The shares were acquired from Success Flow International Investment Limited and Choice Faith Group Holdings Limited by two wholly owned subsidiaries of PJ Millennium Limited Partnership. This entity is tied to Lochpine Capital Limited, which serves as a non-controlled affiliate of Contemporary Amperex Technology Co., Limited. With this acquisition, the buyers now control more than one-third of VNET’s total issued and outstanding ordinary shares, calculated against the company's June 30, 2026, count of 1.7 billion shares.

Following the completion of the deal, new governance protocols have taken effect. An investor rights agreement between the company and the buyers is now operational, alongside a voting and consortium agreement involving VNET founder Josh Sheng Chen and his affiliated investment vehicles. VNET, which provides carrier-neutral data center and cloud services across more than 30 Chinese cities, maintains a client base exceeding 7,000 enterprise customers.