VNET Group, Inc. (NASDAQ: VNET), a China-based internet data center services provider, announced the closing of a transaction in which PJ Millennium I Limited and PJ Millennium II Limited acquired an aggregate of 650,424,192 Class A ordinary shares from Success Flow International Investment Limited and Choice Faith Group Holdings Limited.

Both buyers are wholly owned subsidiaries of PJ Millennium Limited Partnership, which is affiliated with Contemporary Amperex Technology Co., Limited (300750.SZ, 03750.HK) through a non-controlled, non-consolidated entity called Lochpine Capital Limited.

Following the closing, the buyers collectively hold approximately 38.1% of VNET's total issued and outstanding ordinary shares, based on 1,708,970,760 ordinary shares outstanding as of June 30, 2026.

In connection with the transaction, an investor rights agreement between the company and the buyers, as well as a voting and consortium agreement among the buyers and VNET founder and Executive Chairperson Josh Sheng Chen and certain of his affiliated investment vehicles, became effective.