VNET Group to Receive Strategic Investment from PJ Millennium Partnership Affiliates

VNET Group announced that PJ Millennium I Limited and PJ Millennium II Limited, both wholly owned subsidiaries of PJ Millennium Limited Partnership, have entered into a share purchase agreement to acquire up to 650,424,192 Class A ordinary shares of the company from Success Flow International Investment Limited and Choice Faith Group Holdings Limited, according to a press release.

The purchase price is set at 1.4486 US dollars per ordinary share, equivalent to 8.6914 US dollars per ADS. The closing of the transaction is subject to customary conditions, including shareholder approval from Shandong Hi-Speed Holdings Group Limited, and is expected to take place in the fourth quarter of 2026.

Following the completion of the investment, the buyers will collectively hold up to 38.1 percent of VNET’s total issued and outstanding shares based on figures as of March 31, 2026. Concurrently, the buyers entered into an investor rights agreement with VNET and a voting and consortium agreement with Founder and Interim CEO Josh Sheng Chen and his affiliated entities.

These agreements include provisions on voting alignment with the founder’s instructions and restrictions on share transfers for a specified period. The buyers have also agreed to take actions to support the stability of the company’s control structure.