VNET Group (NASDAQ: VNET) saw its stock price plummet by 5.03% in pre-market trading on Tuesday, following the announcement of a new Real Estate Green Asset-Backed Security offering. The company, a leading carrier-neutral Internet data center services provider in China, is set to raise approximately RMB860 million (about $133 million) through this financial instrument.

According to the company's statement, the offering includes equity consideration of about RMB800 million. After the deal's completion, VNET Group will serve as both the issuer and originator for the private REIT (Real Estate Investment Trust) project. The company will also remain responsible for the operation of the IDC (Internet Data Center) project associated with this offering.

The market's negative reaction to this news suggests that investors may be concerned about potential dilution of existing shareholder value or the company's need for additional capital. However, this move could also be seen as part of VNET Group's strategy to optimize its capital structure and fund future growth in the rapidly expanding data center market. As the trading session progresses, investors will be closely watching for any further details or management comments regarding the use of proceeds and the potential impact on the company's financial position.