Beijing – September 21, 2026 -- VNET Group, Inc. (Nasdaq: VNET) has completed the transfer of 650,424,192 Class A ordinary shares to two investment vehicles linked to Contemporary Amperex Technology Co., Limited (CATL), giving the buyers a combined 38.1% stake in the Chinese data center operator.
PJ Millennium entities acquire majority-scale stake from prior shareholders
PJ Millennium I Limited and PJ Millennium II Limited purchased the shares from Success Flow International Investment Limited and Choice Faith Group Holdings Limited. Both buyers are wholly owned subsidiaries of PJ Millennium Limited Partnership, whose general partner, Lochpine BG I GP Limited, sits under Lochpine Capital Limited -- a non-controlled, non-consolidated affiliate of CATL (300750.SZ, 03750.HK).
New owners hold 38.1% of VNET's 1.7 billion outstanding shares
Based on 1,708,970,760 ordinary shares outstanding as of June 30, 2026, the Buyers now collectively control approximately 38.1% of VNET's total issued and outstanding stock. The stake size positions the CATL-linked investors as a dominant shareholder bloc at the carrier- and cloud-neutral internet data center provider, which operates across more than 30 Chinese cities and serves over 7,000 hosting and enterprise customers.
Governance agreements tying buyers to founder take effect
With the transaction closed, an investor rights agreement between VNET and the Buyers has become effective, alongside a voting and consortium agreement binding the Buyers to Josh Sheng Chen, VNET's Founder and Executive Chairperson, and certain of his affiliated investment vehicles. The arrangement formalizes coordinated voting influence between the new institutional stake and the company's founder.