VNET Withdraws Privatization Offer, Remains Public

VNET Group, Inc. Sponsored ADR (VNET) has released an update.

VNET Group, Inc., a prominent provider of internet data center services in China, announced the withdrawal of a privatization proposal by its founder, Mr. Josh Sheng Chen, and the subsequent dissolution of the Special Committee formed to evaluate potential transactions. Mr. Chen believes the company’s long-term interests are best served by remaining public, given the current market conditions, and remains committed to VNET’s growth and sustainable development. VNET and Shandong Hi-Speed Holdings Group Limited express optimism for VNET’s future and aim to enhance its green, AI-powered infrastructure platform.

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