VNET Group Inc. experienced a pronounced after-hours share price decline following corporate filings that described two formal actions associated with its 2% Convertible Notes due 2027. Shares fell 12.7% in after-hours trading on Wednesday after the company disclosed a Transfer Event and a Minimum Shareholding Event tied to the amended indenture for those notes.
According to the company statement, on February 17, 2026, certain investment vehicles managed by Blackstone Tactical Opportunities provided notice to VNET of both events. The same notices were forwarded to Citibank, N.A., in its role as trustee, and were received by the trustee on February 17, 2026 as well.
VNET confirmed a specific monetary figure connected to the Transfer Event: the Accumulated Interest Amount on the Transfer Event Effective Date equals $20,125,000.00. The company had earlier amended and restated certain terms of its $250 million convertible notes on February 13, 2026, an action referenced in the recent disclosure.
As a consequence of the Minimum Shareholding Event, VNET stated that corporate governance rights which had been granted to Blackstone investors under separate investment agreements have been terminated. Those terminated rights include those set out in the 2022 Convertible Notes Investment Agreement and the 2020 Preferred Shares Investment Agreement, each of which was amended on February 13, 2026.
The company did not provide additional commentary beyond the formal notifications and the confirmation of the accumulated interest amount. Market reaction was swift in after-hours trading, with the reported decline in the stock price reflecting investor concern following the notices and the governance-rights termination.
Context within the filing is limited to the facts of the notices, the trustee notification, the accumulated interest tally, and the prior amendment and restatement of the convertible notes. The disclosure does not add further detail on next procedural steps under the indenture, nor does it offer management commentary beyond the confirmations noted above.
Readers should note that the events described are specific to the amended 2% Convertible Notes due 2027 and to the actions taken by Blackstone-managed investment vehicles and the trustee on February 17, 2026, as well as the earlier amendments on February 13, 2026.