VNET Group Inc. (NASDAQ: VNET) announced that two entities affiliated with Contemporary Amperex Technology Co. will purchase up to 650,424,192 Class A ordinary shares from existing shareholders at $1.4486 per share, or $8.6914 per American depositary share.

The buyers, PJ Millennium I Limited and PJ Millennium II Limited, are wholly-owned subsidiaries of PJ Millennium Limited Partnership. The partnership's general partner is Lochpine BG I GP Limited, a non-controlled affiliate of Contemporary Amperex Technology (300750.SZ, 03750.HK), the Chinese battery manufacturer.

The sellers, Success Flow International Investment Limited and Choice Faith Group Holdings Limited, are beneficially owned by Shandong Hi-Speed Holdings Group Limited (00412.HK). The transaction requires approval by SDHG shareholders and is expected to close in the fourth quarter of 2026.

Upon completion, the buyers will hold approximately 38.1% of VNET's outstanding shares, based on 1,708,149,858 ordinary shares outstanding as of March 31, 2026. One seller may dispose of up to 195,127,260 shares before closing unless buyers require completion by September 15, 2026.

The buyers will enter into an investor rights agreement with VNET and a voting agreement with founder Josh Sheng Chen and affiliated entities. Under the voting agreement, the buyers will vote their acquired shares according to instructions from the founder parties for a specified period.

"We are pleased to welcome our new strategic investors and greatly appreciate their strong support for VNET and our long-term vision," said Chen, who serves as founder, executive chairperson and interim chief executive officer.

VNET operates internet data center services in more than 30 Chinese cities, serving over 7,000 hosting and enterprise customers across various industries.