VNET Group: Positive read-through on new strategic investors; Overhang removed plus AIDC synergy

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VNET Group: Positive read-through on new strategic investors; Overhang removed plus AIDC synergy

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VNET Group

Positive read-through on new strategic investors;

Overhang removed plus AIDC synergy

Maintain Rating: BUY | PO: 16.10 USD | Price: 9.02 USD

Shareholder transition to remove overhang 14 May 2026

On 13 May, VNET announced that two CATL-related buyers will acquire up to 650.4mn Equity

Class A ordinary shares beneficially owned by SDHG (representing 38.1% of VNET’s total

outstanding shares as of 31 March 2026), at US$1.4486 per share (or US$8.6914 per Daley Li, CFA >> Research Analyst

ADS, 3.6% discount to the last closing price on 12 May). The transaction is expected to Merrill Lynch (Hong Kong)

be completed by 4Q26. We see positive implications for VNET including: (1) a clear path +852daley.li2@bofa.com3508 5365

to divest SDHG’s stake should remove the overhang on shareholder structure and Harry Zhuang >>

support share price re-rating; and (2) potential business synergies with CATL-related Research Analyst

Merrill Lynch (Hong Kong)

partners in AIDC development. We maintain our Buy rating on VNET, supported by strong +852 3508 7998

growth visibility from wholesale IDC ramp-up. We recently published a 1Q26 preview harry.zhuang@bofa.com

report on 7 May (see report). Owen Wang >>

Research Analyst

+852 3508 6533More details of the share purchase agreement owen.wang2@bofa.com

PJ Millennium I Limited and PJ Millennium II Limited have entered into a share purchase

agreement to acquire up to 650.4mn Class A ordinary shares from Success Flow and

Choice Faith, both beneficially owned by SDHG. Both Buyers are wholly-owned

subsidiaries of PJ Millennium Limited Partnership, whose general partner is a non- Stock Data