VNET Group (NASDAQ:VNET) announced today that its Founder, Co-Chairperson, and interim CEO, Mr. Josh Sheng Chen, has withdrawn his non-binding proposal to take the company private.

Mr. Chen stated that after reconsidering the benefits, he believes "maintaining VNET’s listing status is better aligned with the company’s long-term interests given current market conditions."

Following this development, the Special Committee of VNET's board of directors set up to evaluate the proposal has recommended its dissolution due to a lack of substantial progress on any going-private transactions.