On November 16, 2023, Beijing time, Century Interconnection Group (Nasdaq:VNET), China's leading third-party neutral data center service provider, announced that a subsidiary of Shengao Holdings Group Co., Ltd. (hereinafter referred to as "Sangao Holdings", 00412.HK) has signed an equity investment agreement totaling US $299 million with Century Interconnection ("the Company").
According to the investment agreement, Success Flow, a holding subsidiary of Sangao, will invest US $209.3 million in the company and Choice Faith, a subsidiary of Sangao, will invest US $89.7 million in the company. The subscription price of the two entities is $2.7582 per American depositary share (ADS) of the company. If the relevant delivery conditions are met, delivery of the investment is expected to be completed by the end of 2023 or January 2024.
Success Flow agrees not to dispose of the Company shares acquired by it in the proposed investment to anyone (except in certain specific circumstances) by equity transfer or other means for three years after the completion of the delivery. Success Flow and Choice Faith signed the Voting and Consortium Agreement with Mr. Chen Sheng, the founder of the Company, and his subsidiary investors (together with Mr. Chen Sheng, the "founder side"). According to the agreement, Success Flow will abide by the voting arrangement with the founder during the voting at the general meeting of the Company in accordance with the terms and conditions of the agreement.
"We are pleased to receive the strategic investment of Sangao Holdings, which confirms the unique value of Century Interconnection in the data center field." Chen Sheng, founder and executive chairman of Century Interconnection, said, "this investment will further strengthen the company's balance sheet. In the future, Interconnection and Sangao Holdings will join hands to innovate and jointly explore strategic opportunities in the field of new energy. With the vigorous development of the digital economy, Century Interconnection will continue to be committed to providing reliable data center services to customers and creating long-term value for shareholders."
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