VNET Group, Inc. American Depositary Shares (VNET)

VNET started as AsiaCloud in 1999 and moved into the data center business, opening its first self-developed data center in 2010. The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNET Group in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud as customers. At the end of December 2025, it had 49,863 retail cabinets, with the majority in Beijing, Shanghai, and the Greater Bay area. It also had 889 MW of wholesale capacity in service, with a further 452 MW under construction and a further 840 MW held for future development.