VNET Group's Q4 wholesale revenue jumps 47%, validating strong demand and AI infrastructure growth in China.

VNET Group reported a 47.1% year-over-year increase in wholesale revenue for Q4, with mature wholesale utilization reaching 93.1%, indicating strong demand for its AI infrastructure services in China. The company has secured funding through asset-backed securities (ABS) and real estate investment trusts (REITs), allowing capital expenditure without diluting shareholders, supporting future growth. VNET's valuation is attractive at 9 times next twelve months (NTM) EBITDA compared to competitors trading at higher multiples, suggesting potential upside as growth accelerates and valuation gaps close.