Lochpine Capital Discloses Stake and Board Rights at VNET Group with 11.4% Holding

PJ Millennium Group entities acquired 650,424,192 Class A shares of VNET Group (VNET) for $942,182,804, or $1.4486 per share. They completed the purchase of 97,563,630 shares from Seller B for $282,654,841. The remaining 455,296,932 shares will be acquired later. The investors gained governance rights, including a board seat.

Vnet Group Inc. (VNET) reported Q2 earnings with wholesale data center capacity exceeding 1 gigawatt, revenue up 14.2% YoY to RMB2.78B, and adjusted EBITDA up 25.4% to RMB918.3M. Wholesale IDC revenue grew 29.3% to RMB1.10B. Costs rose, with adjusted cash gross margin slipping to 41.8% due to higher utility costs. The company has 1.2GW of orders and reservations, but faces supply chain constraints and debt levels of 6.4x EBITDA.

VNET Group reported Q2 2026 revenue of RMB 2.78 billion, up 14.2% YoY, driven by 29.3% growth in wholesale IDC revenue. Adjusted EBITDA rose 25.4% to RMB 918.3 million. The company surpassed 1 GW in wholesale capacity and secured 862 MW in year-to-date orders. Full-year revenue guidance is RMB 11.5-11.8 billion, with CapEx expected at RMB 10-12 billion. Management highlighted growth in AI-related infrastructure demand and risks from power and chip supply constraints.

VNET Group (VNET) reported 14.2% revenue growth to RMB2.78B and 25.4% adjusted EBITDA growth to RMB918.3M in Q2, but shares fell 16.9% on expansion concerns. Wholesale IDC revenue grew 29.3% to RMB1.10B, with strong order pipeline but declining margins and cash flow. Debt remains high at RMB23.42B. Bulls see potential in contracted demand, while bears highlight financing pressures.

VNET Group, Inc. (VNET) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 VNET Reports Unaudited Second Quarter 2026 Financial Results BEIJING, August 18, 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 its

Bloomberg reports China is drafting a plan to spend about 2 trillion yuan ($295 billion) over five years to build interconnected data centers nationwide, supporting Beijing’s AI push. The National Development and Reform Commission is working on a blueprint, with China Mobile and China Telecom set to run most sites and local suppliers, including Huawei, targeted for at least 80% of tech. Funding would rely mainly on sovereign debt and state funds.