UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2023

 

Commission File Number: 001-35126

 

 

VNET Group, Inc.

 

 

Guanjie Building, Southeast 1st Floor
10# Jiuxianqiao East Road

Chaoyang District

Beijing 100016

The People’s Republic of China

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x            Form 40-F  

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VNET Group, Inc.
     
  By: /s/ Qiyu Wang
  Name: Qiyu Wang
  Title: Chief Financial Officer

 

Date: November 15, 2023

 

 

 

 

Exhibit 99.1

 

 

 

VNET Reports Unaudited Third Quarter 2023 Financial Results

 

BEIJING, November 15, 2023 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2023.

 

“We recorded another solid performance in the third quarter of 2023, highlighted by smooth and timely deliveries of approximately 3,500 cabinets as well as new order wins for our reliable services,” said Jeff Dong, Chief Executive Officer of VNET. “Notably, we extended a wholesale contract for 45MW of capacity with an existing internet giant customer in August. Computing power needs have surged under rapid AI development and supportive policy measures. With our high power density deployment and service capabilities, we are steadily capturing increasing demand for premium IDC services among new and traditional industry verticals. As a dedicated industry leader, we will continue strengthening our core competencies to fulfill the mounting AI-driven demand and propel our long-term, sustainable growth.”

 

Qiyu Wang, Chief Financial Officer of VNET, commented, “In the third quarter of 2023, we continued to concentrate on high-quality revenues. Our net revenues increased by 4.0% year-over-year to RMB1.89 billion and adjusted EBITDA rose by 11.6% year-over-year to RMB507.9 million. Moving forward, we will remain focused on high-quality business growth while advancing our premium IDC offerings to empower digital transformation across a broader swath of industries.”

 

Third Quarter 2023 Financial Highlights

 

·Net revenues increased by 4.0% to RMB1.89 billion (US$258.6 million) from RMB1.81 billion in the same period of 2022.

 

·Adjusted cash gross profit (non-GAAP) increased by 4.3% to RMB738.4 million (US$101.2 million) from RMB707.7 million in the same period of 2022. Adjusted cash gross margin (non-GAAP) was 39.1%, compared with 39.0% in the same period of 2022.

 

·Adjusted EBITDA (non-GAAP) increased by 11.6% to RMB507.9 million (US$69.6 million) from RMB455.3 million in the same period of 2022. Adjusted EBITDA margin (non-GAAP) in the third quarter of 2023 was 26.9%, compared with 25.1% in the same period of 2022.

 

Third Quarter 2023 Operational Highlights

 

·Total cabinets under management were 88,922 as of September 30, 2023, compared with 86,927 as of June 30, 2023 and 82,660 as of September 30, 2022.

 

·Cabinets utilized by customers increased by 1,092 in the third quarter of 2023 to reach 52,408 as of September 30, 2023, compared with 51,316 as of June 30, 2023 and 45,527 as of September 30, 2022.

 

·Overall utilization rate of cabinets1 was 58.9% as of September 30, 2023, compared with 59.0% as of June 30, 2023 and 55.1% as of September 30, 2022.

 

·Retail IDC MRR2 per cabinet was RMB9,495 in the third quarter of 2023, compared with RMB9,530 in the second quarter of 2023 and RMB9,287 in the third quarter of 2022.

 

 

1 The overall utilization rate is calculated by dividing the number of customer-utilized cabinets by the total cabinets under management at the end of the period.

2 Retail IDC MRR refers to Monthly Recurring Revenues for the retail IDC business.

 

1

 

 

 

 

Third Quarter 2023 Financial Results

 

NET REVENUES: Net revenues in the third quarter of 2023 were RMB1.89 billion (US$258.6 million), representing an increase of 4.0% from RMB1.81 billion in the same period of 2022. The year-over-year increase was mainly driven by the continued growth of our IDC business and cloud services.

 

GROSS PROFIT: Gross profit in the third quarter of 2023 was RMB306.5 million (US$42.0 million), compared with RMB316.6 million in the same period of 2022. Gross margin in the third quarter of 2023 was 16.2%, compared with 17.5% in the same period of 2022.

 

ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB738.4 million (US$101.2 million) in the third quarter of 2023, compared with RMB707.7 million in the same period of 2022. Adjusted cash gross margin in the third quarter of 2023 was 39.1%, compared with 39.0% in the same period of 2022.

 

OPERATING EXPENSES: Total operating expenses in the third quarter of 2023 were RMB274.3 million (US$37.6 million), compared with RMB310.2 million in the same period of 2022. As a percentage of net revenues, total operating expenses in the third quarter of 2023 were 14.5%, compared with 17.1% in the same period of 2022.

 

Sales and marketing expenses in the third quarter of 2023 were RMB64.1 million (US$8.8 million), compared with RMB80.2 million in the same period of 2022.

 

Research and development expenses in the third quarter of 2023 were RMB80.7 million (US$11.1 million), compared with RMB73.4 million in the same period of 2022.

 

General and administrative expenses in the third quarter of 2023 were RMB137.9 million (US$18.9 million), compared with RMB165.4 million in the same period of 2022.

 

ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses and compensation for postcombination employment in an acquisition, were RMB264.8 million (US$36.3 million) in the third quarter of 2023, compared with RMB275.1 million in the same period of 2022. As a percentage of net revenues, adjusted operating expenses in the third quarter of 2023 were 14.0%, compared with 15.2% in the same period of 2022.

 

ADJUSTED EBITDA: Adjusted EBITDA in the third quarter of 2023 was RMB507.9 million (US$69.6 million), representing an increase of 11.6% from RMB455.3 million in the same period of 2022. Adjusted EBITDA in the third quarter of 2023 excluded share-based compensation expenses of RMB9.5 million (US$1.3 million). Adjusted EBITDA margin in the third quarter of 2023 was 26.9%, compared with 25.1% in the same period of 2022.

 

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the third quarter of 2023 was RMB50.5 million (US$6.9 million), compared with a net loss attributable to VNET Group, Inc. of RMB425.2 million in the same period of 2022.

 

LOSS PER SHARE: Basic and diluted loss per share in the third quarter of 2023 were both RMB0.06 (US$0.01), which represented the equivalent of both RMB0.36 (US$0.06) per American depositary share (“ADS”). Each ADS represents six Class A ordinary shares. Diluted loss per share is calculated using adjusted net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

 

As of September 30, 2023, the aggregate amount of the Company’s cash, cash equivalents and restricted cash was RMB3.02 billion (US$414.5 million).

 

Net cash generated from operating activities, in the third quarter of 2023, was RMB454.3 million (US$62.3 million), compared with RMB607.4 million in the same period of 2022.

 

2

 

 

 

 

Business Outlook

 

For the full year of 2023, the Company currently expects total net revenues to be between RMB7,400 million and RMB7,600 million, representing a year-over-year growth of 4.7% to 7.6%, and adjusted EBITDA to be in the range of RMB2,000 million to RMB2,060 million, representing a year-over-year growth of 6.8% to 10.0%. This compares with total net revenues expected between RMB7,600 million and RMB7,900 million and adjusted EBITDA between RMB2,025 million to RMB2,125 million as previously stated. The outlook update is mainly due to the Company’s continuous focus on high-quality revenues to maintain the long-term sustainability of the Company’s operations.

 

The forecast reflects the Company’s current and preliminary views on the market and its operational conditions, and is subject to change.

 

Conference Call

 

The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on Wednesday, November 15, 2023, or 9:00 AM Beijing Time on Thursday, November 16, 2023.

 

For participants who wish to join the call, please access the link provided below to complete the online registration process and dial in 5 minutes prior to the scheduled call start time.

 

Event Title: VNET Third Quarter 2023 Earnings Conference Call
Registration Link: https://register.vevent.com/register/BI6b834b8fdb694406b5e76d57b40294f3

 

Upon registration, each participant will receive a set of dial-in numbers by location, a personal PIN and an email with further detailed instructions, which will be used to join the conference call.

 

A simultaneous audio webcast and replay of the conference call will be accessible on the Company’s investor relations website at http://ir.vnet.com.

 

Non-GAAP Disclosure

 

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

 

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

 

Exchange Rate

 

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2960 to US$1.00, the noon buying rate in effect on September 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

 

3

 

 

 

 

Statement Regarding Unaudited Condensed Financial Information

 

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

 

About VNET

 

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’' internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

 

Safe Harbor Statement

 

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as VNET’s strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

 

Investor Relations Contact:

 

Xinyuan Liu

Tel: +86 10 8456 2121

Email: ir@vnet.com

 

4

 

 

 

 VNET GROUP, INC.
 CONSOLIDATED BALANCE SHEETS
 (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

 

   As of   As of 
   December 31, 2022   September 30, 2023 
   RMB   RMB   US$ 
Assets            
Current assets:               
Cash and cash equivalents   2,661,321    2,702,523    370,412 
Restricted cash   327,673    320,809    43,971 
Accounts and notes receivable, net   1,763,693    2,090,160    286,480 
Prepaid expenses and other current assets   2,147,500    2,551,843    349,759 
Amounts due from related parties   152,089    260,559    35,713 
Total current assets   7,052,276    7,925,894    1,086,335 
                
Non-current assets:               
Property and equipment, net   11,964,498    12,920,470    1,770,898 
Intangible assets, net   1,497,131    1,409,782    193,227 
Land use rights, net   576,020    606,075    83,069 
Operating lease right-of-use assets, net   3,503,925    4,111,044    563,465 
Goodwill   1,364,191    1,364,191    186,978 
Restricted cash   500    882    121 
Deferred tax assets, net   196,098    300,854    41,235 
Long-term investments, net   242,194    748,374    102,573 
Amount due from related parties   -    18,500    2,536 
Other non-current assets   551,572    514,852    70,566 
Total non-current assets   19,896,129    21,995,024    3,014,668 
Total assets   26,948,405    29,920,918    4,101,003 
                
Liabilities and Shareholders' Equity               
Current liabilities:               
Short-term bank borrowings   -    30,000    4,112 
Accounts and notes payable   713,628    765,448    104,913 
Accrued expenses and other payables   2,410,479    2,573,780    352,766 
Advances from customers   1,157,963    1,573,747    215,700 
Deferred revenue   95,078    119,482    16,376 
Income taxes payable   42,017    41,003    5,620 
Amounts due to related parties   6,928    357,567    49,009 
Current portion of long-term borrowings   484,020    563,722    77,265 
Current portion of finance lease liabilities   206,260    128,288    17,583 
Current portion of deferred government grants   3,646    7,807    1,070 
Current portion of operating lease liabilities   674,288    795,877    109,084 
Convertible promissory notes   537,778    4,261,215    584,048 
Total current liabilities   6,332,085    11,217,936    1,537,546 
                
Non-current liabilities:               
Long-term borrowings   3,049,856    4,570,655    626,460 
Convertible promissory notes   5,859,259    1,794,130    245,906 
Non-current portion of finance lease liabilities   1,047,640    1,161,949    159,258 
Unrecognized tax benefits   87,174    87,174    11,948 
Deferred tax liabilities   682,580    758,168    103,916 
Deferred government grants   2,672    92,628    12,696 
Non-current portion of operating lease liabilities   2,905,283    3,360,070    460,536 
Total non-current liabilities   13,634,464    11,824,774    1,620,720 
                
Shareholders' equity               
Ordinary shares   60    60    8 
Additional paid-in capital   15,239,926    15,225,122    2,086,777 
Accumulated other comprehensive income   11,022    9,535    1,307 
Statutory reserves   77,996    77,996    10,690 
Accumulated deficit   (8,369,868)   (8,758,547)   (1,200,459)
Treasury stock   (349,523)   (161,892)   (22,189)
Total VNET Group,Inc. shareholders’ equity   6,609,613    6,392,274    876,134 
Noncontrolling interest   372,243    485,934    66,603 
Total shareholders' equity   6,981,856    6,878,208    942,737 
Total liabilities and shareholders' equity   26,948,405    29,920,918    4,101,003 

 

5

 

 

 VNET GROUP, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

 

   Three months ended   Nine months ended 
   September 30, 2022   June 30, 2023   September 30, 2023   September 30, 2022   September 30, 2023 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net revenues   1,814,210    1,821,744    1,886,924    258,624    5,184,559    5,514,450    755,818 
Cost of revenues   (1,497,627)   (1,478,995)   (1,580,446)   (216,618)   (4,154,678)   (4,512,843)   (618,537)
Gross profit   316,583    342,749    306,478    42,006    1,029,881    1,001,607    137,281 
                                    
Operating income (expenses)                                   
Other operating income   5,763    13,895    26,706    3,660    47,048    73,980    10,140 
Sales and marketing expenses   (80,245)   (63,068)   (64,077)   (8,782)   (235,554)   (192,921)   (26,442)
Research and development expenses   (73,350)   (81,126)   (80,673)   (11,057)   (222,705)   (241,549)   (33,107)
General and administrative expenses   (165,436)   (128,017)   (137,931)   (18,905)   (486,717)   (393,395)   (53,919)
Reversal (allowance) for doubtful debt   3,096    8,833    (18,316)   (2,510)   6,574    (7,034)   (964)
Total operating expenses   (310,172)   (249,483)   (274,291)   (37,594)   (891,354)   (760,919)   (104,292)
                                    
Operating profit   6,411    93,266    32,187    4,412    138,527    240,688    32,989 
Interest income   9,455    10,038    12,887    1,766    22,818    28,606    3,921 
Interest expense   (78,733)   (71,709)   (91,800)   (12,582)   (200,382)   (233,295)   (31,976)
Impairment of long-term investment   -    -    (11,115)   (1,523)   -    (11,115)   (1,523)
Other income   2,169    14,192    7,536    1,033    10,456    22,892    3,138 
Other expenses   (3,174)   (320)   (10,975)   (1,504)   (4,219)   (14,887)   (2,040)
Changes in the fair value of convertible promissory notes   13,179    154    266    36    71,136    21,718    2,977 
Foreign exchange (loss) gain   (317,157)   (271,630)   24,606    3,373    (612,283)   (168,391)   (23,080)
Loss before income taxes and (loss) gain from equity method investments   (367,850)   (226,009)   (36,408)   (4,989)   (573,947)   (113,784)   (15,594)
Income tax expenses   (55,717)   (12,545)   (6,317)   (866)   (133,363)   (63,748)   (8,737)
(Loss) gain from equity method investments   (384)   983    2,842    390    2,753    3,651    500 
Net loss   (423,951)   (237,571)   (39,883)   (5,465)   (704,557)   (173,881)   (23,831)
Net (profit) loss attributable to noncontrolling interest   (1,260)   4,692    (10,579)   (1,450)   (7,151)   (27,167)   (3,724)
Net loss attributable to VNET Group, Inc.   (425,211)   (232,879)   (50,462)   (6,915)   (711,708)   (201,048)   (27,555)
                                    
Loss per share                                   
Basic   (0.48)   (0.26)   (0.06)   (0.01)   (0.80)   (0.23)   (0.03)
Diluted   (0.48)   (0.26)   (0.06)   (0.01)   (0.84)   (0.24)   (0.03)
Shares used in loss per share computation                                   
Basic*   888,443,329    888,705,981    889,058,872    889,058,872    886,886,953    888,724,901    888,724,901 
Diluted*   888,443,329    888,705,981    889,058,872    889,058,872    920,886,954    899,884,241    899,884,241 
                                    
Loss per ADS (6 ordinary shares equal to 1 ADS)                                   
Basic   (2.88)   (1.56)   (0.36)   (0.06)   (4.80)   (1.38)   (0.18)
Diluted   (2.88)   (1.56)   (0.36)   (0.06)   (5.04)   (1.44)   (0.18)

 

 * Shares used in loss per share/ADS computation were computed under weighted average method.                                                        

 

6

 

 

 VNET GROUP, INC.
 RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS  
 (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

 

   Three months ended   Nine months ended 
   September 30, 2022   June 30, 2023   September 30, 2023   September 30, 2022   September 30, 2023 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Gross profit   316,583    342,749    306,478    42,006    1,029,881    1,001,607    137,282 
Plus: depreciation and amortization*   388,217    400,173    431,933    59,201    1,077,613    1,233,983    169,131 
Plus: share-based compensation expenses   2,876    -    -    -    (1,330)   -    - 
Adjusted cash gross profit   707,676    742,922    738,411    101,207    2,106,164    2,235,590    306,413 
Adjusted cash gross margin   39.0%   40.8%   39.1%   39.1%   40.6%   40.5%   40.5%
                                    
Operating expenses   (310,172)   (249,483)   (274,291)   (37,594)   (891,354)   (760,919)   (104,293)
Plus: share-based compensation expenses   32,355    8,006    9,475    1,299    127,291    25,817    3,539 
Plus: compensation for postcombination employment in an acquisition   2,685    -    -    -    37,398    -    - 
Adjusted operating expenses   (275,132)   (241,477)   (264,816)   (36,295)   (726,665)   (735,102)   (100,754)
                                    
Operating profit   6,411    93,266    32,187    4,412    138,527    240,688    32,989 
Plus: depreciation and amortization*   410,988    433,735    466,285    63,910    1,146,473    1,332,649    182,655 
Plus: share-based compensation expenses   35,231    8,006    9,475    1,299    125,961    25,817    3,539 
Plus: compensation for postcombination employment in an acquisition   2,685    -    -    -    37,398    -    - 
Adjusted EBITDA   455,315    535,007    507,947    69,621    1,448,359    1,599,154    219,183 
Adjusted EBITDA margin   25.1%   29.4%   26.9%   26.9%   27.9%   29.0%   29.0%

  

* Before the deduction of government grants for three months ended June 30, 2023, three months ended September 30, 2023 and nine months ended September 30, 2023.

 

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 VNET GROUP, INC.
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

 

   Three months ended 
   September 30, 2022   June 30, 2023   September 30, 2023 
   RMB   RMB   RMB   US$ 
CASH FLOWS FROM OPERATING ACTIVITIES                    
Net loss   (423,951)   (237,571)   (39,883)   (5,465)
Adjustments to reconcile net loss to net cash generated from operating activities:                    
Depreciation and amortization   410,988    433,015    461,603    63,268 
Share-based compensation expenses   35,231    8,006    9,475    1,299 
Others   436,876    357,787    130,633    17,905 
Changes in operating assets and liabilities                    
Accounts and notes receivable   64,291    8,388    (70,896)   (9,717)
Prepaid expenses and other current assets   84,574    70,627    (48,380)   (6,631)
Accounts and notes payable   (47,279)   33,434    21,763    2,983 
Accrued expenses and other payables   158,009    (5,950)   (54,577)   (7,480)
Deferred revenue   20,086    (35,743)   36,008    4,935 
Advances from customers   (33,711)   (114,977)   124,816    17,107 
Others   (97,697)   (93,540)   (116,249)   (15,935)
Net cash generated from operating activities   607,417    423,476    454,313    62,269 
                     
CASH FLOWS FROM INVESTING ACTIVITIES                    
Purchases of property and equipment   (563,546)   (394,812)   (946,444)   (129,721)
Purchases of intangible assets   (16,976)   (10,178)   (18,228)   (2,498)
(Payments for) proceeds from investments   (36,631)   (655,815)   144,516    19,808 
Proceeds from other investing activities   2,670    9,295    70,010    9,596 
Net cash used in investing activities   (614,482)   (1,051,510)   (750,146)   (102,815)
                     
CASH FLOWS FROM FINANCING ACTIVITIES                    
Proceeds from bank borrowings   273,169    169,204    756,101    103,632 
Repayments of bank borrowings   (73,070)   (55,865)   (78,050)   (10,698)
Repayments of 2025 Convertible Notes   -    (380,333)   (148,842)   (20,400)
Payments for finance lease   (116,896)   (67,172)   (30,366)   (4,162)
(Payments for) proceeds from other financing activities   (10,438)   285,013    216,711    29,703 
Net cash generated from (used in) financing activities   72,765    (49,153)   715,554    98,075 
                    
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash   74,119    51,314    (12,476)   (1,710)
Net increase (decrease) in cash, cash equivalents and restricted cash   139,818    (625,873)   407,245    55,819 
Cash, cash equivalents and restricted cash at beginning of period   3,616,255    3,242,842    2,616,969    358,685 
Cash, cash equivalents and restricted cash at end of period   3,756,073    2,616,969    3,024,214    414,504 

 

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