VNET Announces Closing of Previously Announced Strategic Investment

BEIJING, Sept. 21, 2026 /PRNewswire/ --VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced the closing of the previously announced purchase byPJ Millennium I Limited("Buyer I") andPJ Millennium II Limited("Buyer II," and together with Buyer I, the "Buyers") of an aggregate of 650,424,192 Class A ordinary shares of the Company (the "Transaction") fromSuccess Flow International Investment Limited("Success Flow") andChoice Faith Group Holdings Limited("Choice Faith," and together with Success Flow, the "Sellers").

Both Buyers are wholly owned subsidiaries ofPJ Millennium Limited Partnership("PJ Millennium Partnership"), the general partner of which isLochpine BG I GP Limited, a wholly owned subsidiary ofLochpine Capital Limited.Lochpine Capital Limitedis a non-controlled, non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK).

Following the closing of the Transaction, the Buyers collectively hold approximately 38.1% of the Company's total issued and outstanding ordinary shares, based on 1,708,970,760 ordinary shares outstanding as ofJune 30, 2026. In connection with the closing of the Transaction, the investor rights agreement between the Company and the Buyers, as well as the voting and consortium agreement among the Buyers, Mr.Josh Sheng Chen,VNET'sFounder and Executive Chairperson, and certain of his affiliated investment vehicles, became effective.