VNET Group (VNET) Soars 25% Ahead of Q1 Earnings

VNET Group Inc. (NASDAQ:VNET) is one of the 10 Stocks With Easy Double-Digit Gains.

VNET Group soared by 25.06 percent on Wednesday to end at $11.28 apiece, as investors repositioned portfolios ahead of the results of its earnings performance in the first quarter of the year.

In a notice to investors, VNET Group Inc. (NASDAQ:VNET) said that it is scheduled to report its financial and operating highlights before market open on Tuesday, March 26. A conference call will be held to elaborate on the results.

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In other news, VNET Group Inc. (NASDAQ:VNET) announced the entry of two strategic investors—PJ Millennium I Ltd. and PJ Millennium II Ltd.—following their successful acquisition of a 38.1 percent stake in the company for a total of $942 million.

The transaction covered 650.4 million Class A shares at a price of $1.4486 apiece, and was acquired from Success Flow International Investment Ltd. and Choice Faith Group Holdings Ltd.

In line with the investment, VNET Group Inc. (NASDAQ:VNET) sealed an investor rights agreement with the two firms, as well as a voting and consortium agreement with Chairman and interim CEO Josh Sheng Chen, both of which will become effective upon the closing of the proposed investment.

“We are pleased to welcome our new strategic investors and greatly appreciate their strong support for VNET and our long-term vision. Looking ahead, we will work closely with our strategic partners to deepen collaboration across technology and supply chains, and to jointly advance original, end-to-end innovation across the next generation of the AIDC industry,” Chen said.

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