VNET Group shares rose 11.81% to $7.28 Monday afternoon after PJ Millennium entities completed a secondary transfer of 650,424,192 Class A ordinary shares from existing stakeholders. The buyers acquired a 38.1% ownership stake based on VNET's 1,708,970,760 shares outstanding as of June 30. Because the transaction involved existing shares rather than a new issuance, VNET said it avoided shareholder dilution. The purchasers are affiliated with Lochpine Capital Limited, which is tied to manufacturer Contemporary Amperex Technology Co. Limited. The ownership shift gives VNET concentrated institutional backing and suggests potential strategic synergies across its operations in 30 cities.