VNET Group, Inc. Sponsored ADR (VNET) has released an update.
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VNET Group, a prominent provider of data center services in China, reported a 12.4% increase in total net revenues for the third quarter of 2024, driven by a surge in wholesale IDC business revenues which rose by 86.4%. The company continues to capitalize on AI-driven demand, securing significant new orders and maintaining a high utilization rate in its data centers. VNET aims to further strengthen its financial position by forming a pre-REITs fund with a major Chinese insurance company.
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