VNET Group, a leading carrier-neutral data center services provider in China, saw its stock surge 5.59% in the 24 hours leading up to Thursday's close. The rally came amidst a broader surge in Chinese ADRs, fueled by robust earnings reports from tech giants Alibaba and Bilibili.
Alibaba Group, China's e-commerce behemoth, reported better-than-expected third-quarter revenue, driven by strong year-end shopping sales and the success of its strategy to attract cost-conscious consumers. Bilibili, a popular Chinese entertainment platform, also delivered earnings and revenue that surpassed analyst expectations, marking its first GAAP profitable quarter.
As a key data center partner for Alibaba, VNET Group's stock benefited from the positive sentiment surrounding Alibaba's strong performance. VNET Group, along with its peer GDS Holdings, which also saw a 21% surge, are well-positioned to capitalize on the growing demand for data center services from tech giants like Alibaba.
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