VNET strategic investors lift stake to 38.1% after share purchase closes

PJ Millennium I Limited and PJ Millennium II Limited closed the purchase of 650,424,192 Class A ordinary shares from Success Flow and Choice Faith.

The buyers now hold about 38.1% of total issued and outstanding ordinary shares, based on 1,708,970,760 shares outstanding as of June 30, 2026.

Both buyers are wholly owned subsidiaries of PJ Millennium Limited Partnership, whose general partner is controlled by Lochpine Capital.

An investor rights agreement became effective alongside a voting and consortium agreement involving Josh Sheng Chen and affiliated investment vehicles.