VNET on Track to Gain Share in China's Wholesale Internet Data Center Market -- Market Talk

Dow Jones2024-11-22

0815 GMT - VNET Group is likely on track to gain share in China's wholesale internet data center market, driven by a premium customer portfolio and industry experience, Nomura analysts say in a research report. By end-3Q, the Chinese company had delivered a wholesale IDC capacity of 358 megawatts, with a 78% utilization rate, the analysts note. The IDC services provider has another 297 megawatts of wholesale capacity under construction, of which 88% is already precommitted by customers. Nomura upgrades its rating on U.S.-listed VNET Group to buy from neutral, partly due to incremental improvement in the company's competitive landscape for the domestic wholesale IDC market. VNET's ADRs closed 15% higher at $4.33 on Thursday. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

November 22, 2024 03:15 ET (08:15 GMT)

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