# EDGAR Filing Document

**Accession Number:** 0001541680
**File Stem:** 0001104659-26-062459
**Filing Date:** 2026-5
**Character Count:** 103216
**Document Hash:** 143906ceb934f5f12f96d7b50ef28438
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-062459.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001104659-26-062459

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VNET Group, Inc.
- **CENTRAL INDEX KEY:** 0001508475
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86326
- **FILM NUMBER:** 26986670

**BUSINESS ADDRESS:**
- **STREET 1:** GUANJIE BUILDING, SOUTHEAST 1ST FLOOR
- **STREET 2:** 10# JIUXIANQIAO EAST ROAD
- **CITY:** Beijing
- **STATE:** F4
- **ZIP:** 100016
- **BUSINESS PHONE:** (86 10) 8456-2121

**MAIL ADDRESS:**
- **STREET 1:** GUANJIE BUILDING, SOUTHEAST 1ST FLOOR
- **STREET 2:** 10# JIUXIANQIAO EAST ROAD
- **CITY:** Beijing
- **STATE:** F4
- **ZIP:** 100016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 21Vianet Group, Inc.
- **DATE OF NAME CHANGE:** 20110406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 21 Vianet Group, Inc.
- **DATE OF NAME CHANGE:** 20101221
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chen Sheng
- **CENTRAL INDEX KEY:** 0001541680

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GUANJIE BUILDING SOUTHEAST 1ST FLOOR
- **STREET 2:** 10# JIUXIANQIAO E RD, CHAOYANG DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100016

## Exhibit 99.34

**Exhibit 99.34**

**Execution Version**

**VOTING AND CONSORTIUM AGREEMENT**

THIS VOTING AND CONSORTIUM AGREEMENT (this "<u>Agreement</u>") is made on May 13, 2026:

BETWEEN:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mr. Sheng Chen, citizen of the People's
 Republic of China (the " <u>PRC</u> ") with ID Card No. \*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*
 (the " <u>Founder</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;2. GenTao Capital Limited, a business company
 with limited liability incorporated under the Laws of British Virgin Islands (the " <u>Founder Entity 1</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;3. Fast Horse Technology Limited, a business
 company with limited liability incorporated under the Laws of British Virgin Islands (the
 " <u>Founder Entity 2</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;4. Sunrise Corporate Holding Ltd., a business
 company with limited liability incorporated under the Laws of British Virgin Islands (the
 " <u>Founder Entity 3</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Group Limited, a business company
 with limited liability incorporated under the Laws of British Virgin Islands (the " <u>Founder Entity 4</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;6. Zentribe Capital (BVI) Limited, a business
 company with limited liability incorporated under the Laws of British Virgin Islands (the
 " <u>Founder Entity 5</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;7. Beacon Capital Group Inc., a business
 company with limited liability incorporated under the Laws of British Virgin Islands (the
 " <u>Founder Entity 6</u> ", together with the Founder Entity 1, the Founder Entity
 2, the Founder Entity 3, the Founder Entity 4, the Founder Entity 5, the " <u>Founder Entities</u> "; the Founder Entities, together with the Founder, the " <u>Founder Parties</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;8. PJ Millennium I Limited, a business company
 incorporated under the laws of the British Virgin Islands (" <u>Investor A</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;9. PJ Millennium II Limited, a business
 company incorporated under the laws of the British Virgin Islands (" <u>Investor B</u> ",
 and together with Investor A, the " <u>Investors</u> ").

Each party is referred to herein individually as a party (a "<u>Party</u>") and collectively as the Parties (the "<u>Parties</u>"). Unless otherwise indicated, capitalized terms not defined herein shall have the same meaning assigned to such term in the Deed of Representations and Warranties (the "<u>Deed</u>") made as of May 13, 2026 by and among the Company (as defined below) and the Investors.

WHEREAS,

1. In connection with a Share Purchase Agreement,
 made as of May 13, 2026 (the " <u>Share Purchase Agreement</u> "), by and
 among Success Flow International Investment Limited, a BVI Business Company incorporated
 under the Laws of the British Virgin Islands, Choice Faith Group Holdings Limited, a BVI
 Business Company incorporated under the Laws of the British Virgin Islands (collectively,
 the " <u>Sellers</u> " and each, a " <u>Seller</u> ") and the Investors
 under which the Investors agreed to purchase in aggregate 650,424,192 Class A Ordinary
 Shares of VNET Group, Inc., an exempted company with limited liability incorporated
 under the laws of the Cayman Islands (the " <u>Company</u> ") Class A Ordinary
 Shares (the " <u>Purchased Shares</u> ") subject to the terms and conditions thereof.
 The Investors and the Company also entered into an Investor Rights Agreement dated as of
 May 13, 2026 (the " <u>Investor Rights Agreement</u> ") pursuant to which
 the Company agreed to grant to the Investors certain investor rights and the Investors have
 agreed with the Company to comply with certain restrictions as to the transfer of the Purchased
 Shares as set forth therein.

2. As of the date hereof, (a)(i) Founder
 Entity 1 holds 33,628,927 Class A Ordinary Share, (ii) Founder Entity 2 holds 19,670,117
 Class B Ordinary Shares, (iii) Founder Entity 3 holds 8,087,875 Class B Ordinary
 Shares, and (iv) Founder Entity 4 holds four (4) Class A Ordinary Shares,
 769,486 Class B Ordinary Shares and 60,000 Class C ordinary shares of the Company
 with a par value of US$0.00001 each, (v) Founder Entity 5 holds 1,479,660 Class A
 Ordinary Shares; (vi) Founder Entity 6 holds 34,744,206 Class A Ordinary Shares;
 and (b) the Founder is the sole and direct shareholder of each of the Founder Entities
 and the chairman of the Board of the Company.

NOW THEREFORE, in consideration of the premises, the covenants and agreements set forth herein and in the Share Purchase Agreement, the Deed and the Investor Rights Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree unanimously to the following:

**ARTICLE I**

**<u>VOTING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Each Investor agrees and undertakes that,
 (i) during the Voting Term (as defined below), with respect to an aggregate of fifty
 percent (50%) of (A) Class A Ordinary Shares held by Investors as of the Closing *minus* (B) the Founder Indirect Shares (such aggregate number, collectively, and
 including Class A Ordinary Shares held in the form of ADSs, the " <u>Relevant Shares</u> "),
 and (ii) at any time after the Effective Date, with respect to the Founder Indirect
 Shares (as defined below) (together with Relevant Shares, the " <u>Proxy Shares</u> ")
 subject to the terms and conditions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless otherwise agreed by the Founder
 in writing, when and to the extent that any Investor, in its capacity as holder of the Proxy
 Shares, is entitled to vote in accordance with the M&AA and applicable Laws, whether
 at shareholders meetings of the Company, by written resolutions of shareholders of the Company
 or consent or in such other manner as may be permitted by the applicable Laws, such Investor
 shall vote in accordance with any voting instructions provided by the Founder Parties in
 writing (the " <u>Voting Instructions</u> "). The Voting Instructions shall include
 all relevant and sufficient details to enable such Investor to so vote and shall be delivered
 at least ten (10) Business Days before the date on which such voting is set to be made
 (or the date by when the written resolutions or consent is requested or required to be returned
 to the Company, as applicable) (such date, the " <u>Voting Date</u> "); <u>provided</u> that Voting Instructions shall be deemed effective solely in respect of the immediately succeeding
 shareholder meeting (or equivalent shareholder voting occasion) and any adjournments thereof,
 and any instructions indicated therein applicable to one or more voting occasions subsequent
 thereto shall be disregarded and deemed ineffective for purposes of any Investor's
 obligations set forth in this <u>Section 1.1</u>; <u>provided</u> further that the Voting
 Instructions shall not contravene with Investor Director's (as defined in the Investor
 Rights Agreement) exercise of veto rights under Section 4.2(a) of the Investor
 Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Investor shall be entitled to at any
 time and from time to time prior to the Voting Date, share with the Founder Parties their
 views on any or all of the resolutions of shareholders being proposed and provide their recommendations;
 provided that the Founder Parties shall retain the ultimate discretion with respect to the
 Voting Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the receipt of the Voting Instructions
 from the Founder Parties, each Investor shall as soon as reasonably practicable and, in any
 event, by no less than five (5) Business Days before the Voting Date, (i) appoint
 the Founder, or such designee as the Founder may designate in the Voting Instructions, as
 a proxy and issue a proxy (if required) and a power of attorney (substantially in the form
 as set forth in <u>Exhibit A</u> hereto) (such documents, the " <u>Proxy Documents</u> ")
 to authorize the Founder or such Founder's designee to exercise voting rights attached
 to the applicable Proxy Shares on behalf of itself at the Voting Date and solely in accordance
 with the Voting Instructions; or (ii) as applicable, where such Proxy Shares are held
 in the form of ADS and in the name of any broker-dealer on behalf of such Investor, instruct
 and direct any such holder of record of such Proxy Shares to vote such shares in accordance
 with the Voting Instructions or execute the Proxy Documents with respect to such shares to
 authorize the Founder or such Founder's designee to vote on behalf of such holder of
 record at the Voting Date and solely in accordance with the Voting Instructions (the authorization
 as contemplated under this <u>Section 1.1(c)</u>, the " <u>Authorization</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if any Investor fails to deliver the Proxy
 Documents in accordance with <u>Section 1.1(c)</u>, the Founder (or such designee as
 the Founder may designate in the Voting Instructions) shall be deemed to have been appointed
 as such Investor's proxy as if the Proxy Documents had been issued in accordance with <u>Section 1.1(c)</u> and the Founder or such Founder's designee shall accordingly
 be entitled to exercise voting rights attached to the applicable Proxy Shares on behalf of
 such Investor at the Voting Date; provided that the foregoing shall not, for the avoidance
 of doubt, relieve the Founder or such Founder's designee from the obligation to act
 solely in accordance with the Voting Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) notwithstanding anything to the contrary
 in this Agreement, the Parties hereby agree and acknowledge that, during the Voting Term,
 each Investor shall be entitled to independently exercise the votes attached to the Relevant
 Shares at its sole and absolute discretion, whether at shareholders meetings of the Company,
 by written resolutions of shareholders of the Company or consent or in such other manner
 as may be permitted by the applicable Laws, if the applicable subject matter concerns: (i) an
 amendment of the Company's constitutional documents including the M&AA that, if
 adopted, would restrict, inhibit, or terminate the rights, powers, preferences or privileges
 enjoyed by, or actions or entitlements of any Investor under the Share Purchase Agreement
 or the other Transaction Documents, (ii) any merger, division, restructuring, spin-off
 or dissolution of the Company or any of its significant subsidiaries (as determined pursuant
 to Rule 1-02(w) of Regulation S-X under the Exchange Act of 1934, as amended) (the
 " <u>Significant Subsidiaries</u> "), or change of corporate form of the Company
 or any of its Significant Subsidiaries, (iii) any initiation of proceedings for any
 bankruptcy, liquidation or dissolution of the Company or any of its Significant Subsidiaries,
 and (iv) any repurchase, redemption or cancellation of the Equity Securities of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the Founder disputes any exercise of
 voting power by an Investor pursuant to <u>Section 1.1(e)</u> and provided that
 such dispute cannot be resolved by good faith discussions, then the Founder may seek to resolve
 such dispute pursuant to <u>Section 3.1</u>; and without limiting the foregoing, if
 the Investor does exercise the votes attached to the Relevant Shares pursuant to <u>Section 1.1(e)</u> during
 the pendency of such dispute, then, if reasonably requested by the Founder prior to exercising
 such votes, the Investor shall provide to the Founder (on a without prejudice basis) a legal
 opinion by a reputable legal advisor endorsing that such exercise of voting power by the
 Investor is in accordance with <u>Section 1.1(e)</u>; provided, that, nothing in this <u>Section 1.1(f)</u> shall require the Investor to provide or disclose any other
 information or document or take any other action that may affect or infringe attorney-client
 or similar privilege.

"<u>Voting Term</u>" means initially the period starting from the Closing and ending, subject to <u>Section 1.7</u>, upon the date that falls on the second (2<sup>nd</sup>) anniversary of the Closing Date (the "<u>Initial Voting Term</u>"), as may be extended upon good faith discussion and mutual agreement after the expiration of the Initial Voting Term (such extended period after the Initial Voting Term, the "<u>Extended Voting Term</u>") pursuant to <u>Sections 1.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 For the avoidance of doubt, each Investor
 is entitled to exercise its voting rights attached to such Equity Securities of the Company
 held by it (including any Class A Ordinary Shares held in the form of ADSs) that are
 not Proxy Shares from time to time in its sole and absolute discretion whether at shareholders
 meetings of the Company, by written resolutions of shareholders of the Company or consent
 or in such other manner as may be permitted by the applicable Laws, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 So long as <u>Section 1.1</u> or <u>Section 1.6</u> remains in effect in accordance with the provisions hereof, in the
 event that any Investor Transfers any or all of the Proxy Shares to, with respect to each
 Investor, (i) any Affiliate of such Investor or (ii) any successor entity of such
 Investor (the " <u>Permitted Transferee</u> "), such Investor shall procure such
 transferee to agree in writing to be bound by, and subject to, those Sections under this
 Article I that remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Notwithstanding anything to the contrary
 herein, in the event that any Investor Transfers (subject to Section 4.7 of the Investor
 Rights Agreement) any or all of the Proxy Shares to any party after the expiration or termination
 of the term of the applicable transfer restrictions set out in Section 4.7 of the Investor
 Rights Agreement, whether in an on-market transaction through a public securities exchange,
 through a broker-dealer or otherwise in a similar transaction (including a sale to the public
 market through an effective registration statement of the Company or a bona fide sale to
 the public market without registration effectuated in the broker's transactions pursuant
 to Rule 144 under the Securities Act) or in an off-market/private transaction, such
 subsequent transferee shall not be subject to this Article I with respect to the Proxy
 Shares so Transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Parties hereby agree that, so long
 as <u>Section 1.1</u> remains in effect or in operation, during the ninety (90)-day
 period immediately preceding the expiration of the Initial Voting Term, the Founder Parties
 and the Investors shall discuss in good faith an extension of the Voting Term for another
 24 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Notwithstanding anything to the contrary
 herein, <u>Section 1.1</u>, <u>Section 1.3</u> and <u>Section 1.5</u> shall
 terminate automatically and irrevocably upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the unanimous agreement by the Investors
 and the Founder to such termination in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any merger, recapitalization, amalgamation,
 spin-off, consolidation or other similar transaction resulting in a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence of any facts or circumstances
 that, the Board and the Investors have unanimously determined that would reasonably be expected
 to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Investors beneficially own on a collective
 basis the Equity Securities of the Company that represent ten percent (10%) or less of the
 then total issued and outstanding shares of the Company (calculated on a fully diluted and
 as-converted basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material breach or default by any
 of the Founder Parties of any arrangement or agreement with any of the Investors, its Affiliates
 and/or entities of which the beneficial interests are ultimately attributed to any of the
 Investors and/or its Affiliates; provided that (i) if, as of the occurrence of such
 material breach or default, the Investors are not required to file for PRC Anti-Monopoly
 Clearance (as defined below) as a result of the termination contemplated herein, such termination
 shall take effect immediately upon the occurrence of such material breach or default, or
 (ii) if, as of the occurrence of such material breach or default, the Investors are
 required to file for PRC Anti-Monopoly Clearance as a result of the termination contemplated
 herein, the Investors shall have the unilateral right to terminate <u>Section 1.1</u>, <u>Section 1.3</u> and <u>Section 1.5</u> by delivering a written termination notice
 to the Founder Parties, and such termination shall take effect on the date specified in such
 notice.

For the purposes herein,

"<u>PRC Anti-Monopoly Clearance</u>" means the filing to the Anti-Monopoly Bureau of the State Administration for Market Regulation of the PRC (the "<u>SAMR</u>") made by the Investors and accepted by the SAMR for examination; and if applicable, the SAMR shall have issued a decision under the Anti-Monopoly Laws of the PRC granting an unconditional clearance of the sale and purchase of shares contemplated under an agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 The Parties hereby acknowledge and agree
 that notwithstanding anything to the contrary in this Agreement, neither Investor shall be
 responsible for or liable to any Person in connection with the performance by any Investor
 of its obligations under <u>Section 1.1</u> and accordingly in respect of any applicable
 shareholder decisions so made during the Voting Term, whether at shareholder meetings of
 the Company, by written resolutions of shareholders of the Company or consent or in such
 other manner as may be permitted by the applicable Laws, or any procedural matters in relation
 thereto. The Founder Parties shall not initiate (or cause to be initiated) any action, claim
 or proceedings against any Investor on any ground or cause of actions arising out of or in
 connection with, and the Founder Parties shall indemnify, defend and hold harmless each Investor
 Indemnified Party against any Losses arising out of, the performance by any Investor of such
 obligations, regardless of whether such performance has resulted or would or would reasonably
 be expected to result in any Losses to the Founder Parties, provided the foregoing shall
 not, for the avoidance of doubt, relieve any Investor of any of its obligations under <u>Section 1.1</u>.

**ARTICLE II**

**<u>ADDITIONAL FOUNDER PARTIES UNDERTAKING AND RIGHT OF FIRST REFUSAL</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Founder Parties each hereby undertakes
 to each of the Investors that, for so long as the Minimum Shareholding Requirement is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Founder and his Family Member(s) (as
 defined in the Investor Rights Agreement) shall, at all times, directly or indirectly, together
 beneficially own no less than eighty percent (80%) of such number of Equity Securities (as
 determined pursuant to Rule 13d-3 under the Exchange Act) (calculated on a fully diluted
 and as-converted basis) held directly or indirectly by him and his Family Member(s) as
 of the date of the Share Purchase Agreement (it being understood that for the purposes of
 this <u>Section 2.1(a)</u>, any Equity Securities held, directly or indirectly by the
 Founder and his Family Member(s) but used as collateral given (which has not been enforced
 on) for any indebtedness or similar financing incurred by the Founder (which shall be with
 or from a bona fide third party and be negotiated at an arms'-length basis) will be
 deemed as held by him and his Family Member(s), as determined pursuant to Rule 13d-3
 under the Exchange Act); for the avoidance of doubt, when calculating the Equity Securities
 beneficially owned by the Founder and his Family Member(s) for the purposes of this <u>Section 2.1(a)</u>, any Equity Securities beneficially owned by the Investors shall
 be disregarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Founder Parties shall not take (or
 cause to be taken) any actions that would restrict, inhibit, terminate or otherwise adversely
 affect or prejudice any rights, powers, preferences or privileges enjoyed by, or actions
 or entitlements of, either Investor under the Investor Rights Agreement, including but not
 limited to any such actions that may result in the removal of the Investor Director and/or
 Investor Officer (each as defined in the Investor Rights Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without prejudice to Section 4.5
 of the Investor Rights Agreement, in the event that any entity Controlled by any Founder
 Parties (each, a " <u>Founder InvestCo</u> ") proposes to undertake an initial
 public offering or listing in Hong Kong, the PRC or any other jurisdiction (such Founder
 InvestCo, the " <u>Founder ListCo</u> " and such proposed offering or listing,
 the " <u>Sorrento Listing</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Founder Parties shall as soon as practicable notify the Investors of the Sorrento Listing (" <u>Investors Participation Notice</u> ") and each Investor shall have the right, but no obligation, to participate in the investment in such
Founder ListCo by exchanging all or a portion of such Investor's Equity Securities in the Company to the Equity Securities in such
Founder ListCo to the extent permitted by the applicable Laws and the listing rules of the relevant securities exchange and subject
to the approval of any Governmental Authority (the " <u>Investors Participation</u> ") and the Parties hereby agree that, such
right shall remain applicable in respect of one or more Founder ListCo(s) provided that Investors Participation in any Founder ListCo
will not result in a loss of Control by the Founder therein and Investors Participation in each listing attempt of a Founder ListCo may
only be exercised once (it being understood that, for any Founder ListCo, until such Founder ListCo has completed its listing or the
Investors have completed the Investors Participation in such Founder ListCo, the Founder shall (and shall procure that such Founder ListCo
shall) offer the Investors the right to Investors Participation in each listing attempt of that Founder ListCo);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Founder Parties shall, and shall
 procure the Founder ListCo and other relevant Founder InvestCos to, (A) provide, in
 a timely manner, such information and documentation as either Investor may from time to time
 reasonably request in connection with the Sorrento Listing, and (B) if an Investor elects
 to participate by Investors Participation, reasonably update such Investor on the progress
 and status of the Sorrento Listing, in each case, to the extent permitted by applicable Laws
 and listing rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Investor(s) and the
 Founder (and the Founder shall procure that the Founder ListCo) shall negotiate in good faith
 the terms and conditions of the Investors Participation which, if applicable, shall be no
 less favorable than those terms and conditions offered or granted to any other shareholders
 of the Company who is entitled to the same or similar right to Investors Participation, taking
 into account then fair market value of the Company and the Founder ListCo as at the consummation
 of the Sorrento Listing (which shall be determined in good faith by the Company and parties
 hereto, including by applying generally accepted valuation methodologies and assumptions,
 with reference to such valuation methodologies and assumptions accepted for a company of
 comparable size and in a comparable industry and other principles or practices consistent
 with those customarily apply in the same or similar context), the tax implications (it being
 understood that the Investors Participation shall, to the largest extent permitted by applicable
 Laws, be structured in a tax efficient manner in the benefit of the Investors) and other
 aspects (including without limitation the requirements under the applicable Laws, and the
 necessary approval of any Governmental Authority). The Founder shall and shall procure that
 the Founder ListCo shall cooperate with such Investor elected to participate in the Investors
 Participations with respect to the Investors Participation, and to the extent permitted by
 the applicable Laws and the listing rules of the relevant securities exchange and subject
 to the approval of any Governmental Authority, to complete or effectuate the Investors Participation
 if elected by an Investor, including, in each case, to take all necessary actions to ensure
 that the exercise by the Investors of such rights to Investors Participation in accordance
 with the terms of this <u>Section 2.1(c)</u> will not be unreasonably restricted,
 impaired or inhibited including under any arrangement or agreement to which the Founder ListCo
 is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notwithstanding the foregoing, the Parties
 hereby agree that for the purposes of each Investors Participation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the fair market value of the shares of the
 Founder ListCo shall be determined by either of the following ways at the election of the
 Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in the event where the Founder ListCo
 has completed a round of equity financing with a total net proceeds of that round being an
 amount exceeding US$30 million (the " <u>Qualified Financing</u> "), then the fair
 market value of each share of Founder ListCo shall be (1) (if such Qualified Financing
 takes place within the past six (6) months of the Investors Participation Notice) the
 per share subscription price used therein; or (2) (if otherwise) the sum of (I) the
 per share subscription price used therein and (II) an additional amount accruing at
 8% per annum, compounded annually, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the fair market value of Founder ListCo
 shall be the average of the valuation determined by two Big Four Accounting Firm, with one
 to be selected by the Founder Parties and the other to be selected by the Investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the fair market value of the Company shall
 be calculated with reference to such trading price of the ADSs of the Company being the average
 of the Daily VWAP for the ninety (90) consecutive Trading Days ending on and including the
 Trading Day last preceding the date of the definitive agreement in respect of the Investors
 Participation.

For the purposes herein,

"<u>Big Four Accounting Firm</u>" shall mean Deloitte Touche Tohmatsu, Ernst & Young, KPMG, or PricewaterhouseCoopers (or their respective successors);

"<u>Daily VWAP</u>" shall mean on any given Trading Day, the consolidated volume weighted average price per ADS as displayed under the heading "Bloomberg VWAP" on the Bloomberg page for the " AQR" page corresponding to the "ticker" for such ADSs (or its equivalent successor if Bloomberg ceases to publish such price, or such page is not available) in respect of the period for the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day or if such volume-weighted average price is unavailable, the closing price of one ADS of such ADSs on such Trading Day (the "volume weighted average price" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours); and

"<u>Trading Day</u>" shall mean a day on which the NASDAQ where the ADSs are traded at the relevant time is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the relevant Investor(s) and the
 Founder Parties (and the Founder Parties shall procure that the Founder ListCo, the Company
 and if applicable, other Founder InvestCos) shall use commercially reasonable efforts to
 complete the Investors Participation prior to the initial public offering of the Founder
 ListCo or by such earlier time as may be required by the listing rules of the relevant
 securities exchange (failing which the Investors Participation shall take place simultaneously
 with the Sorrento Listing);

provided, however, that the Founder Parties shall not be deemed to be in breach of this <u>Section 2.1(c)</u> if, after having exercised commercially reasonable efforts, the Founder Parties fail to obtain, following any appeal on a commercially reasonable basis, in relation thereto, the approval of any Governmental Authority necessary for the Investors' Participation, if any; and provided further that the undertakings from the Founder Parties under <u>Section 2.1</u> shall be terminated immediately and permanently upon the Investors ceasing to satisfy the Minimum Shareholding Requirement and shall forthwith become null, void and unrestorable, regardless whether the Minimum Shareholding Requirement becomes satisfied thereafter, provided that it is not caused solely by one or more new issuances of Equity Securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Founder Parties hereby acknowledge
 and agree that each Investor may without the prior written consent of the Founder Parties
 assign all or any part of its rights under this Article II to a Permitted Transferee
 of such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Upon Closing and for so long as the Minimum
 Shareholding Requirement is satisfied, the Investors shall not, and shall direct their assigns
 and successors not to, during the Voting Term in their capacity as shareholders of the Company,
 initiate or support any proposal (including by voting of the Proxy Shares) or action that
 would result in a Company Default. For the avoidance of doubt, the obligation of the Investors
 in this <u>Section 2.3</u> shall not affect or prejudice any rights or interests of
 any Investor under any agreement between it and the Company or its Affiliate (including any
 Transaction Document) and the termination or expiration of the Voting Term under and in accordance
 with the terms of <u>Article I</u> shall accordingly terminate this <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Founder Parties hereby acknowledge
 to the Investors that (a) there is no voting arrangement or agreement between, any Founder
 Parties or any entity Controlled by any Founder Parties, on the one hand and any third parties,
 on the other hand; and (b) for so long as the Minimum Shareholding Requirement is satisfied,
 the Founder Parties shall not (and shall procure that any such entity Controlled by any Founder
 Parties shall not) enter into any such voting arrangement or agreement unless with prior
 written consent of the Investors (which shall not be unreasonably withheld, conditioned or
 delayed); provided, however, that the foregoing (a) and (b) shall not apply to
 the existing arrangements as disclosed through statements on Schedule 13D filed with the
 SEC on July 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Founder Parties hereby represent and
 warrant to the Investors that (a) paragraph 2 of the recitals hereof is true, accurate
 and complete as of the date hereof in respect of the Founder Parties' equity interest
 in the Company, (b) the Founder Parties' equity interest in the Company have been
 accurately disclosed by the Founder Parties through statements on Schedule 13D filed with
 the SEC prior to the date hereof and the Founder further represents and warrants to the Investors
 that as of such dates, no Family Member (as defined in the Investor Rights Agreement) of the Founder
holds, directly or indirectly, any Equity Security of the Company, except as may be disclosed by the Founder Parties through statements
on Schedule 13D filed with the SEC prior to the date hereof. The Parties hereby agree that the Founder may, following the date of this
Agreement, deposit or settle all or part of his existing equity interest in the Company into a trust or similar arrangement to be established
for the benefit of himself and/or other Family Members so long as a prior written notice is provided to the Investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Right of First Refusal** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 4.7 of the Investor
 Rights Agreement, in the event that any Investor proposes to sell any of its Equity Securities
 in the Company to any Person, such Investor shall give the Founder Parties a written notice
 of such intention prior to the proposed sale (the " <u>Sale Notice</u> "), which
 notice shall include: the number, type and class or series of Equity Securities subject to
 the sale (the " <u>Sale Securities</u> "); the per share price of the Sale Securities;
 and the other material terms and conditions upon which the Investor proposes to sell the
 Sale Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Founder Parties shall have the right
 to purchaser, or designate their Affiliates or the Company to purchase, all or part of the
 Sale Securities (the " <u>Right of First Refusal</u> ") at the price per share
 and upon the other terms and conditions specified in the Sale Notice and shall have ten (10) Business
 Days after the Sale Notice is received (the " <u>ROFR Period</u> ") to exercise
 the Right of First Refusal by giving written notice to the Investor providing the Sale Notice
 and stating therein the quantity of Sale Securities to be purchased; for the avoidance of
 doubt, the Founder Parties shall be entitled to allocate the Sale Securities among them,
 any of their Affiliates and /or the Company in any manner in their discretion when exercising
 the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at the expiration date of the ROFR
 Period, no Founder Parties have exercised its Right of First Refusal pursuant to Section 
 2.6(b), the Founder Parties shall be deemed to have waived all of its rights under this Section 
 2.6 with respect to, and only with respect to, the proposed sale specified in such Sale Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that any Founder Party delivers
 a notice pursuant to Section 2.6(b), then the closing of such sale of applicable Sale
 Securities shall take place within fifteen (15) Business Days after the later to occur of
 (A) the expiry of the ROFR Period, and (B) the receipt of all regulatory approvals
 required for such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For a period of 120 days after the expiry
 of the ROFR Period (inclusive), the Investor issuing the Sale Notice may sell any Sale Securities
 with respect to which the Right of First Refusal of Founder Parties were not exercised, at
 the same price per share and upon terms and conditions not less favorable to such Investor
 than those specified in the Sale Notice. If the Investor has not sold such Sale Securities
 within such 120-day period, such Investor shall not thereafter sell any Sale Securities,
 without first again offering such Sale Securities to the Founder Parties in the manner provided
 in Section 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 In the event that any or all of the Relevant
 Shares have been Transferred to any Person (the " <u>Lenders</u> ") as collateral
 (the " <u>Secured Shares</u> ") for or in connection with any security (the " <u>Security</u> ")
 given in a Bona Fide Financing (as defined the Investor Rights Agreement) and the Lenders
 seek to enforce such Security during the Initial Voting Term and Extended Voting Term (if
 applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investor(s) that hold such Relevant
 Shares shall promptly give the Company and each of the Founder Parties written notice of
 the potential enforcement of such Security (the " <u>Enforcement Notice</u> ").
 Each Founder Party shall then have a right (but not an obligation) to make an offer to purchase,
 or designate any of his/its Affiliates or any other Person (only if such Person agrees in
 writing to be bound by <u>Section 4.7</u> of the Investor Rights Agreement) to offer
 to purchase, subject to the provisions of the relevant documents in connection with the Bona
 Fide Financing (" <u>Financing Documents</u> "), any potion or all of the Secured
 Shares under the relevant Security (the " <u>ROFO Shares</u> ") at the ROFO Price
 (as defined below) by notifying the such Purchaser(s) in writing within ten (10) Business
 Days from receiving the Enforcement Notice, which notice shall indicate all proposed material
 terms for the offer, including the proposed purchase price (the " <u>ROFO Price</u> ")
 and number of ROFO Shares (such notice, the " <u>ROFO Notice</u> "). The applicable
 Investor(s) shall share the ROFO Notice with the Lenders on behalf of the relevant offeror
 and use its best efforts to coordinate good faith negotiation and discussion between the
 relevant parties. Delivery of the ROFO Notice shall constitute a binding and irrevocable
 offer to purchase the ROFO Shares at the ROFO Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any of the Founder Parties has elected
 to exercise his/its right as set forth in <u>Section 2.7(a)</u> above, the applicable
 Investor(s) shall use reasonable best efforts to cause the Lenders to agree to such
 proposed purchase as indicated in the ROFO Notice and in the event where such proposed purchase
 has been agreed to by such Lenders, such Founder Party shall, and shall procure his/its designed
 Person to, effect the purchase of the ROFO Shares with payment of ROFO Price by check or
 wire transfer, against delivery of the ROFO Shares at the time agreed among such Founder
 Party (and his/its designed Person), the relevant Lenders and the holder of the relevant
 Security, and otherwise in accordance with the relevant Financing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investors shall use best efforts to
 ensure the relevant Financing Documents permit the rights of the Founder Parties under <u>Section 2.7(a)</u> and <u>Section 2.7(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Investors hereby represent and warrant
 to the Founder Parties that the Investors are and will remain wholly owned by PJ Millennium
 Limited Partnership (the " <u>Parent Fund</u> ") as of the date hereof and the
 Effective Date. The Founder Parties shall be entitled (but not obligated) to subscribe (or
 designate any of their Affiliates or other Persons nominated by the Founder Parties in writing
 to subscribe) for limited partnership or equivalent interests in the Parent Fund on terms
 no less favorable than any of the other limited partners or equivalent owners of economic
 interests of the Parent Fund up to thirty per cent (30%) of the outstanding limited partnership
 or equivalent economic interest of the Parent Fund (the Equity Securities of the Company
 owned by the Investors and represented on a proportionate basis by such limited partnership
 interests, the " <u>Founder Indirect Shares</u> "); *provided* that the Founder
 Indirect Shares shall not be Transferred (as defined in the Investor Rights Agreement) by
 the Investors without the prior written consent of the Founder Parties. The parties hereto
 shall, and the Investors shall procure the Parent Fund shall, discuss in good faith the mechanics
 and terms of such subscription contemplated by this Section 2.8.

**ARTICLE III**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1  **<u>Governing Law; Jurisdiction</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed and interpreted
 in accordance with the Laws of the State of New York, regardless of the laws that might otherwise
 govern under any applicable conflict of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any disputes, actions and proceedings
 against any Party or arising out of or in any way relating to this Agreement shall be submitted
 to the Hong Kong International Arbitration Centre (" <u>HKIAC</u> ") and resolved
 in accordance with the Arbitration Rules of HKIAC in force at the relevant time and
 as may be amended by this <u>Section 3.1(b)</u> (the " <u>Rules</u> ").
 The place of arbitration shall be Hong Kong. The official language of the arbitration shall
 be English and the tribunal shall consist of three arbitrators (each, an " <u>Arbitrator</u> ").
 The claimant(s), irrespective of number, shall nominate jointly one (1) Arbitrator; the respondent(s),
 irrespective of number, shall nominate jointly one (1) Arbitrator; and a third Arbitrator
 will be nominated jointly by the first two Arbitrators and shall serve as chairman of the
 arbitration tribunal. In the event the claimant(s) or respondent(s) or the first
 two Arbitrators shall fail to nominate or agree the joint nomination of an Arbitrator or
 the third Arbitrator within the time limits specified by the Rules, such Arbitrator shall
 be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award
 punitive or other punitive-type damages. The award of the arbitration tribunal shall be final
 and binding upon the disputing parties. Any party to an award may apply to any court of competent
 jurisdiction for enforcement of such award and, for purposes of the enforcement of such award,
 the Parties irrevocably and unconditionally submit to the jurisdiction of any court of competent
 jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction
 or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2  **<u>Effective Date; Termination</u>** .
 This Agreement shall only take effect upon occurrence of the Closing (other than in respect
 of <u>Section 2.5, Section 2.8</u> and the provisions under <u>Article III,</u> which shall come into effect as of the date hereof). In the event the Share Purchase Agreement
 is terminated in accordance with the terms thereunder, this Agreement shall automatically
 terminate upon the termination of the Share Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3  **<u>Amendment</u>** . This Agreement
 shall not be amended, changed or modified, except by another agreement in writing executed
 by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4  **<u>Assignment</u>** . Except as expressly
 set forth herein, neither this Agreement nor any of the rights, duties or obligations hereunder
 may be assigned by any Party without the prior written consent of the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5  **<u>Founder Parties</u>** . Any obligations
 of any of the Founder Parties hereunder shall be joint and several obligations of all of
 them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6  **<u>No Third Party Beneficiaries</u>** .
 No provision of this Agreement shall confer upon any person other than the Parties, their
 permitted assigns and successors any rights or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7  **<u>Expenses</u>** . Except as otherwise
 specified herein, all costs and expenses, including fees and disbursements of counsel, financial
 advisors and accountants, incurred in connection with this Agreement and the transactions
 contemplated hereby shall be paid by the Party incurring such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8  **<u>Incorporated Definitions</u>** .
 All defined terms that are incorporated from other agreements into this Agreement by reference
 shall have the meanings assigned to such terms as of the date hereof but shall not be modified
 by any subsequent amendment or modification that takes place after the date hereof (except
 for such amendments or modifications that are clerical in nature) unless consented to by
 the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9  **<u>Notices</u>** . All notices, requests,
 demands, and other communications under this Agreement shall be in writing and shall be deemed
 to have been duly given on the date of actual delivery if delivered personally to the Party
 hereto to whom notice is to be given, on the date sent if sent by telecopier, tested telex
 or prepaid telegram, when sent if sent by e-mail, on the next Business Day following delivery
 to properly addressed or on the day of attempted delivery internationally recognized courier
 with postage paid and properly addressed as follows:

If to the Founder Parties, at: Address: Guanjie Building, Southeast 1<sup>st</sup> <br> Floor, 10# Jiuxianqiao East Road, <br> Chaoyang District, Beijing 100016<br> Attention: Sheng Chen<br> Email: josh.chen@vnet.com

with a copy (which shall not constitute notice) to: Address: Guanjie Building, Southeast 1st<br> Floor, 10# Jiuxianqiao East Road,<br> Chaoyang District, Beijing 100016<br> Attention: Derek Li<br> Email: derek.li@vnet.com

---

| | |
|:---|:---|
| If to the Investors, at: | 11/F, LKF29, No.29 Wyndham Street, |
|  | Central, Hong Kong |
|  | Attention: Lawrence Xia |
|  | Email: lawrence.xia@lochpine.com; |
|  | wilson.lo@lochpine.com |
|  | Baker & McKenzie |
|  | 14th Floor, One Taikoo Place, 979 King's |
| with a copy (which shall not constitute | Road, Quarry Bay, Hong Kong |
| notice) to: | Attention: Ouyang Dan; Howard Wu |
|  | Email: dan.ouyang@bakermckenzie.com; |
|  | howard.wu@bakermckenzie.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10  **<u>Other miscellaneous provisions</u>** .
 The provisions set forth in Section 5.6, 5.7, 5.10, 5,11, 5,12, 5,13 and 5.16 of the
 Deed shall apply *mutatis mutandis* to this Agreement as if set forth in full in this <u>Section 3.10</u>, provided that all references to the "Company" therein
 shall be construed as references to "Founder Parties" for the purposes of this
 Agreement.

*[Signature Pages to Follow]*

Executed by **SHENG CHEN**, an individual

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | **Sheng Chen** |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **GENTAO CAPITAL LIMITED**, acting by

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **FAST HORSE TECHNOLOGY LIMITED**, acting by

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **SUNRISE CORPORATE HOLDING LTD.**, acting by

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **PERSONAL GROUP LIMITED**, acting by

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **ZENTRIBE CAPITAL (BVI) LIMITED**, acting by

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **BEACON CAPITAL GROUP INC.**, acting by

---

| | |
|:---|:---|
| Sheng Chen | /s/ Sheng Chen |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **PJ Millennium I Limited**, acting by

---

| | |
|:---|:---|
| Hongbo Wang | /s/ Hongbo Wang |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

Executed by **PJ Millennium II Limited**., acting by

---

| | |
|:---|:---|
| Hongbo Wang | /s/ Hongbo Wang |
| *<sub>(PRINT NAME)</sub>* | Authorized Signatory |
| who, in accordance with the laws of that territory, is acting under the authority of that company |  |

---

*[Signature Page to Voting and Consortium Agreement]*

**EXHIBIT A**

**<u>FORM OF POWER OF ATTORNEY</u>**

This Power of Attorney is made and executed on [●] by [*Name of the Investor*], a limited liability company incorporated under the laws of the [●] (the "**Investor**"), a holder of [●] Class A ordinary shares of VNET Group, Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the "**Company**") (such Class A ordinary shares, the "**Investor Shares**"), pursuant to the Voting and Consortium Agreement (the "**Agreement**"), dated [●], by and between the Investor, Mr. Sheng Chen, GenTao Capital Limited, Fast Horse Technology Limited, and other parties thereto. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement.

The Investor acknowledges the Voting Instructions delivered to the Investor from the Founder on [●] in relation to:

[*excerpt of the subject matter of the vote*] (the "**Subject Matter**").

The Investor acknowledges that in connection with the above-mentioned matter, the Founder instructs the Investor to vote as follows:

[*excerpt of the voting instructions*] (the "**Instructions**").

The Investor hereby authorizes and make, constitute and appoint Mr. Sheng Chen, citizen of the People's Republic of China with ID Card No. [●] or [●], his designee as specified in the Voting Instructions, as its true and lawful attorney with power and authority to exercise the following rights related to [●] Class A ordinary shares of the Company (the "**Investor Shares**"):

act on the Investor's behalf as its exclusive agent and attorney with respect to all matters solely concerning voting the Investor Shares in accordance with the Instructions in relation to the Subject Matter, including but not limited to: (i) attending the shareholders' meetings of the Company (including any adjournments thereto), and (ii) exercising voting rights attached to all the Investor Shares on behalf of the Investor at shareholders meetings of the Company, by written resolutions of shareholders of the Company or consent or in such other manner as may be permitted by the Applicable Law.

All the actions conducted by Mr. Sheng Chen or [●], his designee in relation to the Investor Shares pursuant to this Power of Attorney shall be deemed as the Investor's own actions, and all documents executed by Mr. Sheng Chen or such designee shall be deemed to be executed by the Investor and shall be valid and binding on the Investor. The Investor hereby acknowledges and confirms those actions and documents.

This Power of Attorney shall be terminated on the earliest of: (i) the exercise of the voting rights attached to the Investor Shares on behalf of the Investor in accordance with the Instructions; (ii) the cancellation (for the avoidance of doubt excluding adjournment) of the relevant shareholder meeting where the Subject Matter will be voted upon, or the withdrawal of the Subject Matter from the consideration of the shareholders; and (iii) [ten (10)] Business Days after the date hereof.

During the term of this Power of Attorney, the Investor hereby waives all the rights associated with the relevant Investor Shares which have been entrusted to Mr. Sheng Chen or his designee through this Power of Attorney, and the Investor shall not exercise such rights.

---

| |
|:---|
| Executed and delivered as a deed by: |
| **[*Name of the Investor*]** |
| By: |
| Name: |
| Title: |

---

## Exhibit 99.35

**Exhibit 99.35**

**JOINT FILING AGREEMENT**

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "Exchange Act"), the undersigned hereby agree to the joint filing on behalf of each of them of any filing required by such party under Section 13 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with respect to securities of VNET Group, Inc., a company organized under the laws of the Cayman Islands, and further agree to the filing, furnishing, and/or incorporation by reference of this Agreement as an exhibit thereto. Each of them is responsible for the timely filing of such filings and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

**Dated: My 15, 2026**

[*Signature Page Follows*]

---

| |
|:---|
| **Sheng Chen** |
| /s/ Sheng Chen |
| **GenTao Capital Limited** |
| /s/ Sheng Chen |
| By: Sheng Chen |
| Title: Authorized Signatory |
| **Fast Horse Technology Limited** |
| /s/ Sheng Chen |
| By: Sheng Chen |
| Title: Authorized Signatory |
| **Sunrise Corporate Holding Ltd.** |
| /s/ Sheng Chen |
| By: Sheng Chen |
| Title: Authorized Signatory |
| **Personal Group Limited** |
| /s/ Sheng Chen |
| By: Sheng Chen |
| Title: Authorized Signatory |
| **Beacon Capital Group Inc.** |
| /s/ Sheng Chen |
| By: Sheng Chen |
| Title: Authorized Signatory |

---

---

| |
|:---|
| **Zentribe Capital (BVI) Limited** |
| /s/ Sheng Chen |
| By: Sheng Chen |
| Title: Authorized Signatory |

---

*Signature Page to the Joint Filing Agreement*

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 10)**

**VNET Group, Inc.**

*(Name of Issuer)*

**Class A Ordinary Shares, Par Value US$0.00001 Per Share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Mr. Sheng Chen**<br>Guanjie Building, Southeast 1st Fl, 10#<br>Jiuxianqiao East Road, Chaoyang District<br>Beijing F4 100016<br>(86) 10 8456-2121

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/13/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Sheng Chen** | Name of reporting person<br>**Sheng Chen** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**SC** | Source of funds (See Instructions)<br>**SC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**98440275.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**455296932.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**98440275.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**553737207.00** | Aggregate amount beneficially owned by each reporting person<br>**553737207.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**32.4%** | Percent of class represented by amount in Row (11)<br>**32.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Representing (i) 33,628,927 Class A Ordinary Shares held by GenTao Capital Limited ("GenTao"), (ii) 19,670,117 Class B Ordinary Shares held by Fast Horse Technology Limited ("Fast Horse"), (iii) 8,087,875 Class B Ordinary Shares held by Sunrise Corporate Holding Ltd. ("Sunrise"), (iv) four Class A Ordinary Shares, 769,486 Class B Ordinary Shares and 60,000 Class C Ordinary Shares held by Personal Group Limited ("Personal Group"), (iv) 1,479,660 Class A Ordinary Shares held by Zentribe Capital (BVI) Limited ("Zentribe"), (v) 34,744,206 Class A Ordinary Shares acquired by Beacon Capital Group Inc. ("Beacon") from the vesting of performance-based restricted share units on February 2, 2024 (these units were granted to Mr. Sheng Chen and issued to Beacon at his direction), and (vi) 455,296,932 Class A Ordinary Shares held by Success Flow International Investment Limited ("Investor A"), representing all of the Class A Ordinary Shares held by the entity in the Issuer, pursuant to which Mr. Sheng Chen has the power to give Investor A voting instructions on certain matters and thus enjoys shared voting power with respect to these shares. On May 13, 2026, a share purchase agreement was entered into by non-controlled and non-consolidated affiliates of Contemporary Amperex Technology Co., Limited (the "Buyers") and Investor A and Choice Faith Group Holdings Limited ("Investor B") as sellers, for the Buyers to purchase from the sellers in aggregate up to 650,424,192 Class A ordinary shares in the Issuer (the "Proposed Transaction"). The closing of the Proposed Transaction is expected to take place in the fourth quarter of 2026. Concurrently, the Buyers entered into a voting and consortium agreement with Mr. Sheng Chen, among others, effective immediately upon the closing of the Proposed Transaction. Pursuant to these agreements, immediately upon the closing of the Proposed Transaction, Mr. Sheng Chen will no longer have the power to give Investor A voting instructions on certain matters with respect to the 455,296,932 Class A Ordinary Shares held by it, and will have the power to give the Buyers voting instructions on certain matters and enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by Mr. Sheng Chen will be up to 423,652,371 (which excludes 455,296,932 Class A Ordinary Shares previously held by Investor A, but includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 24.8% of the Issuer's total outstanding shares and up to 34.3% in terms of voting power. Mr. Sheng Chen is the sole and direct shareholder of GenTao, Fast Horse, Sunrise, Zentribe, Personal Group and Beacon and may be deemed to have beneficial ownership of the shares held by them.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii)  30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, par value of $0.00001 per share ("Class D Ordinary Shares") of the Issuer, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**GenTao Capital Limited** | Name of reporting person<br>**GenTao Capital Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**33628927.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**455296932.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**33628927.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**488925859.00** | Aggregate amount beneficially owned by each reporting person<br>**488925859.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**28.60%** | Percent of class represented by amount in Row (11)<br>**28.60%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Representing 33,628,927 Class A Ordinary Shares held by GenTao and 455,296,932 Class A Ordinary Shares held by Investor A, representing all of the Class A Ordinary Shares held by the entity in the Issuer, pursuant to which GenTao has the power to give Investor A voting instructions on certain matters and thus enjoys shared voting power with respect to these shares. Immediately upon the closing of the Proposed Transaction, GenTao will no longer have the power to give Investor A voting instructions on certain matters with respect to the 455,296,932 Class A Ordinary Shares held by it, and will have the power to give the Buyers voting instructions on certain matters and enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by GenTao will be up to 358,841,023 (which excludes 455,296,932 Class A Ordinary Shares previously held by Investor A, but includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 21.0% of the Issuer's total outstanding shares and up to 18.0% in terms of voting power.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii) 30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fast Horse Technology Limited** | Name of reporting person<br>**Fast Horse Technology Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**19670117.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**455296932.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**19670117.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**474967049.00** | Aggregate amount beneficially owned by each reporting person<br>**474967049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**27.8%** | Percent of class represented by amount in Row (11)<br>**27.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Representing 19,670,117 Class B Ordinary Shares held by Fast Horse and 455,296,932 Class A Ordinary Shares held by Investor A, representing all of the Class A Ordinary Shares held by the entity in the Issuer, pursuant to which Fast Horse has the power to give Investor A voting instructions on certain matters and thus enjoys shared voting power with respect to these shares. Immediately upon the closing of the Proposed Transaction, Fast Horse will no longer have the power to give Investor A voting instructions on certain matters with respect to the 455,296,932 Class A Ordinary Shares held by it, and will have the power to give the Buyers voting instructions on certain matters and enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by Fast Horse will be up to 344,882,213 (which excludes 455,296,932 Class A Ordinary Shares previously held by Investor A, but includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 20.2% of the Issuer's total outstanding shares and up to 26.3% in terms of voting power.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii) 30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Sunrise Corporate Holding Ltd.** | Name of reporting person<br>**Sunrise Corporate Holding Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8087875.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**455296932.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8087875.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**463384807.00** | Aggregate amount beneficially owned by each reporting person<br>**463384807.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**27.1%** | Percent of class represented by amount in Row (11)<br>**27.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Representing 8,087,875 Class B Ordinary Shares held by Sunrise and 455,296,932 Class A Ordinary Shares held by Investor A, representing all of the Class A Ordinary Shares held by the entity in the Issuer, pursuant to which Sunrise has the power to give Investor A voting instructions on certain matters and thus enjoys shared voting power with respect to these shares. Immediately upon the closing of the Proposed Transaction, Sunrise will no longer have the power to give Investor A voting instructions on certain matters with respect to the 455,296,932 Class A Ordinary Shares held by it, and will have the power to give the Buyers voting instructions on certain matters and enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by Sunrise will be up to 333,299,971 (which excludes 455,296,932 Class A Ordinary Shares previously held by Investor A, but includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 19.5% of the Issuer's total outstanding shares and up to 20.5% in terms of voting power.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii) 30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Personal Group Limited** | Name of reporting person<br>**Personal Group Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**829490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**455296932.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**829490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**456126422.00** | Aggregate amount beneficially owned by each reporting person<br>**456126422.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**26.7%** | Percent of class represented by amount in Row (11)<br>**26.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Representing four Class A Ordinary Shares, 769,486 Class B Ordinary Shares, 60,000 Class C Ordinary Shares held by Personal Group, and 455,296,932 Class A Ordinary Shares held by Investor A, representing all of the Class A Ordinary Shares held by the entity in the Issuer, pursuant to which Personal Group has the power to give Investor A voting instructions on certain matters and thus enjoys shared voting power with respect to these shares. Immediately upon the closing of the Proposed Transaction, Personal Group will no longer have the power to give Investor A voting instructions on certain matters with respect to the 455,296,932 Class A Ordinary Shares held by it, and will have the power to give the Buyers voting instructions on certain matters and enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by Personal Group will be up to 326,041,586 (which excludes 455,296,932 Class A Ordinary Shares previously held by Investor A, but includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 19.1% of the Issuer's total outstanding shares and up to 16.8% in terms of voting power.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii) 30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Beacon Capital Group Inc.** | Name of reporting person<br>**Beacon Capital Group Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**34744206.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**34744206.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**34744206.00** | Aggregate amount beneficially owned by each reporting person<br>**34744206.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.0%** | Percent of class represented by amount in Row (11)<br>**2.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Representing 34,744,206 Class A Ordinary Shares by Beacon. Immediately upon the closing of the Proposed Transaction, Beacon will have the power to give the Buyers voting instructions on certain matters and thus enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by Beacon will be up to 359,956,302 (which includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 21.1% of the Issuer's total outstanding shares and up to 18.1% in terms of voting power.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii) 30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Zentribe Capital (BVI) Limited** | Name of reporting person<br>**Zentribe Capital (BVI) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1479660.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1479660.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1479660.00** | Aggregate amount beneficially owned by each reporting person<br>**1479660.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Representing 1,479,660 Class A Ordinary Shares held by Zentribe. Immediately upon the closing of the Proposed Transaction, Zentribe will have the power to give the Buyers voting instructions on certain matters and enjoys shared voting power with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement. Accordingly, upon the closing of the Proposed Transaction, the total number of shares of the Issuer beneficially owned by Zentribe will be up to 326,691,756 (which includes up to 325,212,096 Class A Ordinary Shares held by the Buyers), representing up to 19.1% of the Issuer's total outstanding shares and up to up to 16.5% in terms of voting power.

(2) Calculation based on 1,708,149,858 outstanding Ordinary Shares as a single class as of March 31, 2026, being the sum of (i) 1,677,368,135 outstanding Class A Ordinary Shares (excluding treasury shares and Class A Ordinary Shares in the form of ADSs that are reserved for issuance upon the exercise of share incentive awards), (ii) 30,721,723 outstanding Class B Ordinary Shares, (iii) 60,000 outstanding Class C Ordinary Shares, and (iv) no outstanding Class D Ordinary Share, assuming conversion of all outstanding Class B Ordinary Shares and Class C Ordinary Shares into Class A Ordinary Share. Each Class B Ordinary Share or each Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Class C Ordinary Shares under any circumstances.

(3) Each Class A Ordinary Share is entitled to one vote, each Class B Ordinary Share is entitled to ten votes, each Class C Ordinary Shares is entitled to one vote and each Class D Ordinary Share is entitled to 500 votes on all matters subject to shareholder vote at general meetings of the Issuer, except that the Issuer may only proceed with certain corporate matters with the written consent of the holders holding a majority of the issued and outstanding Class C Ordinary Shares or with the sanction of a special resolution passed at a separate meeting of the holders of the issued and outstanding Class C Ordinary Shares.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Ordinary Shares, Par Value US$0.00001 Per Share

**(b) Name of Issuer:**
VNET Group, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
Guanjie Building, Southeast 1st Floor, 10# Jiuxianqiao East Road, Chaoyang District, Beijing, D8, 100016

*This statement on Schedule 13D constitutes Amendment No.10 to the initial Schedule 13D (the "Original Schedule 13D") filed on April 8, 2022 on behalf of each of Mr. Sheng Chen and GenTao Capital Limited, as amended by the Amendment No.1 filed on September 14, 2022 (the "Amendment No.1"), Amendment No.2 filed on February 17, 2023 (the "Amendment No.2"), Amendment No.3 filed on July 12, 2023 (the "Amendment No.3"), Amendment No.4 filed on August 1, 2023 (the "Amendment No.4"), Amendment No. 5 filed on November 16, 2023 (the "Amendment No. 5"), Amendment No. 6 filed on December 28, 2023 (the "Amendment No. 6"), Amendment No. 7 filed on February 6, 2024 (the "Amendment No. 7"), Amendment No. 8 filed on July 8, 2024 (the "Amendment No. 8") and Amendment No. 9 filed on August 22, 2024 (the "Amendment No. 9", and together with the Original Schedule 13D, Amendment No.1, Amendment No.2, Amendment No.3, Amendment No.4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8, the "Original 13D Filings"), with respect to ordinary shares ("Ordinary Shares"), comprising Class A ordinary shares, par value of $0.00001 per share ("Class A Ordinary Shares"), Class B ordinary shares, par value of $0.00001 per share ("Class B Ordinary Shares"), and Class C ordinary shares, par value of $0.00001 per share ("Class C Ordinary Shares") of VNET Group, Inc., a Cayman Islands company ("Issuer").

**This CUSIP number applies to the Issuer's American Depositary Shares ("ADSs"), each representing six Class A Ordinary Shares of the Issuer.

Pursuant to Rule 13d-2 promulgated under the Act, this amendment to Schedule 13D (this "Amendment No.10") amends and supplements the Original 13D Filings. Except as specifically provided herein, this Amendment No.10 does not modify any of the information previously reported in the Original 13D Filings. All capitalized terms used herein which are not otherwise defined herein have the meanings given to such terms in the Original 13D Filings.

**Item 4. Purpose of Transaction**

Item 4 is further supplemented by the following.

On May 13, 2026, a share purchase agreement was entered into by non-controlled and non-consolidated affiliates of Contemporary Amperex Technology Co., Limited (the "Buyers") and Investor A and Investor B as sellers, for the Buyers to purchase from the sellers in aggregate up to 650,424,192 Class A ordinary shares in the Issuer (the "Proposed Transaction"). The closing of the Proposed Transaction is expected to take place in the fourth quarter of 2026. Concurrently, the Buyers entered into a voting and consortium agreement with Mr. Sheng Chen, among others, effective immediately upon the closing of the Proposed Transaction, a copy of which is attached hereto as Exhibit 99.34. Pursuant to these agreements, immediately upon the closing of the Proposed Transaction, Mr. Sheng Chen will no longer have the power to give Investor A voting instructions on certain matters with respect to the 455,296,932 Class A Ordinary Shares held by it, and will have the power to give the Buyers voting instructions on certain matters with respect to up to 325,212,096 Class A Ordinary Shares held by them, the exact number of which is subject to changes pursuant to the share purchase agreement and the voting and consortium agreement.

The Reporting Persons reserve their right to change their plans and intentions in connection with any of the actions discussed in this Item 4. Any action taken by the Reporting Persons may be effected at any time or from time to time, subject to any applicable limitations imposed thereon by any applicable laws.

**Item 5. Interest in Securities of the Issuer**

**(a)**
—

**(b)**
—

**(c)**
None of the Reporting Persons affirms the existence of a group, either or individually or collectively with the Investor Filers. The Reporting Persons also disclaim any beneficial ownership over the 195,127,260 Class A Ordinary Shares beneficially owned by Investor B and Investor Parent, which are not subject to the voting arrangement described in Item 4.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is further supplemented by the following.

Arrangement with the Buyers in the Ordinary Shares held in the Issuer

On May 13, 2026, a share purchase agreement was entered into by non-controlled and non-consolidated affiliates of Contemporary Amperex Technology Co., Limited and Investor A and Investor B as sellers, for the Buyers to purchase from the sellers in aggregate up to 650,424,192 Class A ordinary shares in the Issuer. The closing of the Proposed Transaction is expected to take place in the fourth quarter of 2026. Under this agreement, Investor B may dispose of up to 195,127,260 Class A Ordinary Shares held by it before the closing of the Proposed Transaction, unless the Buyers require the closing in respect of all of such Class A ordinary shares to take place on or before September 15, 2026, subject to the terms and conditions therein. Concurrently, the Buyers entered into a voting and consortium agreement with Mr. Sheng Chen, among others, effective immediately upon the closing of the Proposed Transaction.

Pursuant to the voting and consortium agreement, during the period commencing at the closing and ending on the second anniversary of the closing (subject to extension by mutual agreement for an additional 24 months), each Buyer agrees to vote a number of shares equal to 50% of the Class A Ordinary Shares held by it as of the closing, less the Founder Indirect Shares (as defined below), in accordance with written voting instructions provided by the Founder Parties (as defined therein).  Upon receipt of such instructions, each Buyer shall appoint Mr. Sheng Chen (or his designee) as proxy with respect to the above shares.  Notwithstanding the foregoing, each Buyer retains the right to vote independently on certain protective matters, including amendments to the Issuer's constitutional documents, mergers or restructuring, bankruptcy or dissolution proceedings, and any repurchase, redemption, or cancellation of the Issuer's securities.

The Founder Parties have a right of first refusal to purchase all or part of any equity securities that a Buyer proposes to sell, at the same price and on the same terms, subject to a 10 business day exercise period.   The Founder Parties are also entitled to subscribe for limited partnership interests in PJ Millennium Limited Partnership, the parent fund of the Buyers, the sole owner of the Buyers, up to 30% of the outstanding limited partnership interest, on terms no less favorable than those offered to other limited partners (the shares in the Issuer on a proportionate basis, the "Founder Indirect Shares").

The information set forth in Item 4 is hereby incorporated by reference in its entirety in this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Sheng Chen

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen

**Date:** 05/15/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** GenTao Capital Limited

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen/Director

**Date:** 05/15/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fast Horse Technology Limited

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen/Director

**Date:** 05/15/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Sunrise Corporate Holding Ltd.

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen/Director

**Date:** 05/15/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Personal Group Limited

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen/Director

**Date:** 05/15/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Beacon Capital Group Inc.

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen/Director

**Date:** 05/15/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Zentribe Capital (BVI) Limited

**Signature:** /s/ Sheng Chen

**Name/Title:** Sheng Chen/Director

**Date:** 05/15/2026