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VNET on Nasdaq

21Vianet

Chinese Internet and data center service provider

VNET Group, Inc. (VNET, formerly 21Vianet) is the largest private, carrier-neutral Internet and data center service provider in China. A Cayman Islands holding company, VNET provides value-added telecommunications services in China through four domestic PRC companies: VNET Technology, BJ iJoy, WiFire Network, and SH Zhiyan. It is the exclusive operator of Microsoft Azure and Microsoft 365 services in China, and also houses data centers for Alibaba and other Chinese companies.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

-$36.0MNet income, fiscal 20254
Oct 16, 2009Founded1

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  • TickerVNET on Nasdaq1
  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • HeadquartersBeijing1
  • Websitewww.ch.21vianet.com
  • Business addressGuanjie Building, Southeast 1St Floor, 10# Jiuxianqiao East Road, Beijing, F4 1000165
  • Filer categoryLarge accelerated filer5

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VNET Group, Inc. (VNET, formerly 21Vianet) is the largest private, carrier-neutral Internet and data center service provider in China. A Cayman Islands holding company, VNET provides value-added telecommunications services in China through four domestic PRC companies: VNET Technology, BJ iJoy, WiFire Network, and SH Zhiyan. It is the exclusive operator of Microsoft Azure and Microsoft 365 services in China, and also houses data centers for Alibaba and other Chinese companies.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2019

24.8%Gross margin6
4.8%Operating margin6
-4.8%Net margin6
10.0%Revenue growth, 20196
-3.7%Return on equity6
-$64.1MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2019

  • Cost of revenue75¢$409.3M
  • Research and development2¢$12.8M
  • Other costs13¢$71.7M
  • Interest9¢$49.7M
  • Income tax0¢$781.0K

Out of $544.3M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2019

  • Capital spending99¢$179.4M
  • Share buybacks1¢$1.7M

Out of $115.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue76$544.3M in 2019+10% since 2018
0$200.0M$400.0M$600.0M2018: $494.7M$494.7M20182019: $544.3M$544.3M2019+10%
Gross profit76$134.9M in 2019−2% since 2018
0$50.0M$100.0M$150.0M2018: $137.4M$137.4M20182019: $134.9M$134.9M2019−2%
Operating income76$26.2M in 2019−24% since 2018
0$10.0M$20.0M$30.0M$40.0M2018: $34.5M$34.5M20182019: $26.2M$26.2M2019−24%
Net income76-$26.2M in 2019−12% since 2018
-$30.0M-$20.0M-$10.0M02018: -$29.8M-$29.8M20182019: -$26.2M-$26.2M2019−12%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Hosting and related services (including related parties amounts of RMB50,709, RMB34,153 and RMB40,426 for the years ended December 31, 2023, 2024 and 2025, respectively)-7.8B CNY-6.4B CNY-6.1B CNY
Gross profit2.2B CNY1.8B CNY1.3B CNY
Operating income27.8M CNY114.6M CNY106.3M CNY
Sales and marketing expenses-279.2M CNY-263.8M CNY-266.2M CNY
Research and development expenses-261.1M CNY-246.6M CNY-322.2M CNY
General and administrative expenses-796.9M CNY-659.0M CNY-541.9M CNY
Provision for doubtful debt-102.7M CNY-107.9M CNY-368.5M CNY
Impairment of long-lived assets-506.7M CNY
Impairment of goodwill-1.4B CNY
Total operating expenses-1.4B CNY-1.2B CNY-3.3B CNY
Operating (loss) profit780.3M CNY669.4M CNY-2.0B CNY
Interest income37.4M CNY28.0M CNY41.8M CNY
Interest expense-598.6M CNY-401.0M CNY-312.2M CNY
Changes in the fair value of financial instruments-314.3M CNY-74.1M CNY-165.9M CNY
Impairment of long-term investments-11.2M CNY
Gain on debt extinguishment246.2M CNY
Gain on deconsolidation of a subsidiary469.8M CNY
Foreign exchange (loss) gain, net5.5M CNY-19.2M CNY-79.0M CNY
Other income55.6M CNY52.7M CNY27.3M CNY
Other expenses-18.4M CNY-27.3M CNY-16.1M CNY
(Loss) income before income taxes and gain from equity method investments417.2M CNY474.7M CNY-2.5B CNY
Income tax expenses-557.5M CNY-234.2M CNY-114.4M CNY
Gain from equity method investments6.9M CNY8.0M CNY3.3M CNY
Net (loss) income-133.4M CNY248.4M CNY-2.6B CNY
Net income attributable to noncontrolling interests-67.5M CNY-65.2M CNY-46.7M CNY
Net income attributable to redeemable noncontrolling interests-50.9M CNY
Net (loss) income attributable to VNET Group, Inc.-251.8M CNY183.2M CNY-2.6B CNY
Accretion to redemption value of redeemable noncontrolling interests-4.9M CNY
Net loss attributable to the Company's ordinary shareholders-256.8M CNY168.1M CNY-2.6B CNY
Basic (in dollars per share)-0.16 CNY0.11 CNY-2.93 CNY
Diluted (in dollars per share)-0.16 CNY0.02 CNY-2.93 CNY
Basic (in shares)1.6B shares1.6B shares901.1M shares
Diluted (in shares)1.6B shares1.7B shares901.1M shares
Hosting and related services - Net revenues9.9B CNY8.3B CNY7.4B CNY

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Corporate structure

21Vianet sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of 21Vianet

  • 21Vianet Beijing

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What 21Vianet reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$3.3B4 Dec 31, 2025$2.4B8 Dec 31, 2024+38.1%
Operating-lease assets (leased space)$696.6M4 Dec 31, 2025$632.7M8 Dec 31, 2024+10.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$789.9M4 Dec 31, 2025$204.5M8 Dec 31, 2024+286.3%
Marketable securities, current$54.2M4 Dec 31, 2025$50.3M9 Dec 31, 2023+7.9%
Long-term investments$152.0M4 Dec 31, 2025$108.9M8 Dec 31, 2024+39.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$286.7M4 Dec 31, 2025$192.3M8 Dec 31, 2024+49.1%
Accumulated amortization791.6M CNY4 Dec 31, 2025649.3M CNY4 Dec 31, 2024+21.9%

Leadership

Who has led 21Vianet, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Sheng Chen2026–now

Chair

  1. Sheng Chen2026–now

Chief financial officer

  1. Qiyu Wang2026–now
2010201520202025
Board members and other officers (5)

Former names

  • 21Vianet Group, Inc.Apr 6, 2011 to Oct 8, 20215
  • 21 Vianet Group, Inc.Apr 4, 2011 to Apr 6, 20115

Timeline

  1. Mar 17, 2026New chief executive Sheng Chen becomes CEO10
  2. Apr 21, 2011Went public Listed on NASDAQ1
  3. Oct 16, 2009Founded Founded1

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.02 a share, on Nov 20, 2025.17

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

159 filings to the SEC since October 2021: 6 annual reports, 15 insider forms, 45 large holders, 93 other. The latest 20:

  1. Sep 23, 2026SCHEDULE 13D/A EDGAR
  2. Sep 23, 2026SCHEDULE 13D/A EDGAR
  3. Sep 21, 20266-K EDGAR
  4. Aug 28, 2026SCHEDULE 13D EDGAR
  5. Aug 18, 20266-K EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Jun 3, 20264 OWNERSHIP DOCUMENT EDGAR
  9. May 26, 20266-K EDGAR
  10. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  11. May 19, 2026SCHEDULE 13D/A EDGAR
  12. May 15, 2026SCHEDULE 13D/A EDGAR
  13. May 15, 20264 OWNERSHIP DOCUMENT EDGAR
  14. May 15, 20264 OWNERSHIP DOCUMENT EDGAR
  15. May 15, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 13, 20266-K EDGAR
  17. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Apr 20, 20266-K EDGAR
  19. Apr 16, 202620-F EDGAR
  20. Mar 25, 20264 OWNERSHIP DOCUMENT EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 1, 2026Shao SeanDirectorSale60,000$1.71$102.6KForm 4
May 18, 2026ZHANG ZHIHUASVP, Operational FinanceSale9,072$1.69$15.3KForm 4
Mar 23, 2026Chen David LifengDirectorSale83,544$1.51$126.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Point72 Asset Management, L.P.18,290,761$147.1M0.2%+2,177,366
Triata Capital Ltd11,763,935$94.6M16.1%+576,253
Blackstone Inc.10,402,130$83.6M0.3%No change
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.9,666,879$77.7M0.1%+3,805,601
Millennium Management LLC8,768,940$70.5M0.0%+3,565,311
Norges Bank8,527,387$68.6M0.0%New
Morgan Stanley7,876,504$63.3M0.0%+785,530
UBS Group AG4,964,476$39.9M0.0%−772,932
Carmignac Gestion4,760,599$38.1M0.5%+4,437,879
BlackRock, Inc.3,919,113$31.5M0.0%+351,407
D. E. Shaw & Co., Inc.3,531,345$28.4M0.0%+1,004,171
Temasek Holdings (Private) Ltd3,525,444$28.3M0.1%+2,079,444
Oasis Management Co Ltd.3,449,188$27.7M3.2%−1,170,000
Hsbc Holdings PLC3,429,901$27.2M0.0%+3,014,875
Bank Of America Corp /de/3,382,300$27.2M0.0%+2,739,688
Pinpoint Asset Management (Singapore) Pte. Ltd.3,368,659$27.1M6.8%+3,316,689
Manufacturers Life Insurance Company, The3,201,968$25.7M0.0%+578,374
Senvest Management, LLC3,099,637$24.9M0.7%+320,000
Tiger Pacific Capital LP2,909,886$23.4M10.9%+2,143,661
Goldman Sachs Group Inc2,498,356$20.1M0.0%−2,204,424
Vanguard Capital Management LLC2,043,809$16.4M0.0%+2,235
Farallon Capital Management, L.l.c.1,992,000$16.0M0.1%+1,368,653
CoreView Capital Management Ltd1,988,929$16.0M2.9%New
Dimensional Fund Advisors LP1,567,498$12.6M0.0%+96,844
Capital International Investors1,495,191$12.0M0.0%+41,932

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How 21Vianet is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVNET Group, Inc.2
  • CIK0001508475
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company30
  • Incorporated inCayman Islands30
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business addressGuanjie Building, Southeast 1St Floor, 10# Jiuxianqiao East Road, Beijing, F4 1000162
  • Phone(86 10) 8456-21212
  • Shares outstanding1,592,152,601 Common Class A shares; 30,721,723 Common Class B shares; 60,000 Common Class C shares as of Dec 31, 202530
  • AuditorKPMG Huazhen LLP, Beijing, China PCAOB ID 1186; it also attests to the company’s internal control over financial reporting30
  • On EDGAR sinceApr 4, 20112
  • Filings427 in all: 6-K (198), SC 13G/A (53), SC 13D/A (27), SC 13G (25), UPLOAD (18), 20-F (15), CORRESP (15), 4 (8)2
    All 34 form types

    3 (7), S-8 (7), SC 13D (7), SCHEDULE 13D/A (6), SCHEDULE 13G/A (6), 144 (5), F-1/A (3), SC TO-I/A (3), SCHEDULE 13G (3), 20-F/A (2), 424B5 (2), 6-K/A (2), EFFECT (2), 424B3 (1), 424B4 (1), 424B7 (1), 8-A12B (1), CERTNAS (1), CT ORDER (1), F-1 (1), F-1MEF (1), F-3ASR (1), F-6 (1), FWP (1), SC TO-I (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (20-F) Apr 16, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing six Class A ordinary shares, par value US$0.00001 per shareVNETNASDAQ
Class A ordinary shares, par value US$0.00001 per share

From the cover page of the 20-F filed Apr 16, 2026 (Section 12(b) of the Exchange Act).30

Sources

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