VNET, a leading cloud computing company in China, reported its financial results for 2020. The company reported a total revenue of RMB 48.29 billion yuan, representing a 27% increase year-on-year, and an EBITDA of RMB 13.19 billion yuan, representing a 26% increase year-on-year. The company's fourth quarter revenue was RMB 1,348 million yuan, slightly higher than the previous guidance, with an EBITDA of RMB 3.83 billion yuan, which was 49% lower than the guidance range. The company's cabinet utilization rate decreased from 66.0% in 2019 to 61.6% in 2020, but the retail MRR improved to RMB 8,976 yuan, representing a 2.6% increase. The increase in retail MRR indicates strong demand for VNET's IDC services during the pandemic, but the aggressive expansion plan still poses execution risks. In the fourth quarter of 2020, VNET acquired a new public cloud customer's data center in Beijing, and the company's wholesale MOU increased from RMB 140 million in the third quarter of 2020 to RMB 180 million. The company also raised RMB 3.53 billion yuan in bank loans in the fourth quarter of 2020. The company's capital structure as of the end of 2020 was as follows: bank loans: RMB 9.21 billion yuan; US dollar bonds: RMB 19.44 billion yuan; convertible bonds: RMB 14 billion yuan; lease liabilities: RMB 21.9 billion yuan; preferred stock: RMB 10.5 billion yuan. The company expects its 2021 revenue to range from RMB 61 billion to RMB 63 billion, with an EBITDA growth of 15%-21%. Specifically, the company expects its first quarter revenue to range from RMB 13.75 billion to RMB 13.95 billion, with an EBITDA growth of 53%. The company plans to spend RMB 50 billion on capital expenditure in 2021, increasing the number of cabinets to 60 billion. The company's
