BEIJING, July 28,
2023 /PRNewswire/ -- VNET Group, Inc. (Nasdaq:
VNET) ("VNET" or the "Company"), a leading carrier- and
cloud-neutral internet data center services provider in
China, today announced that Mr.
Tim Chen has been appointed as the
Company's Chief Strategy Officer. Mr. Qiyu
Wang, former Vice President of Finance, was promoted to
succeed Tim as the Company's Chief Financial Officer, effective
immediately. In his new role, Qiyu will oversee the Company's
finance, legal, mergers and acquisitions, and investor
relations.
Mr. Josh Sheng Chen, Founder and
Chairman of VNET, commented, "We are thrilled to congratulate Tim
and Qiyu on their new appointments at VNET. Their deep expertise
and experience will empower the new leadership team to advance our
dual-core strategy and unleash VNET's full potential moving
forward. Given the evolving operational environment, we will
maintain the Company's focus on high-quality revenue business to
drive higher margins and better profitability, while improving
operating efficiency and implementing effective cost control.
"Tim has been instrumental in leading our financing projects in
the offshore capital market over the past three years, helping us
secure a total of US$1.4 billion
financing since joining us in 2020," Josh added. "I would like to
thank him for his great contributions and look forward to working
closely with him in the Chief Strategy Officer role.
"As China's investment and wealth management industry grows
rapidly, onshore markets are becoming attractive emerging
destinations for investment. Looking ahead, we will leverage Qiyu's
extensive knowledge of onshore markets, including RMB funds, to
align our refinancing structure for a good balance between offshore
and onshore. This will ensure VNET's growth and success in the
future, while upholding the Company's core values and commitments
to our customers and stakeholders."
Mr. Qiyu Wang joined the Company
in April 2022 and has served as the
Vice President of Finance since then. Prior to joining the Company,
Qiyu had over 20 years' experience in the Chinese
telecommunications industry, in charge of business operations,
financial management and capital operations. From 2016 to 2021,
Qiyu served as a Vice President of China Telecom Global Limited,
overseeing strategic business development and mergers and
acquisitions. From 2010 to 2016, he served as the Chief Financial
Officer of China Communications Services International Limited.
Prior to that, he served as the finance manager at the headquarters
of China Telecommunications Corporation Limited. Qiyu received his
EMBA from Hong Kong University of Science and
Technology.
As the Company's Chief Strategy Officer, Tim will be deeply
involved in investor relations activities and business operations,
while working hand in hand with the leadership team to set the
Company's strategic direction, including exploration of hyperscale
data center opportunities in the Asia
Pacific region, to help drive the Company's growth.
Tim has served as the Company's Chief Financial Officer since
May 2021. He also served as the
Company's Chief Strategy Officer from August
2020 to April 2021. Prior to
joining the Company, Tim served as Chief Financial Officer of Asia
Maritime Pacific (Hong Kong)
Limited over a decade from 2009 and has 14-year experience in
prominent investment banking and private equity firms, including
two years at Affinity Equity Partners, eight years at Morgan
Stanley and four years at J.P. Morgan from 1996 to 2009. Tim
received a bachelor of science degree in industrial engineering and
operations research from Columbia
University in New York.
About VNET
VNET Group, Inc. is a leading carrier- and cloud-neutral
internet data center services provider
in China. VNET provides hosting and related
services, including IDC services, cloud services, and business VPN
services to improve the reliability, security, and speed of its
customers' internet infrastructure. Customers may locate their
servers and equipment in VNET's data centers and connect
to China's internet backbone. VNET operates in
more than 30 cities throughout China, servicing a diversified
and loyal base of over 7,000 hosting and related enterprise
customers that span numerous industries ranging from internet
companies to government entities and blue-chip enterprises to
small- to mid-sized enterprises.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "target," "believes," "estimates" and similar
statements. Among other things, quotations from management in this
announcement as well as VNET's strategic and operational
plans contain forward-looking statements. VNET may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements
about VNET's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: VNET's goals and
strategies; VNET's expansion plans; the expected growth
of the data center services market; expectations regarding demand
for, and market acceptance
of, VNET's services; VNET's expectations
regarding keeping and strengthening its relationships with
customers; VNET's plans to invest in research and
development to enhance its solution and service offerings; and
general economic and business conditions in the regions
where VNET provides solutions and services. Further
information regarding these and other risks is included
in VNET's reports filed with, or furnished to,
the U.S. Securities and Exchange Commission. All information
provided in this press release and in the attachments is as of the
date of this press release, and VNET undertakes no duty
to update such information, except as required under applicable
law.
Investor Relations Contact:
Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com
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SOURCE VNET Group, Inc.