Key Takeaways:
- PJ Millennium to acquire up to 650,424,192 VNET shares
- Purchase price of $8.6914 per ADS represents a premium
- Buyers will hold up to a 38.1% stake in the company
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VNET receives strategic investment for 650 million shares
VNET Group, a major Chinese data center provider, announced a strategic investment of up to 650,424,192 shares from two new investors, representing a stake of up to 38.1% in the company.
"We are pleased to welcome our new strategic investors and greatly appreciate their strong support for VNET and our long-term vision," said Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET.
The investment, made by PJ Millennium I Limited and PJ Millennium II Limited, is priced at US$1.4486 per ordinary share, or US$8.6914 per American Depositary Share (ADS). The shares are being purchased from existing shareholders Success Flow International Investment Limited and Choice Faith Group Holdings Limited.
The deal is expected to close in the fourth quarter of 2026, subject to shareholder approval. Upon closing, the buyers will enter into a voting and consortium agreement with VNET's founder, Mr. Josh Sheng Chen, to support the stability of control of the company.
The buyers are wholly-owned subsidiaries of PJ Millennium Limited Partnership, whose general partner is a non-controlled affiliate of Contemporary Amperex Technology Co., Limited. The sellers are beneficially owned by Shandong Hi-Speed Holdings Group Limited.
Concurrently with the share purchase, the buyers have entered into an investor rights agreement that will grant them certain rights and restrict the transfer of their shares for a specified period.
VNET Group is a leading carrier- and cloud-neutral internet data center services provider in China, operating in more than 30 cities and serving over 7,000 enterprise customers.
This strategic investment provides VNET with strong new partners and capital to pursue its long-term growth strategy in the AIDC industry. Investors will be watching for the shareholder approval of the deal, with the closing expected in the fourth quarter of 2026.
This article is for informational purposes only and does not constitute investment advice.
