On May 22, VNET Group fell 8.96% in pre-market trading, trading at $9.05/share, with trading volume of $2.2068 million.

The decline follows the formal announcement by Shandong Hi-Speed Holdings (00412.HK) on May 21 that it will sell its entire 38.78% stake in VNET — approximately 650 million Class A ordinary shares — for $942 million to PJ Millennium Limited Partnership, an entity affiliated with CATL. The per-share price of $1.4486 represents a premium exceeding 200% over Shandong Hi-Speed's original acquisition cost of $0.4597 per share in 2023. Upon completion, Shandong Hi-Speed will no longer hold any VNET shares.

While CATL's affiliated capital entering as the largest shareholder initially sent shares surging over 25% on May 13, investors are now reassessing the implications. VNET reported a net loss of RMB 257 million for 2025 with total liabilities surging to RMB 36.03 billion, raising concerns about its financial structure amid aggressive capital expenditure guidance of RMB 10-12 billion for 2026. The characterization of the transaction as a strategic cash-out by Shandong Hi-Speed appears to weigh on near-term sentiment.

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