China-based internet data centre services provider VNET Group on Thursday launched a proposed offering of $400 million in convertible senior notes to fund its data centre projects.
The capital raise by the Chinese data centre specialist marks the latest in a series of fundraising efforts by Chinese technology companies.
Firms in the world’s second-largest economy continue to tap international markets following a high-level summit led by President Xi Jinping in February, where the nation’s top tech leaders gathered.
The meeting signaled an easing of the regulatory crackdown, boosting investor confidence and driving a surge in fundraising as Chinese tech firms seek expansion amid improving market conditions.
The maturity date for VNET‘s notes is April 1, 2030, unless they are repurchased, redeemed, or converted before that.
Reuters
