VNET raises 38.1% stake via CATL-affiliated buyers

VNET Group, Inc., a NASDAQ-listed provider of carrier- and cloud-neutral internet data center services in China, has finalized a significant equity transaction. Lochpine Capital Limited-affiliated entities PJ Millennium I Limited and PJ Millennium II Limited acquired a combined 38.1% stake in the company, representing approximately 650,424,192 Class A ordinary shares. The deal closed as of June 30, 2026, following a total of 1,708,970,760 ordinary shares outstanding at that date, positioning the buyers as the largest single shareholder in VNET’s capital structure.