VNET · VNET Group, Inc.

VNET Group, Inc. announced a significant strategic investment from PJ Millennium I Limited and PJ Millennium II Limited, wholly-owned subsidiaries of PJ Millennium Limited Partnership, whose general partner is an affiliate of Contemporary Amperex Technology Co., Limited (CATL). The Buyers will acquire up to 650,424,192 Class A ordinary shares from Success Flow and Choice Faith, both beneficially owned by Shandong Hi-Speed Holdings Group Limited (SDHG), at a price of US$1.4486 per share. This represents approximately 38.1% of VNET's outstanding shares based on the March 31, 2026 share count. The transaction is expected to close in the fourth quarter of 2026, subject to SDHG shareholder approval. Concurrently, VNET entered into an Investor Rights Agreement granting the Buyers certain rights and restricting share transfers, and a Voting and Consortium Agreement with Founder Josh Sheng Chen, ensuring the Buyers vote their shares in accordance with the Founder Parties' instructions. This investment brings a strategic partner with ties to CATL, a major battery manufacturer, potentially enhancing VNET's position in the AIDC industry. The deal provides VNET with a strong capital base and strategic alignment for future growth.