TLDR
- VNET stock rises as PJ Millennium buyers plan major stake purchase
- Buyers target up to 38.1% of VNET through major share deal
- VNET deal supports China data center and AIDC expansion plans
- Founder voting agreement adds control stability after share deal
- VNET gains strategic backing for cloud-neutral data center growth
VNET Group (VNET) stock traded at $11.315, up 25.44%, after a major ownership deal strengthened its China data center growth story. PJ Millennium buyers agreed to acquire a large stake from existing sellers. The transaction also supports VNET’s push into next-generation AIDC infrastructure.
Strategic Buyers Target Major VNET Stake
PJ Millennium I Limited and PJ Millennium II Limited signed a share purchase agreement with two sellers. The buyers plan to purchase up to 650.4 million VNET Class A ordinary shares. The cash price stands at $1.4486 per ordinary share, or $8.6914 per ADS.
The deal could give the buyers up to 38.1% of VNET’s issued shares after closing. That figure uses VNET’s 1.71 billion outstanding ordinary shares as of March 31, 2026. However, the transaction still requires conditions, including approval from SDHG shareholders.
The company expects the proposed investment to close in the fourth quarter of 2026. Success Flow and Choice Faith will sell the shares under the agreement. Both sellers are beneficially owned by Shandong Hi-Speed Holdings Group Limited.
Agreements Support Governance Stability
VNET also signed related agreements with the buyers and founder-linked parties. These include an investor rights agreement and a voting and consortium agreement. Both agreements will become effective after the proposed investment closes.
The investor rights agreement gives the buyers certain rights in VNET after closing. It also restricts transfers of certain acquired Class A ordinary shares for a specified period. Besides, the buyers agreed to take steps that support control stability.
The voting and consortium agreement gives founder parties voting direction over certain acquired shares. Founder Josh Sheng Chen and affiliated vehicles form part of those founder parties. The structure adds strategic capital alignment while preserving leadership influence.
China Data Center Expansion Gains New Backing
VNET operates carrier-neutral and cloud-neutral internet data center services in China. The company provides IDC services, cloud services, and business VPN services. Its platform supports enterprise needs for secure, fast, and reliable internet infrastructure.
The company runs data center operations across more than 30 Chinese cities. It serves over 7,000 hosting and related enterprise customers across many industries. Its clients include internet companies, government entities, blue-chip firms, and small businesses.
The buyer structure also adds strategic relevance to VNET’s expansion plan. PJ Millennium Partnership owns both buyers through its structure. Its general partner links to Lochpine BG I GP Limited, an affiliate of Contemporary Amperex Technology.
AIDC Growth Becomes Core Market Angle
VNET framed the deal around technology, supply chains, and next-generation AIDC development. AIDC refers to AI-focused data center infrastructure for heavier computing demand. This area needs stronger power, cooling, networking, and facility design.
The transaction does not inject direct new capital into VNET because sellers will receive the proceeds. Still, it changes the ownership base and brings strategic partners into the company. As a result, VNET gains stronger backing for its longer-term infrastructure strategy.
The latest deal places VNET inside a broader digital infrastructure cycle. China’s AI and cloud demand continue to increase pressure on data center capacity. Consequently, VNET’s ownership shift gives the stock a sharper growth angle in 2026.
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