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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, Inc. (NASDAQ: VNET) announced it has been provisionally identified by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) as of May 4, 2022. This designation stems from the SEC's assessment that VNET's independent auditor's working papers could not be fully inspected by the PCAOB. If this designation remains for three consecutive years, VNET's shares could face trading restrictions on U.S. exchanges. The company is exploring solutions to safeguard stakeholder interests and remains committed to regulatory compliance.
VNET Group, Inc. (NASDAQ: VNET), a leading data center services provider in China, announced the publication of its 2021 ESG report on April 28, 2022. The report elaborates on VNET's commitment to sustainability, targeting carbon neutrality and 100% renewable energy usage by 2030. Highlights include an average Power Usage Effectiveness (PUE) of 1.37, which is below the industry average, and recognition for three data centers as 'National Green Data Centers.' VNET aims to lead by example in integrating sustainability across its operations, ensuring a greener future for its stakeholders.
VNET Group, Inc. (NASDAQ: VNET) filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, on April 26, 2022. The report includes audited consolidated financial statements which are available on the SEC's website and the company's investor relations site. VNET is a leading carrier- and cloud-neutral Internet data center services provider in China, operating in over 30 cities with a diverse customer base exceeding 6,500 enterprises. Shareholders can request hard copies of the annual report free of charge.
VNET Group, Inc. (Nasdaq: VNET) announced it received an unsolicited preliminary non-binding acquisition proposal from The Hina Group and Industrial Bank Co., Ltd., Shanghai Branch. The proposal suggests acquiring all outstanding shares for US$8.00 per American depositary share, translating to approximately US$1.3333 per ordinary share. The Board has not yet made any decisions regarding the Proposal, and no assurances can be provided that a definitive offer will be made. Further details will be available in a report to the SEC.
VNET Group, Inc. (Nasdaq: VNET) reported robust financial results for Q4 2021, with net revenues reaching RMB1.75 billion (US$273.9 million), a 29.4% increase year-over-year. Adjusted EBITDA rose by 18.8% to RMB463.0 million (US$72.7 million). For the full year, net revenues were RMB6.19 billion (US$971.3 million), up 28.2%, and net profit was RMB500.1 million (US$78.5 million), reversing a loss from 2020. The company anticipates 2022 net revenues between RMB7,450 million and RMB7,750 million, reflecting continued growth amid challenges.
VNET Group, Inc. (Nasdaq: VNET) will release its fourth quarter and full year 2021 financial results on March 30, 2022, after market close. A conference call is scheduled for 9:00 PM ET on the same date to discuss the results, with registration required in advance. VNET is a key player in the Internet data center services sector in China, providing hosting, cloud services, and solutions for over 6,000 enterprise customers across various industries.
VNET Group, Inc. (Nasdaq: VNET) has announced a partnership with Blackstone Tactical Opportunities, involving a $250 million investment through convertible notes. The five-year notes carry a 2% interest and are convertible into American depositary shares at $11.00 each, offering a 35% premium over the latest closing price. VNET plans to utilize these funds to expand its data center capabilities in major Chinese cities, capitalizing on growth in the digital infrastructure market. The deal is expected to close in early February 2022.
VNET Group, Inc. (Nasdaq: VNET), a top provider of data center services in China, has inked a master joint venture investment agreement with a sovereign wealth fund to establish joint ventures (JVs) aimed at developing build-to-suit hyperscale data centers. The initial capital commitment under this agreement is expected to reach RMB 5 billion. VNET will retain a 51% equity interest in each project while providing management services. CEO Samuel Shen highlighted the growing demand for hyperscale data centers, aligning with ongoing digitalization trends in the market.
VNET Group, Inc. (Nasdaq: VNET) reported strong Q3 2021 financial results, with net revenues of RMB1.56 billion (US$242.2 million), a 25.3% increase year-over-year. Adjusted cash gross profit rose 28.2% to RMB674.5 million (US$104.7 million), reflecting a gross margin of 43.2%. Adjusted EBITDA increased 22.2% to RMB450.4 million (US$69.9 million) with a margin of 28.9%. Total cabinets under management rose by 2,388 to 65,264. Looking ahead, VNET anticipates Q4 2021 revenues between RMB1.75 billion and RMB1.77 billion, positioning for approximately 28.5% growth for the full year.
VNET Group, Inc. (Nasdaq: VNET), a leading data center services provider in China, will release its third quarter 2021 financial results on November 18, 2021, after market close. A conference call is scheduled for 8:00 PM U.S. Eastern Time the same day. Participants must register online to join the call, which will include details such as a unique ID and dial-in numbers. VNET offers a variety of services, including IDC and cloud services, supporting over 6,000 customers across various industries in more than 30 cities in China.
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