US Stock Market Move | VNET Group, Inc. Sponsored ADR(VNET.US) surged more than 28% with a strategic investment from Contemporary Amperex Technology's associated entity.

On Wednesday, VNET Group, Inc. Sponsored ADR (VNET.US) surged over 28%, closing at $11.57. In terms of news, VNET Group, Inc. Sponsored ADR announced that PJ Millennium I Limited and PJ Millennium II Limited will acquire up to 650 million Class A ordinary shares from two entities beneficially owned by Shandong Hi-speed Holdings Group Co., Ltd. at a cash price of $1.4486 per share. After the transaction is completed, the buyers will collectively hold approximately 38.1% of the company's shares. The buyers are both wholly-owned subsidiaries of PJ Millennium Limited Partnership. The general partner of this partnership is Lochpine BG I GP Limited, which is a non-controlling, non-consolidated affiliate of Contemporary Amperex Technology.