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Ethan Jiang

Research Analyst at Nomura

Ethan Jiang is an Equity Research Analyst at Nomura, specializing in the technology and internet sectors, with a focus on Greater China coverage. He regularly covers companies such as VNET Group and is known for his detailed earnings analysis and active participation in public company earnings calls. While specific performance rankings, success rates, or TipRanks metrics are not publicly available, Ethan has established himself as a credible sell-side analyst through his research publications and conference participation. He began his analyst career prior to joining Nomura and has built expertise in Asian internet and technology companies, though details about his previous firms are not confirmed. Information regarding FINRA registration or specific securities licenses is not publicly disclosed.

Ethan Jiang's questions to VNET Group (VNET) leadership

Question · Q3 2025

Ethan Jiang from Nomura asked about the trend for VNET's unit CapEx spending, noting that the Q1-Q3 CapEx of RMB 6 billion seemed behind the full-year guidance of RMB 10-12 billion, despite significant capacity delivery. He also requested an outlook for next year's CapEx and its potential funding sources.

Answer

CFO Qiyu Wang stated that the majority of CapEx is on wholesale IDC, with unit CapEx per megawatt trending down. He mentioned that the 2026 CapEx budget is being prepared, with funding plans for a similar scale as 2025. Funding sources primarily include project-level asset securitization and domestic corporate bond issuance. He highlighted that equity-like capital recycling (pre-REITs, private REITs, development funds) exceeded RMB 2 billion in 2025, with a goal to surpass this in 2026, ensuring CapEx needs are met while maintaining a secure leverage ratio.

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Question · Q3 2025

Ethan Jiang questioned the trend for VNET's unit CapEx spending, noting that Q1-Q3 CapEx of RMB 6 billion seemed behind schedule compared to the full-year guidance of RMB 10-12 billion and capacity delivery. He also sought an outlook for next year's CapEx and its potential funding sources.

Answer

CFO Qiyu Wang confirmed that the majority of CapEx is for wholesale IDC, with CapEx per unit megawatt trending down. He stated that VNET is preparing next year's CapEx budget and financing plan, expecting similar scale to 2025. Funding sources will primarily include project-level asset securitization (pre-REITs, private REITs, development funds, aiming to recycle over RMB 2 billion in equity-like capital in 2025 and more in 2026) and domestic bond issuance, ensuring CapEx needs are met while maintaining a secure leverage ratio.

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