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Dean Liu

Director and Equity Research Analyst at Bank of America

Dean Liu is a Director and Equity Research Analyst at Bank of America Securities, specializing in the coverage of Chinese internet and technology companies. He provides in-depth research and analysis on firms such as Alibaba, Tencent, Meituan, JD.com, and Pinduoduo, earning recognition for insightful stock recommendations and timely market calls. Liu began his investment research career after completing his finance education and joined Bank of America in 2019, previously holding analyst positions at Citigroup and working in the Greater China region. He holds FINRA Series 7 and Series 63 licenses and is noted for his strong industry knowledge and effective communication with institutional clients.

Dean Liu's questions to VNET Group (VNET) leadership

Question · Q3 2025

Dean Liu from Bank of America requested an update on the progress of tendering projects mentioned in the last earnings call, including the number of ongoing projects and future seasonality of new orders. He also asked about VNET's strategy for acquiring new land and power resources, focusing on future areas and the stability of current resources.

Answer

CFO Qiyu Wang (and Ju Ma in the Chinese response) reported that VNET secured over 331 megawatts in orders over the past 12 months and is confident in sustaining this momentum for the next 12 months, driven by evolving AI demands (training, inferencing, private deployment, group intelligence). For resources, VNET is planning on a five-year horizon, considering computing power split, regional demand, and AI/GPU development. The focus for next year remains on the Greater Beijing Area (Ulanqab, Hebei) and Yangtze River Delta, with exploration in other regions.

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Question · Q3 2025

Dean Liu inquired about the progress of tendering projects mentioned in the previous earnings call, the seasonality of new orders, and VNET's strategy for acquiring new land and power resources, including focus areas for future expansion.

Answer

Rotating President Ju Ma (translated by CFO Qiyu Wang) stated that VNET secured over 331 MW in orders over the past 12 months and is confident in sustaining this momentum, adapting to AI-driven demand shifts towards inferencing. He added that VNET plans resource acquisition over a five-year horizon, focusing on the Greater Beijing Area (Ulanqab, Hebei) and Yangtze River Delta, while also exploring regions beyond these two major areas.

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