VNET Group (VNET) Announces Leadership Changes

VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced that Mr. Tim Chen has been appointed as the Company's Chief Strategy Officer. Mr. Qiyu Wang, former Vice President of Finance, was promoted to succeed Tim as the Company's Chief Financial Officer, effective immediately. In his new role, Qiyu will oversee the Company's finance, legal, mergers and acquisitions, and investor relations.

Mr. Josh Sheng Chen, Founder and Chairman of VNET, commented, "We are thrilled to congratulate Tim and Qiyu on their new appointments at VNET. Their deep expertise and experience will empower the new leadership team to advance our dual-core strategy and unleash VNET's full potential moving forward. Given the evolving operational environment, we will maintain the Company's focus on high-quality revenue business to drive higher margins and better profitability, while improving operating efficiency and implementing effective cost control.

"Tim has been instrumental in leading our financing projects in the offshore capital market over the past three years, helping us secure a total of US$1.4 billion financing since joining us in 2020," Josh added. "I would like to thank him for his great contributions and look forward to working closely with him in the Chief Strategy Officer role.

"As China's investment and wealth management industry grows rapidly, onshore markets are becoming attractive emerging destinations for investment. Looking ahead, we will leverage Qiyu's extensive knowledge of onshore markets, including RMB funds, to align our refinancing structure for a good balance between offshore and onshore. This will ensure VNET's growth and success in the future, while upholding the Company's core values and commitments to our customers and stakeholders."

Mr. Qiyu Wang joined the Company in April 2022 and has served as the Vice President of Finance since then. Prior to joining the Company, Qiyu had over 20 years' experience in the Chinese telecommunications industry, in charge of business operations, financial management and capital operations. From 2016 to 2021, Qiyu served as a Vice President of China Telecom Global Limited, overseeing strategic business development and mergers and acquisitions. From 2010 to 2016, he served as the Chief Financial Officer of China Communications Services International Limited. Prior to that, he served as the finance manager at the headquarters of China Telecommunications Corporation Limited. Qiyu received his EMBA from Hong Kong University of Science and Technology.

As the Company's Chief Strategy Officer, Tim will be deeply involved in investor relations activities and business operations, while working hand in hand with the leadership team to set the Company's strategic direction, including exploration of hyperscale data center opportunities in the Asia Pacific region, to help drive the Company's growth.

Tim has served as the Company's Chief Financial Officer since May 2021. He also served as the Company's Chief Strategy Officer from August 2020 to April 2021. Prior to joining the Company, Tim served as Chief Financial Officer of Asia Maritime Pacific (Hong Kong) Limited over a decade from 2009 and has 14-year experience in prominent investment banking and private equity firms, including two years at Affinity Equity Partners, eight years at Morgan Stanley and four years at J.P. Morgan from 1996 to 2009. Tim received a bachelor of science degree in industrial engineering and operations research from Columbia University in New York.

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