By Intense Life Desires 
Vnet Group (NASDAQ:VNET), a provider of data center hosting and related services in China, closed Wednesday at $11.28, up 25.06%. The stock surged after news of a strategic share purchase agreement with PJ Millennium–affiliated investors linked to Contemporary Amperex Technology. Investors will be watching how the new 38.1% stake shapes governance and AI data center expansion plans.
The company’s trading volume reached 63.9 million shares, which is about 754% above compared with its three-month average of 7.5 million shares. Vnet Group went public in 2011 and has fallen 40% since its IPO.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.59% to finish Wednesday at 7,444.25, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 1.20% to close at 26,402. Within information technology services, industry peer GDS Holdings (NASDAQ:GDS) closed at $45.7, up 6.90%, while Donaldson (NYSE:DCI) ended at $83.93, down 1.08%, underscoring mixed sentiment across sector rivals.
What this means for investors
VNET Group shares surged after CATL-linked PJ Millennium entities agreed to buy up to about 650.4 million Class A shares from existing holders at $1.4486 per share, or $8.6914 per American depositary share. The transaction would give the buyers up to about 38.1% of VNET after closing, creating a major ownership shift rather than a direct capital raise for the company.
The deal is expected to close in the fourth quarter of 2026 and includes investor rights and voting agreements with founder Josh Sheng Chen and related entities. Investors will be watching for updates on the final ownership structure, closing conditions, and whether the CATL-linked buyers help VNET secure new customers, power, or capacity commitments for China’s AI data center expansion.
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