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VNET Group, Inc.

Company NameVNET Group, Inc.
Stock SymbolVNET

On February 15, 2023, VNET disclosed that its board of directors had approved and authorized the issuance of up to 555,000 newly created Class D ordinary shares to the Executive Chairman of the Board. The Company claimed that the Class D ordinary shares “will have the same rights as the Company’s existing Class B ordinary shares except for voting rights, and holders of Class D ordinary shares shall be entitled to 500 votes per share on all matters submitted to shareholder vote.” Additionally, the Company stated that the “issuance of the newly created Class D ordinary shares is an initiative by the Board to protect the Company's interests and continued stability. On this news, the Company’s share price fell, thereby injuring investors. 

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