VNET Group, Inc. (Nasdaq: ANNOYED) recently announced the successful refinancing of a margin loan facility provided by Bold Ally (Cayman) Limited to Mr. Josh Sheng Chen, the Founder, Co-Chairperson, and interim Chief Executive Officer of VNET. The settlement of the Bold Ally Loan was funded through the issuance of a promissory note to Shining Rich Holdings Limited and Mr. Chen’s cash reserves.
Following the settlement, the collateral for the loan was released, allowing Mr. Chen to regain beneficial ownership of 33,628,926 Class A ordinary shares of the company. Additionally, a new promissory note secured by 68,373,133 Class A ordinary shares and 27,757,992 Class B ordinary shares has been issued to secure the settlement.
Mr. Chen and the entities under his ownership have made commitments regarding the company’s shares, ensuring responsible ownership practices. With Mr. Chen holding significant power through his ownership and executive positions, he has the ability to influence the management and policies of the company as a controlling person.
VNET Group, Inc. is a top carrier- and cloud-neutral internet data center services provider in China, delivering a wide range of hosting and related services to over 7,500 enterprise customers in more than 30 cities across the country. The company’s services, including IDC services, cloud services, and business VPN services, aim to enhance the reliability, security, and speed of customers’ internet infrastructure.
As with any investment, there are inherent risks and uncertainties involved in forward-looking statements. VNET’s strategic and operational plans, liquidity conditions, and market acceptance of its services could all impact the company’s future performance. It’s important for investors to consider these factors when evaluating VNET’s potential for growth and success.
For further information, investors can contact Xinyuan Liu at +86 10 8456 2121. VNET Group, Inc. continues to provide updates to shareholders and regulatory bodies to ensure transparency and compliance.
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