VNET Announces New Strategic Investors
Summary
VNET announced that PJ Millennium I Limited and PJ Millennium II Limited signed a share purchase agreement to acquire up to 650,424,192 Class A ordinary shares in the company at US$1.4486 per share (US$8.6914 per ADS). The buyers are subsidiaries of PJ Millennium Limited Partnership, an affiliate tied to Contemporary Amperex Technology, and the sellers are entities beneficially owned by Shandong Hi-Speed Holdings Group. The proposed investment, subject to closing conditions and shareholder approvals, is expected to close in Q4 2026 and would give the buyers up to ~38.1% ownership on a fully issued basis. Concurrent investor rights and voting/consortium agreements with VNET and the founder will impose transfer restrictions and coordinate voting to support control stability while enabling deeper collaboration across technology and supply chains.