VNET raises $138 million through private placement of shares

VNET Group Inc. (NASDAQ: VNET) announced a private placement of 81.0 million newly issued Class A ordinary shares to institutional investors at $1.70 per share, or $10.20 per American Depositary Share.

The data center services provider expects to close the transaction on or about March 3, 2026, subject to customary closing conditions. Gross proceeds are anticipated to be approximately $137.7 million before deducting placement agent fees and offering expenses.

VNET stated it intends to use the proceeds for general corporate purposes, including working capital, capital expenditures, and potential strategic transactions. Each ADS represents six Class A ordinary shares.

The securities are being offered under Regulation S of the Securities Act of 1933 and have not been registered under U.S. securities laws. The shares cannot be resold in the United States or to U.S. persons for 40 days following the closing pursuant to Rule 903 of Regulation S.

Deutsche Bank AG Hong Kong Branch and China International Capital Corporation Hong Kong Securities Limited are serving as placement agents for the transaction. Davis Polk & Wardwell LLP is acting as legal advisor to VNET.

VNET operates internet data center services in China, providing hosting and related services including IDC services, cloud services, and business VPN services. The company operates in more than 30 cities throughout China and serves over 7,000 hosting and enterprise customers across various industries.

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