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VNET Group, Inc., trading under the symbol VNET on Nasdaq, is a premier carrier-neutral internet data center services provider in China. Founded in 1999 as AsiaCloud, VNET transitioned to data center operations with its first self-developed center opening in 2010. The company offers an array of services including hosting, managed network services, cloud services, content delivery network services, last-mile wired broadband services, and business VPN services. These services enhance the reliability, security, and speed of its customers' internet infrastructure.
The company's extensive network allows customers to locate their servers and networking equipment within VNET's data centers and seamlessly connect to China's internet backbone. Utilizing proprietary smart routing technology, VNET ensures faster and more reliable data delivery across the internet.
VNET operates in over 30 cities throughout China, catering to a diversified and loyal customer base of more than 7,500 enterprises. These customers range from internet companies and government entities to blue-chip enterprises and small- to mid-sized businesses. Among VNET's key clients are major Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud.
As of March 2024, the company boasts 48,503 self-built retail cabinets, predominantly located in Beijing, Shanghai, and the Greater Bay area. Additionally, VNET has 332 MW of wholesale capacity in service, with a further 139 MW under construction and 557 MW reserved for future development.
Recent notable achievements include the successful repurchase of $600 million in convertible senior notes due 2026, demonstrating VNET's commitment to long-term strategic execution. The company's 2023 Environmental, Social, and Governance (ESG) report highlights its sustainability efforts, green business practices, and gains in digital empowerment and social responsibility. VNET continues to prioritize sustainable growth and value creation for its stakeholders.
For the latest news and financial performance updates, visit the company’s investor relations website or access documents filed with the U.S. Securities and Exchange Commission.
VNET Group, a leading Chinese internet data center services provider, has received top ESG ratings from MSCI and S&P Global for the third consecutive year. The company maintained an A rating from MSCI, excelling in clean tech opportunities, human capital development, and privacy & data security.
VNET's S&P Global CSA score increased by 17 points to 70 in 2024, achieving perfect scores in multiple categories including energy management, data center efficiency, renewable energy usage, and cybersecurity measures. The company ranks in the top 5% globally in the IT services industry and maintains the highest position in China's IT services sector.
Josh Sheng Chen, Founder and Executive Chairperson, emphasized VNET's commitment to sustainable growth and building a low-carbon digital future while creating value for stakeholders.
VNET Group has signed a definitive agreement with Dajia Investment to form a pre-REITs fund for investing in hyperscale data centers in mainland China. The initial assets for the Fund include VNET's Taicang IDC Campus's first and second phases, with 210MW total IT capacity valued at RMB5.74 billion (10.1x EV/EBITDA). VNET will maintain 51% equity in the assets through the Fund, while Dajia will hold 49%. VNET will consolidate the Fund's financial results and continue operating the assets to maintain IDC services for customers.
VNET Group reported strong Q3 2024 results with total net revenues increasing 12.4% year-over-year to RMB2.12 billion. The growth was primarily driven by the wholesale IDC business, which saw an 86.4% increase in revenues to RMB523.0 million. Adjusted EBITDA grew 17.1% to RMB594.8 million, with a margin of 28.0%. The company secured six new order wins totaling 84MW, including a 32MW wholesale order at their Huailai IDC Campus. VNET plans to form a pre-REITs fund with a leading Chinese insurance company, featuring their Taicang IDC Campus as underlying assets. The company raised its full-year 2024 guidance, now expecting total net revenues between RMB8,000-8,100 million.
VNET Group (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, has scheduled its unaudited third quarter 2024 financial results announcement for November 20, 2024, after U.S. markets close. Management will host an earnings conference call at 8:00 PM U.S. Eastern Time on the same day (9:00 AM Beijing Time on November 21). The company will provide both English and Chinese conference lines, with the Chinese option being listen-only. A webcast will be available on VNET's investor relations website, and a replay will be accessible through November 28, 2024.
VNET Group announced changes to its Board of Directors. Mr. Changqing Ye has resigned as an independent director and audit committee member, effective October 31, 2024, citing personal reasons with no disagreements. Mr. Kenneth Chung-Hou Tai, who has served as an independent director since October 2012, will replace Mr. Ye on the audit committee. Following these changes, the Board consists of six directors, including four independent directors, with the audit committee now comprising Mr. Sean Shao, Mr. Yoshihisa Ueno, and Mr. Kenneth Chung-Hou Tai.
VNET Group reported solid Q2 2024 financial results, with total net revenues increasing 9.4% year-over-year to RMB1.99 billion. Key highlights include:
- Wholesale IDC revenues grew 81% YoY to RMB402 million
- Adjusted EBITDA increased 7.3% YoY to RMB573.8 million
- Net income of RMB71.8 million, compared to a net loss in Q2 2023
- Utilization rate of wholesale capacity improved to 75.9%
- Pre-commitment rate for capacity under construction at 85.5%
The company maintained its 2024 outlook, expecting total net revenues of RMB7.8-8.0 billion and adjusted EBITDA of RMB2.22-2.28 billion. VNET continues to focus on its dual-core strategy, advancing AI data center development and strengthening innovative service offerings to drive growth.
VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, has announced it will report its unaudited second quarter 2024 financial results on Tuesday, August 27, 2024, after the close of U.S. markets. The company will host an earnings conference call at 9:00 PM U.S. Eastern Time on the same day, or 9:00 AM Beijing Time on Wednesday, August 28, 2024.
Participants can join the call by registering through provided links for English and Chinese options. The Chinese option will be in listen-only mode. A live and archived webcast of the conference call will be available on VNET's investor relations website. A replay of the call will be accessible through September 4, 2024, via provided dial-in numbers.
VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, announced changes to its Board of Directors. Mr. Erhfei Liu resigned as an independent director effective July 24, 2024, for personal reasons. The Board appointed Mr. David Lifeng Chen as a new independent director, effective immediately.
Mr. Chen brings extensive experience as a tech entrepreneur, executive, and venture capitalist. He has been an Operating Partner for the Hongshan CBC Cross-border Digital Fund since 2017 and serves on the boards of GitLab China JV and Atos China JV. Mr. Chen co-founded VanceInfo, which later merged to form Pactera, recognized as the largest banking IT services provider in China.
VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, has been recognized in S&P Global's Sustainability Yearbook 2024 (China) for the second consecutive year. VNET received the highest S&P Global ESG score among its Chinese peers in the IT services industry, ranking in the top 11% globally.
The company's SHIELD sustainability system drives ESG progress across six key areas: Social, Human, Innovation, Environment, Leadership, and Development. VNET aims to achieve operational carbon neutrality (Scope 1 and 2) by 2030 and is actively promoting green transformation of data centers.
As a member of the United Nations Global Compact (UNGC), VNET is committed to fostering diversity, equity, and inclusion while delivering high-quality products and services. This recognition affirms the strength of VNET's ESG efforts as it continues to advance towards a low-carbon digital future.
On July 11, 2024, VNET Group, a key internet data center service provider in China, announced the withdrawal of a non-binding offer from founder and interim CEO Josh Sheng Chen to acquire all outstanding shares. The proposal, originally made in September 2022, was withdrawn due to current market conditions favoring VNET's listing status. Additionally, no progress was made on other acquisition proposals, leading the board to dissolve its special committee evaluating such transactions. Mr. Chen emphasized VNET's long-term growth potential and commitment to sustainable development. Co-Chairperson Jianbiao Zhu echoed this optimism, highlighting SDHG's contribution to VNET's green transformation and AI-driven advancements.
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