VNET (ADR) (VNET)
Operates retail and wholesale data centers alongside cloud and VPN services in China.
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Provides retail and customized wholesale data-center services, plus cloud and VPN services. Its China-focused footprint combines carrier- and cloud-neutral infrastructure with both retail colocation and customized capacity for hyper-large clients.
Retail IDC services house customers' servers and networking equipment, while customized wholesale IDC sites serve hyper-large clients. Cloud and VPN services extend the hosting offering.
Operations are concentrated in China, with carrier- and cloud-neutral data centers in more than 30 cities. The business combines retail colocation with customized wholesale capacity rather than relying on a single customer format.
Founded by Josh Sheng Chen, the company began carrier-neutral data-center operations in 1999 and remains founder-led through Chen's executive chair role. Its hosting and related services depend on data-center infrastructure that connects enterprise customers to networks.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $16 | Target: $14 |
| Jul 7, 2026 | Deutsche Bank | Initiate | Rating: —Target: — | Target: $12.50 |
| May 26, 2026 | Morgan Stanley | Target | Target: — | Target: $16 |
| May 26, 2026 | Jefferies | Target | Target: $23.55 | Target: $24.79 |
| May 26, 2026 | Seaport Global | Target | Target: — | Target: $16.30 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.08B · Total debt $4.58B · Total assets $7.41B · Shareholders' equity $609.6M
- Revenue
- $414.3M
- Operating income
- $28.2M
- Net income
- −$21.6M
Reported in CNY, converted at the latest exchange rate
No dividends on record.
| Institutions | 58.46% | 163.44M ADS | |
|---|---|---|---|
| 179 holders · as of Jun 30, 2026 | |||
| Insiders | 4.91% | 13.72M ADS | |
| 5 holders · as of Aug 4, 2026 | |||
| Strategic holders | 4.53% | 12.65M ADS | |
| 1 holder · as of May 5, 2021 | |||
| Other | 32.10% | 89.75M ADS | |
| remainder | |||
279.56M ADS (1 ADS = 6 ordinary shares) as of Aug 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Point72 Asset Management, L.P.Institution | 6.54% | 18.29M A ADS | as of Jun 30, 2026 |
Sheng Chen1Insiderdirector, officer: Exec. Chairperson & Int. CEO | 4.68% | 78.58M A ordinary | filed Sep 14, 2022 |
Bold Ally (Cayman) LimitedInstitution | 4.55% | 12.71M | filed Mar 23, 2022 |
GIC Private LimitedStrategic | 4.53% | 12.65M | filed May 5, 2021 |
Triata Capital LtdInstitution | 4.21% | 11.76M A ADS | as of Jun 30, 2026 |
- Sheng Chen's transaction reports restate only vehicles that traded; the 2022 ownership statement (13.10M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 1, 2026 | Sean Shao | director | −60,000 | $1.71 |
| May 18, 2026 | Zhihua Zhang | officer: SVP, Operational Finance | −9,072 | $1.69 |
| Mar 23, 2026 | David Lifeng Chen | director | −83,544 | $1.51 |
