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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.
21Vianet Group, Inc. (Nasdaq: VNET) announces a leadership change as Tim Chen steps in as Chief Financial Officer, succeeding Sharon Xiao Liu, who will serve as an advisor until June 2021. The company also celebrated its 25th anniversary and a decade on NASDAQ, reflecting its growth. Chen, previously the Chief Strategy Officer, emphasized 21Vianet's critical role in China's data center market, fueled by government-led digitization and rising demand. The company is focused on expanding its wholesale business, targeting an annual capacity of 25,000 cabinets.
21Vianet Group has announced a share repurchase agreement to buy 48,634,493 Class B ordinary shares from Tuspark for approximately $260 million, equating to $5.346 each. This buyback aims to enhance shareholder value and reflects the company's confidence in its growth strategy, particularly in driving innovation for sustainable data centers. Following this transaction, a Tuspark-appointed director will resign and remaining shares will convert to Class A shares, while Tuspark will retain under 5% ownership.
21Vianet Group, a leading provider of Internet data center services in China, reported its fourth quarter 2020 results with net revenues of RMB1.35 billion (US$206.6 million), a 28.6% increase year-over-year. Adjusted cash gross profit rose 36.6% to RMB581.9 million (US$89.2 million), while adjusted EBITDA surged 47.7% to RMB389.8 million (US$59.7 million). However, the company reported a significant net loss attributable to shareholders of RMB1.02 billion (US$155.6 million), largely due to fair value changes of convertible promissory notes. Looking ahead, net revenue guidance for Q1 2021 is set between RMB1,375 million and RMB1,395 million.
21Vianet Group, Inc. (Nasdaq: VNET) announced its plans to release fourth quarter and full year 2020 financial results on March 23, 2021. The earnings report will be followed by a conference call at 8:30 P.M. EST. Participants must register online to receive call details and dial-in numbers. The conference call will also be available as a replay until March 31, 2021. 21Vianet, a leading Internet data center services provider in China, supports over 6,000 enterprise customers across various industries, enhancing their Internet infrastructure reliability and security.
21Vianet Group, Inc. (Nasdaq: VNET) has announced a Notes Offering of US$525 million in convertible senior notes due 2026. The company has granted initial purchasers a 13-day option to acquire an additional US$75 million. Proceeds will be used for data center expansion, repaying senior notes due in 2021, and general corporate purposes. The notes have a conversion rate of 18.3574 ADSs per US$1,000, reflecting a 40% conversion premium over the last closing price. The closing is expected by January 26, 2021.
21Vianet Group, Inc. (Nasdaq: VNET) announced a proposed offering of US$525 million in convertible senior notes due 2026, with an additional US$75 million option for initial purchasers. The proceeds will be used for enhancing data center infrastructure and repaying senior notes due 2021. The notes will be convertible into cash, American Depositary Shares (ADSs), or a mix of both. This offering is subject to market conditions and lacks an assurance of completion.
On December 14, 2020, 21Vianet Group, Inc. (Nasdaq: VNET) announced the resignation of Mr. Tao Zou from its board of directors due to personal reasons. His resignation was not linked to any disagreements regarding company operations. Following this change, the board is now composed of seven members, including five independent directors, as King Venture Holdings Limited no longer has director nomination rights under their Investor Rights Agreement. The company continues to be a leading data center services provider in China, serving over 6,000 enterprise customers.
21Vianet Group, Inc. (VNET) reported a strong Q3 2020, with net revenues increasing by 27% to RMB1.25 billion (US$183.5 million). Adjusted cash gross profit rose by 32.6% to RMB526.2 million (US$77.5 million), resulting in a gross margin of 42.2%. Adjusted EBITDA also grew by 35.2% to RMB368.5 million (US$54.3 million). The company improved its operational metrics, adding 7,426 cabinets to reach 51,476 total. For Q4 2020, VNET expects revenues of RMB1.32 billion to RMB1.34 billion, reflecting ongoing demand for its data center services amidst a strong growth outlook.
21Vianet Group, Inc. (Nasdaq: VNET) will announce its third quarter 2020 financial results on November 24, 2020, after market close, followed by a conference call at 8:00 P.M. ET. Participants must register online to receive call details. A replay of the call will be available until December 2, 2020. 21Vianet is a leading Internet data center services provider in China, offering various hosting and cloud services to nearly 5,000 customers across different sectors. The company operates in over 20 cities in China, ensuring reliable Internet infrastructure for its clients.
21Vianet Group, a leading data center services provider in China, has announced significant leadership changes aimed at driving growth. The Board of Directors has appointed three executives as Chief Executive Officers for different business units: Samuel Shen as Group CEO, Alvin Wang as Wholesale IDC CEO, and Chunfeng Cai as Retail IDC CEO. Effective January 1, 2021, this restructuring is intended to leverage cross-functional expertise to support the company’s three-year growth strategy in the wholesale and retail markets.
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