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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.
Nutanix (NASDAQ: NTNX) announced the general availability of Nutanix Cloud Clusters (NC2) on Microsoft Azure, facilitating seamless hybrid cloud environments. This development enables clients to deploy workloads in their own Azure account while utilizing Azure's dedicated bare metal nodes. The NC2 on Azure solution promises consistent management across public and private clouds, enhancing hybrid cloud adoption. Customers can benefit from license portability and Azure's capabilities, leading to optimized disaster recovery and reduced total ownership costs.
VNET Group, a leading Internet data center services provider in China, announced the resignation of Samuel Yuan-Ching Shen as CEO and Executive Chairman of Retail IDC Business Group due to personal reasons. He will continue as a senior advisor. Jeff Dong, previously president of the company, has been appointed as the new CEO. Dong brings over 15 years of experience in real assets investment and previously served at China Investment Corporation. The leadership change is aimed at driving VNET's growth strategy and delivering long-term shareholder value.
On September 13, 2022, VNET Group, Inc. (Nasdaq: VNET) announced it received a preliminary non-binding acquisition proposal from founder Josh Sheng Chen, offering $8.20 per American depositary share, approximately $1.3667 per ordinary share. The Board has formed a special committee of independent directors to evaluate the proposal and explore other strategic alternatives. The company advises shareholders that no decisions have been made regarding the proposal, and it may not result in any definitive offer or transaction.
On September 7, 2022, VNET Group, a top Internet data center services provider in China, appointed KPMG Huazhen LLP as its new independent registered public accounting firm, replacing Ernst & Young Hua Ming LLP, effective immediately. This decision follows a careful evaluation process and was approved by the company's audit committee. Notably, there have been no disagreements between VNET and E&Y during the transition. Since 2010, E&Y provided audit services without any adverse opinions. The company aims for a smooth transition, collaborating closely with both firms.
VNET Group, Inc. (Nasdaq: VNET) reported its Q2 2022 financial results, highlighting a 15.2% increase in net revenues to RMB1.72 billion (US$257.5 million) and a 14.5% rise in adjusted EBITDA to RMB486.9 million (US$72.7 million). The company experienced a net loss of RMB377.2 million (US$56.3 million), largely due to a foreign exchange loss. VNET's retail business thrived amid rising digital demand, while its wholesale segment saw contract expansions. The company anticipates 2022 net revenues between RMB7,250 million and RMB7,550 million, reflecting cautious optimism amid macro uncertainties.
On August 25, 2022, VNET Group, Inc. (NASDAQ: VNET) announced the resignation of board member Mr. Yao Li for personal reasons, with no disagreements noted concerning the company’s operations. Following this change, VNET's board now consists of six directors, including five independent members. VNET is a premier carrier- and cloud-neutral Internet data center service provider in China, serving over 6,500 enterprise customers across various sectors, including government and blue-chip companies, with operations in more than 30 cities.
VNET Group, Inc. (Nasdaq: VNET) will report its unaudited second quarter 2022 financial results on August 30, 2022, after the U.S. market closes. Management will host an earnings call at 9:00 PM ET the same day. The company is a leading carrier- and cloud-neutral Internet data center services provider in China, servicing over 6,500 enterprise customers across multiple industries. Interested participants can register for the call and access a simultaneous audio webcast on the company's investor relations website.
On August 9, 2022, VNET Group, Inc. (NASDAQ: VNET) announced the appointment of Mr. Changqing Ye as a new director and member of the audit committee. The Board confirmed Mr. Ye's independence under applicable rules. He brings extensive experience, having served as an independent director for several Nasdaq and Hong Kong-listed companies. In related changes, Mr. Sheng Chen joined the compensation and corporate governance committees, while Kenneth Chung-Hou Tai and Erhfei Liu stepped down from certain committee roles but remain on the Board. These changes are expected to enhance the governance structure of VNET.
VNET Group, Inc. (Nasdaq: VNET) reported an 18.6% year-over-year increase in net revenues to RMB1.65 billion (US$259.6 million) for Q1 2022. Adjusted EBITDA rose by 21.9% to RMB506.2 million (US$79.8 million). The company managed 78,964 cabinets, up from 55,926 year-over-year, but the overall cabinet utilization rate fell to 54.5%. Despite challenges from COVID-19, VNET maintains its revenue outlook for 2022, projecting net revenues between RMB7,450 million and RMB7,750 million and adjusted EBITDA of RMB1,975 million to RMB2,125 million.
VNET Group, Inc. (Nasdaq: VNET), a leading Internet data center services provider in China, will report its first quarter 2022 unaudited financial results on May 24, 2022, after U.S. market close. A conference call is scheduled for 9:00 PM ET on the same day. Investors can register through a provided link to access the call. A replay will be available for two weeks following the event. VNET operates in over 30 cities in China, serving a diverse client base of over 6,500 enterprises across various industries.
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