On Wednesday, VNET Group (VNET.US) surged over 28%, reaching $11.57 per share. The company announced that PJ Millennium I Limited and PJ Millennium II Limited have agreed to acquire up to 650 million Class A ordinary shares in cash at a price of $1.4486 per share from two entities beneficially owned by Shandong Hi-Speed Holdings Group Co., Ltd. Upon completion of the transaction, the buyers will collectively hold approximately 38.1% of the company's shares. Both buyers are wholly-owned subsidiaries of PJ Millennium Limited Partnership. The general partner of this partnership is Lochpine BG I GP Limited, a non-controlling, non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (CATL).