VNET Group, a Chinese data-center operator, reported its quarterly earnings with revenue of $307.75 million, reflecting a year-over-year increase of 15.09%, surpassing expectations by $22.87 million. However, its earnings per share (EPS) was -$0.01, missing estimates by $0.04. In addition, VNET announced plans to raise $400 million through convertible senior notes, which will mature on April 1, 2030, to enhance its data services in China. Citibank has raised its price target for VNET shares to $20 from $16, citing recent share price weakness linked to concerns over capital expenditure plans and potential regulatory issues.