VNET Group, Inc.

VNET Group, Inc. is a leading carrier-neutral and cloud-neutral data center service provider in China. The company operates one of the largest carrier-neutral data center networks in China. As of December 31, 2025, its wholesale IDC business had an aggregate capacity in service of 889MW, and its retail IDC business had 49,863 cabinets in service. VNET Group's data centers are primarily located in tier-1 cities in China and their surrounding regions. Most of its data centers and Points of Presence (POPs) are interconnected across China. The company offers managed hosting services, which involve hosting customers' servers and networking equipment, and provides interconnectivity to enhance the performance, availability, and security of their internet infrastructure. VNET Group employs a "dual-core" strategy, addressing both retail and wholesale data center market opportunities. The retail IDC business provides scalable services, ranging from a single cabinet to megawatt-scale deployments. The wholesale IDC business offers customers new data center sites that are constructed and developed by VNET Group according to specified standards. VNET Group is also a first mover among China's carrier-neutral data center service providers in offering cloud services through partnerships, covering public, private, and hybrid cloud scenarios. Additionally, the company provides customized enterprise VPN services and solutions, including software-defined wide area network (SD-WAN), to enterprises across various industries.