Sheng Chen Amends VNET Holdings via New Voting Agreement with CATL Affiliates

Mr. Sheng Chen and associated entities, including GenTao Capital Limited, filed Amendment No. 10 to their Schedule 13D for VNET Group, Inc. (VNET) on May 15, 2026. The filing reports a combined beneficial ownership of 553,737,207 Class A Ordinary Shares, representing 32.4% of the issuer. This includes 455,296,932 shares held by Investor A, over which Mr. Chen currently exercises voting power. On May 13, 2026, affiliates of Contemporary Amperex Technology Co., Limited (the Buyers) entered into a share purchase agreement to acquire up to 650,424,192 Class A shares from Investor A and Investor B. Concurrently, Mr. Chen entered into a Voting and Consortium Agreement with the Buyers, effective upon the transaction's closing (expected Q4 2026). Under this agreement, Mr. Chen will lose voting power over Investor A's shares but will gain voting instructions over 50% of the shares acquired by the Buyers (up to 325,212,096 shares) for an initial two-year term. Post-closing, Mr. Chen's beneficial ownership is expected to be approximately 24.8% of total shares, representing 34.3% of voting power.