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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, a leading provider of internet data center services in China, announced the refinancing of a margin loan taken by its founder, Josh Sheng Chen, to purchase 17,140,898 Class A shares in 2021. Chen has settled the loan using proceeds from a promissory note issued to Shining Rich Holdings and his cash reserves. This settlement fully releases Chen's pledged shares, restoring his ownership of 33,628,926 Class A shares. The promissory note is secured by additional shares representing 6% of VNET's share capital and 18.41% of its voting power. Chen's considerable influence includes veto rights and executive powers as co-Chairperson and interim CEO.
VNET Group, a leading provider of data center services in China, reported a 5.1% year-over-year increase in net revenues to RMB1.9 billion ($262.9 million) for Q1 2024. Wholesale IDC business revenues surged by 59.1% to RMB361 million ($50 million), while retail IDC business revenues fell by 7.1% to RMB923.7 million ($127.9 million). Adjusted EBITDA decreased by 2.9% to RMB539.8 million ($74.8 million) with a margin of 28.4%. The company reported a net loss of RMB187 million ($25.9 million), compared to a net income of RMB82.3 million in Q1 2023. VNET expects 2024 revenues between RMB7.8 billion and RMB8 billion, and adjusted EBITDA between RMB2.22 billion and RMB2.28 billion.
VNET Group (Nasdaq: VNET), a major provider of internet data center services in China, will announce its unaudited Q1 2024 financial results on May 29, 2024, after U.S. market close.
The management will host an earnings conference call at 9:00 PM U.S. Eastern Time on May 29, 2024, or 9:00 AM Beijing Time on May 30, 2024.
Participants can register online to join the call and will receive dial-in numbers, a personal PIN, and further instructions upon registration.
An audio webcast and replay will be available on VNET's investor relations website.
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