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Shandong Hi-Speed to Exit VNET Investment; Shares Fall 11%

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Shares of Shandong Hi-Speed Holdings Group (HKG:0412) fell 11% Friday after the company said it was exiting its investment in Nasdaq-listed VNET Group, according to a Hong Kong filing on Thursday.

Shandong Hi-Speed will sell its entire equity stake in VNET for $942.2 million to companies linked to battery giant Contemporary Amperex Technology (SHE:300750, HKG:3750).

The company holds 650.4 million class A shares of VNET, representing 38.78% of the data center provider's total A shares.

Shandong Hi-Speed said it will use proceeds from the sale to repay its debt.

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