq Global Select Market under the symbol "VNET." Each ADS represents 6 Class A Ordinary Shares. Point72 Asset Management, Point72 Capital Advisors Inc., Point72 Europe (London), and Mr. Cohen have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934 (the "Act").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of (i) Point72 Asset Management, Point72 Capital Advisors Inc., and Mr. Cohen is 72 Cummings Point Road, Stamford, CT 06902; and (ii) Point72 Europe (London) is 8 St. James's square, London, United Kingdom SWIY 4JU.
(c)	Citizenship: Point72 Asset Management is a Delaware limited partnership. Point72 Capital Advisors Inc. is a Delaware corporation. Point72 Europe (London) is a limited liability partnership incorporated in England and Wales. Mr. Cohen is a United States citizen.
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.00001 per share
(e)	CUSIP No.: 90138A103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025. Point72 Asset Management, Point72 Capital Advisors Inc., Point72 Europe (London) and Mr. Cohen own directly no Class A Ordinary Shares. Pursuant to an investment management agreement, Point72 Asset Management maintains investment and voting power with respect to the securities held by an investment fund it manages. Point72 Capital Advisors Inc. is the general partner of Point72 Asset Management. Pursuant to an investment management agreement, Point72 Europe (London) maintains investment and voting power with respect to the securities held by an investment fund it manages. Mr. Cohen controls each of Point72 Asset Management, Point72 Capital Advisors Inc. and Point72 Europe (London). The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Class A Ordinary Shares reported herein.
(b)	Percent of class: 2.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Point72 Asset Management, L.P.

Signature:	/s/ Jason M. Colombo
Name/Title:	Jason M. Colombo, Authorized Person
Date:	08/14/2025

Point72 Capital Advisors, Inc.

Signature:	/s/ Jason M. Colombo
Name/Title:	Jason M. Colombo, Authorized Person
Date:	08/14/2025

Point72 Europe (London) LLP

Signature:	/s/ Jason M. Colombo
Name/Title:	Jason M. Colombo, Authorized Person
Date:	08/14/2025

Steven A. Cohen

Signature:	/s/ Jason M. Colombo
Name/Title:	Jason M. Colombo, Authorized Person
Date:	08/14/2025

Exhibit Information

Exhibit 99.1: Joint Filing Agreement

FAQ

How much of VNET (VNET) does Point72/Steven A. Cohen report owning?

The filers report shared beneficial ownership of 38,180,856 Class A shares (equivalent to 6,363,476 ADSs), representing 2.4% of the class as of June 30, 2025.

Do the reported holdings include options or other derivative exposure?

Yes. The filing states the position is represented by ADSs and includes options equivalent to 519,000 Class A shares (represented by 86,500 ADSs).

Were these filings submitted jointly and by which entities?

Yes. The Schedule 13G/A was filed jointly by Point72 Asset Management, Point72 Capital Advisors, Point72 Europe (London) and Steven A. Cohen under a joint filing agreement (Exhibit 99.1).

Does the filing indicate an intent to influence control of VNET?

No. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.