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A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014

PAGE 1 / 19










Note: This document is the Appendix section of Trinity Research
Groups report A Ponzi Scheme of Acquisitions: 21 Vianet Group
Exposed.


The report is available here:

www.trinityresearchgroup.com
http://seekingalpha.com/author/trinityresearch/articles




A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 2 / 19

A. List of VNETs 72 data centers

As per VNET official website at http://www.ch.21vianet.com/?page_id=927
P is referred as partnered cabinets and S is referred as self-built cabinets

No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilizatio
n rate
Notes
1
B28
1

10
B28B
S 1400 1400 1350 96.4%
including
B28 phase
III
Beijing B28 Data
Center
Building B28B, Hetong Business
Zone, No. 10, Jiuxianqiao Road,
Chaoyang District, Beijing
2
M5
2

1
M5
S 700 700 670 95.7%
Beijing M5 Data
Center
Floor 2, Building M5, No.1,
Jiuxianqiao Road East, Chaoyang
District, Beijing
3
M6
3

1
M6
S 1682 1682 1200 71.3%
Beijing M6 Data
Center
Building M6, No.1, Jiuxianqiao
Road East, Chaoyang District,
Beijing
4

2 A-1
S 1690 1690 400 23.7%
Put into
use on
May 28,
2014.
Phase I-
1500
cabinets
Beijing Daxing
Starlight Data Center
Building A-1, Starlight Studio,
No.2 Beixing Road East, Daxing
District, Beijing
5

5

217 2

S 351 351 300 85.5%
Shanghai City North
Telecom Data Center
Floor 2, No.217 Jiangchang third
Road, Zhabei District, Shanghai
No Data Centers Address P/S
Total
Cabinets
Utilizatio
n rate
Notes

1
http://www.pengpan.cn/index.php/archives/208 and http://www.fastweb.com.cn/a/news/industry/2013/0613/69.html
2
http://storage.it168.com/a2011/0318/1167/000001167851_all.shtml and http://datacenter.chinabyte.com/495/8747995.shtml

3
http://www.pengpan.cn/index.php/archives/583

4
http://it.chinabyte.com/274/12813274.shtml
5
http://www.pengpan.cn/index.php/archives/620
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 3 / 19
No. of
cabinets
managed
No. of
cabinets
sold
6

6

588 1

S 877 877 450 51.3%
Shanghai Jiyun Data
Center
Floor 1, No.588, Jiyun Road,
Baoshan District, Shanghai
7

458
S 129 129 110 85.3% phase I
Shandong Qingdao
Economic Zone Data
Center
No.458, Jiangshan Road South,
Economic Development Zone,
Qingdao, Shandong Province
8

1
S 1145 1145 200 17.5%
Foshan Intelligent
City Data Center
Building #1, Zhihui Road,
Chancheng District, Foshan,
Guangdong Province
9

9

12
1

S 1200 1200 950 79.2%
Shanxi Xian
Economic Zone Data
Center
No.1 Export Zone, Fengcheng
10
th
Road, Xian Economic Zone,
Shanxi Province
10

10

1
5
S 900 900 700 77.8%
Beijing Tongji
Central Road Data
Center
No.15, Tongji Road Central,
Beijing Economic Development
Zone, Daxing District, Beijing
11

11


S 184 184 50 27.2% phase I
Suzhou HiTech Zone
Data Center
21viaNet Cloud computing zone,
Foxiao Street, Hitech Zone,
Suzhou, Anhui Province
12

12

750
D1
S 276 276 150 54.3%
Ningbo Hitech Zone
Data Center
Floor 1, Building D, No.750
Chuangyuan Road, Hitech
District, Ningbo, Zhejiang
Province
Total self-built cabinets 10534 10534 6530 62.0%


6
http://www.pengpan.cn/index.php/archives/35
7
http://www.pengpan.cn/index.php/archives/272
8
http://www.pengpan.cn/index.php/archives/4
9
http://www.pengpan.cn/index.php/archives/632 and http://www.c114.net/news/102/a440125.html
10
http://www.pengpan.cn/index.php/archives/224
11
http://www.50cnnet.com/index.php?a=show&c=index&catid=146&id=46983&m=content
12
http://www.pengpan.cn/index.php/archives/398
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 4 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
13

13

9
P 240 100 90 90.0%
Beijing Mobile
Jiuxianqiao Data
Center
No.9, Caihong Road, Chaoyang
District, Beijing
14

14

14
D1
P 4000 200 190 95.0%
Beijing Telecom
Zhaowei Data Center
Building No.1, Zone D, Zhaowei
Industrial Zone, No.14,
Jiuxianqiao Road, Chaoyang
District, Beijing
15

15

14
D1
P 1199 100 95 95.0%
Beijing Unicom
Zhaowei Data Center
Building No.1, Zone D, Zhaowei
Industrial Zone, No.14,
Jiuxianqiao Road, Chaoyang
District, Beijing
16

16

IDC
P 1870 200 190 95.0%
Beijing Unicome
Yizhuang Data Center
No.1, Beihuan Road East,
Yizhuang Economic
Development Zone, Daxing
District, Beijing
17

17

1

P 388 350 340 97.1%
Beijing Unicom
Yizhuang Telephone
Station Data Center
No.1, Zhonghe Street, Yizhuang,
Daxing District, Beijing
18

18

162
P 450 450 350 77.8%
Beijing Unicom
Nanyuan Data Center
No. 162, Nanyuan Road East,
Fengtai District, Beijing
19

19

86

P 50 0 0 n/a
partnership
terminated
Beijing Wenquan
Road Data Center
No.86, Wenquan Road, Haidian
District, Beijing
20

20


P 3000 0 0 n/a
partnership
terminated
Beijing Shijingshan
Data Center
No. A1, Wujiacun Road,
Shijingshan Disctrict, Beijing

13
http://www.pengpan.cn/index.php/archives/185
14
http://dh.idcquan.com/jifang/5616.shtml
15
http://dh.idcquan.com/jifang/13115.shtml
16
http://dh.idcquan.com/jifang/5618.shtml and http://www.pengpan.cn/index.php/archives/227
17
http://dh.idcquan.com/jifang/7439.shtml
18
http://dh.idcquan.com/jifang/7434.shtml
19
http://www.chinahr.com/company/20-966094.html
20
http://www.pengpan.cn/index.php/archives/544
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 5 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
21

21

8
P 1343 200 150 75.0%
Tianjin Tanggu Data
Center
Floor 8, China Unicom Building,
Tianjin Economic Development
Zone, Tianjin
22

22

6 A2
P 807 200 170 85.0%
Tianjin Huayuan Data
Center
Floor 2, Building A, No.6 Ziyuan
Road, Huayuan Industrial Zone,
Nankai District, Tianjin
23

23

6 A2
P 800 100 50 50.0%
Tianjin Huayuan
Phase II Data Center
Floor 2, Building A, No.6 Ziyuan
Road, Huayuan Industrial Zone,
Tianjin
24

24

182
10
P 234 100 20 20.0%
Hebei Langfang
Unicom Data Center
Floor 10, China Unicom
Building, No.182 Heping Road,
Langfang, Hebei Province
25

25

16
11
P 170 50 20 40.0%
Hebei Baoding
Unicom Data Center
Floor 11, Telecom Building,
No.16 Dongfeng Road West,
Baoding, Hebei Province
26

26

42
P 50 0 0 n/a
partnership
terminated
Hebei Handan
Unicom Data Center
No.42, Guangming Street North,
Handan, Hebei Province
27

27

7
P 500 50 20 40.0%
Henan Zhengzhou
Unicom Data Center
Floor 7, China Unicom No.2
Long distance Hub Building,
Beihuan Road, Zhengzhou,
Henan Province

21
http://dh.idcquan.com/jifang/6969.shtml
22
http://dh.idcquan.com/jifang/13112.shtml
23
http://www.pengpan.cn/index.php/archives/298
24
http://dh.idcquan.com/jifang/6828.shtml and http://www.pengpan.cn/index.php/archives/626
25
http://blog.tianya.cn/blogger/post_read.asp?BlogID=2962600&PostID=44250314 and http://www.pengpan.cn/index.php/archives/635
26
http://dh.idcquan.com/idc/netcom/737150.html
27
http://www.pengpan.cn/index.php/archives/629 and http://dh.idcquan.com/jifang/7440.shtml
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 6 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
28

28

319

P 170 0 0 n/a
partnership
terminated
Henan Xinxiang
Unicom Data Center
Uncom Building, No. 319
Pingyuan Road, Xinxiang, Henan
Province
29

29

28
P 384 50 30 60.0%
Liaoning Dalian
Unicom Data Center
Unicom International Building,
No.28 Shuma Road North,
Software Zone, Ganjingzi
District, Dalian, Liaoning
Province
30

30


P 249 0 0 n/a
partnership
terminated
Shanxi Taiyuan
Unicom Data Center
Unicom Hub Building Xinjinci
Road, Taiyuan, Shanxi Province
31

31

89
P 100 0 0 n/a
partnership
terminated
Shanxi Changzhi
Data Center
No.89 Yingxiong Road Central,
Changzhi, Shanxi Province
32

32

84
P 100 0 0 n/a
partnership
terminated
Heilongjiang Suihua
Unicom Data Center
No.84, Renhe Street, Suihua,
Heilongjiang Province
33

33

45

P 400 0 0 n/a
partnership
terminated
Harbin Unicom Data
Center
Unicom Data Center, No.45
Xiangjiang Road, Haerbin,
Heilongjiang Province
34

34


P 50 0 0 n/a
partnership
terminated
Shenyang Dongshan
Data Center
Dongbei Road, Daqong District,
Shenyang, Liaoning Province
35

35

1
67-2
P 200 0 0 n/a
partnership
terminated
Shanyang Tawan
Data Center
No.167-2, Kunshan Road West,
Huanggu District, Shenyang,
Liaoning Province

28
http://dh.idcquan.com/jifang/50063.shtml
29
http://dh.idcquan.com/jifang/7379.shtml
30
http://dh.idcquan.com/jifang/5197.shtml
31
http://blog.sina.com.cn/s/blog_5e1c1b110100efwu.html
32
www.hljshidc.com
33
http://dh.idcquan.com/jifang/4958.shtml
34
Not found
35
http://www.pengpan.cn/index.php/archives/283
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 7 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
36

36

1
P 50 0 0 n/a
partnership
terminated
Jilin City Unicom
Data Center
No.1 Zhongxing Street, Jilin, Jilin
Province
37

37

3057

P 250 0 0 n/a
partnership
terminated
Changchun 2nd Hub
Data Center
2nd hub China Unicom Building,
No.3057 Guibu Road,
Changchun, Jilin Province
38

38

2 18

P 50 0 0 n/a
partnership
terminated
Liaoning Benxi
Unicom Data Center
No.18, 2nd road Jiafang South,
Benxi, Liaoning Province
39

39

98

P 50 0 0 n/a
partnership
terminated
Liaoning Dandong
Unicom Data Center
No.98, Liuwei Road, Zhenxing
District, Dandong, Liaoning
Province
40

40

50

P 50 0 0 n/a
partnership
terminated
Liaoning Tieling
Unicom Data Center
No.50, Gongren Street, Yinzhou
District, Tieling, Liaoning
Province
41

41

5
1
P 50 0 0 n/a
partnership
terminated
Liaoning Liaoyang
Unicom Data Center
No.51, Qingnian Street, Baita
District, Liaoyang, Liaoning
Province
42

42

1
8
P 50 0 0 n/a
partnership
terminated
Liaoning Fushun
Unicom Data Center
No.18, Zhongyang Street, Xinfu
District, Fushun, Liaoning
Province
43

43

168

P 750 0 0 n/a
partnership
terminated
Shandong Laoshan
Unicom Data Center
No.168, Zhuzhou Road, Laoshan
District, Qingdao, Shandong

36
Not found
37
http://dh.idcquan.com/jifang/7882.shtml
38
Not found
39
Not found
40
Not found
41
Not found
42
http://www.9tao.com/jfxx.asp?wid=497
43
http://dh.idcquan.com/jifang/47785.shtml
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 8 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
44

44

333
P 220 0 0 n/a
partnership
terminated
Shandong Weifang
Unicom Data Center
No.333, Dongfeng Street East,
Weifang, Shandong Province
45

45

2
P 138 10 10 100.0%
Shanghai Pudong
Software Zone Data
Center
No.2, Boyun Road, Pudong New
Development Zone, Shanghai
46

46

199 2

P 500 200 90 45.0%
ShangHai Jiangchang
Data Center
Floor 2, No.199, Jiangchang Road
West, Zhabei District, Shanghai
47

47

926 4

P 357 50 30 60.0%
Shanghai Tongpu
Data Center
Building No.4, No.926 Tongpu
Road, Putuo District, Shanghai
48

48

338
4
P 225 225 50 22.2%
Huzhou Phoenix Data
Center
Floor 4, Huzhou Telecom
Building, No.338 LongXi Road
North, Huzhou, Zhejiang
Province
49

49

11 7F
P 200 20 10 50.0%
Nantong Changqiao
Data Center
Floor 7, No.11 Telecom Station
Yard South, Roundcity Road
South, Chongchuan District,
Nantong, Jiangsu Province
50

50

7
7 4
P 1700 250 100 40.0%
Taishan New Garden
Data Center
Floor 4, Telecom Building, No.77
Daqiao Road North, Pukou
District, Nanjing, Jiangsu
Province
51

51

69
4
P 55 5 5 100.0%
Fuyang Golden
Bridge Data Center
Floor 4, China Telecom Building,
No.69 Golden Bridge Road
North, Fuyang, Zhejiang Province

44
http://www.idcji.com/DataCenter/Weifang.asp
45
http://www.pengpan.cn/index.php/archives/610
46
http://www.pengpan.cn/index.php/archives/412
47
http://www.pengpan.cn/index.php/archives/617
48
http://www.pengpan.cn/index.php/archives/253
49
http://www.cncnc.com.cn/newweb/dianxin/jsnt.html
50
http://www.467.cn/hosting4.html
51
http://www.pengpan.cn/index.php/archives/160
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 9 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
52

52

237
P 462 0 0 n/a
partnership
terminated
Jiangsu Yangzhou
Data Center
No.237, Yunhe Road West,
Yangzhou, Jiangsu Province
53

53

15

P 963 0 0 n/a
partnership
terminated
Shandong Qingdao
Unicom Data Center
2nd hub China Unicom Building,
No.15 Liaoyang Road East,
Qingdao, Shandong Province
54

54


P 458 0 0 n/a
partnership
terminated
Shandong Jinan
Danshantun Data
Center
Jingshixi Road, Jinan, Shandong
Province
55

55


P 300 0 0 n/a
partnership
terminated
Shandong Jiyang
Data Center
Economic development zone,
Jiyang County, Jinan, Shandong
Province
56

56

""IDC

P 1877 200 130 65.0%
Guangzhou Asia Info
Data Center
Telecom Asia Info IDC center,
Gaopu Road, Guangzhou,
Guangdong Province
57

57

6
P 188 20 10 50.0%
Zhaoqing Huangtang
Data Center
Floor 6, Telecom building,
Furong Street West, Zhaoqing,
Guangdong Province
58

58

107
9 B
P 546 100 60 60.0%
Shenzhen Garden
City Data Center
Floor 1, Building B, Garden City
Digital Building, No.1079 Nanhai
Broadway, Shekou, Shenzhen

52
http://www.pengpan.cn/index.php/archives/363
53
http://dh.idcquan.com/jifang/5455.shtml
54
http://dh.idcquan.com/jifang/6968.shtml
55
http://dh.idcquan.com/jifang/33563.shtml
56
http://www.pengpan.cn/index.php/archives/592 and http://wenku.baidu.com/link?url=YKncm3jCUjd7P5hKfG7USfffY4-jnSNQgLS6-
cCgTXfbnADF-AF5dmwDAjR8TPw02V3enqz5rfwLl5Jgq3OQdTc01L3pxopyInImIUgp5Xy
57
http://www.cobte.com/idc/show.php?lang=cn&id=100
58
http://www.abcde.cn/China_huayuancheng_fuwuqi.htm
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 10 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
59

59


4
P 100 100 20 20.0%
Huangshi FlowerLake
Data Center
Floor 4, FlowerLake Telecom
Building, Yangpu Road,
Huangshigang District, Huangshi,
Hubei Province
60

60

6
2 5
P 600 50 20 40.0%
Wuhan Changqing
Data Center
Floor 5, Wuhan Telecom Data
Center, No.62 Xuefu Road South,
Hanjiang District, Huhan, Hubei
Province
61

61


P 3044 300 200 66.7%
Shenzhen Fuyong
Data Center
Fuyong China Telecom Data
Center, Dejin Industrial Zone,
Heping Valliage, Baoan District,
Shenzhen
62

62

2
46 6
P 399 80 80 100.0%
Guangzhou Renmin
Road Central Data
Center
Floor 6, China Telecom Data
Center, No.246, Renmin Road
Central, Liwan District,
Guangzhou, Guangdong Province
63

63

189
3
P 170 170 20 11.8%
Changsha LuValley
Data Center
Floor 3, China Telecom Data
Center Building, No.189
Tongzipo Road West, Changsha,
Hunan Province
64

64

333
P 1088 0 0 n/a
partnership
terminated
China Mobile South
Base Data Center
No.333, Gaotang Road, Gaotang
New Zone, Galaxy Software
Zone, Guangzhou, Guangdong
Province

59
http://www.pengpan.cn/index.php/archives/601
60
http://www.pengpan.cn/index.php/archives/607 and http://dh.idcquan.com/jifang/diy/60031.shtml
61
http://www.pengpan.cn/index.php/archives/595 and http://gd.189.cn/biz/introd/idc/cgjf/sz/2011/10/19/10110.htm
62
http://gd.189.cn/biz/introd/idc/cgjf/gz/2011/10/19/10103.htm
63
http://www.pengpan.cn/index.php/archives/604
64
http://dh.idcquan.com/jifang/50643.shtml
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 11 / 19
No Data Centers Address P/S
Total
Cabinets
No. of
cabinets
managed
No. of
cabinets
sold
Utilization
rate
Notes
65

65

83
P 600 0 0 n/a
partnership
terminated
Fujian Xiamen
Software Zone Data
Center
No.83, Wanghai Road, Software
Zone, Xiamen, Fujian Province
66

66

3
P 50 0 0 n/a
partnership
terminated
Jiangxi Jingdezhen
Telecom Data Center
No.3, Zhushan Road West,
Jingdezhen, Jiangxi Province
67

67

IDC
P 600 0 0 n/a
partnership
terminated
Fujian Fuzhou Mawei
Data Center
IDC building, Luoxingta Road,
Mawei District, Fuzhou, Fujian
Province
68

68

5 IDC
P 180 0 0 n/a
partnership
terminated
Fujian Quanzhou
Data Center
Floor 5, Telecom Building Yunlu
Road, Fengze District, Quanzhou,
Fujian Province
69

69

2
5
P 500 20 10 50.0%
Chongqing Wulidian
Data Center
Floor 5, China Telecom Building,
No.2, Haier Road, Jiangbei
District, Chongqing
70

70


P 400 0 0 n/a
partnership
terminated
Chongqing huixing
Data Center
Telecom Building, Huixing,
Yubei District, Chongqing
71

71

819

P 50 0 0 n/a
partnership
terminated
Sichuan Meishan Data
Center
Telecom building, Meishan New
District, Meishan, Sichuan Province
72

72

15

P 180 0 0 n/a
partnership
terminated
Shanxi Baoji Data
Center
Floor 4, Telecom Building No15,
Jintai Street, Baoji, Shanxi Province
Total partnered cabinets 34024 3950 2560 64.8%

Total cabinets 44558 14484 9090 62.8%




65
http://dh.idcquan.com/jifang/47467.shtml
66
http://dh.idcquan.com/jifang/7583.shtml
67
http://www.jifang360.com/idc/datacenter/dx/2011725174512/
68
http://www.pengpan.cn/index.php/archives/648
69
http://www.pengpan.cn/index.php/archives/655
70
http://www.pengpan.cn/index.php/archives/662
71
http://www.hubeidc.com/server/sc_meishanct.php
72
http://www.docin.com/p-788261350.html
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 12 / 19
APPENDIX B: Capital Restructuring of Beijing iJoy Before Acquistion

Exhibit 1 Articles of Association of Beijing iJoy
The first page of Articles of Association of Beijing iJoy shows three shareholders contributed the
2nd tranche of registered capital in total amount of RMB 3 million on April 21, 2011. So, the
total capital injection increased to RMB 5 million.

Exhibit 2 Audit report on cash injection of registered capital in RMB 3 million


Exhibit 3 Chart of amount of registered capital received by the company
After this RMB 3 million capital contribution, there was no any further cash contribution into the
company before acquisition. Peng Yang, Hu Yiwen and Shu Huaying contributed RMB 1.75,
RMB1.625 and RMB 1.625 mln respectively.
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 13 / 19


Exhibit 4 Audit report on decrease of registered capital from RMB 10m to RMB 5m
On November 22, 2011. The three funders of iJoy decided to reduce capital registration from
RMB 10 mln to RMB 5 mln.

Exhibit 5-6 Shareholder Resolution for 1st General Meeting in 2012
A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 14 / 19
The shareholder resolution approved the 1st share transfer from Peng Shuhua and Hu Yiwen to
Peng Yang on March 7, 2012 Hu Yiwen and Shu Huaying sold their 9.75% shares each to Peng
Yang.

Exhibit 7-8 Shareholder Resolution for 2nd General Meeting in 2012.
The shareholder Resolution approved the 2dn share transfer from Peng Shuhua and Hu Yiwen to
Peng Yang on May 14, 2012 Hu Yiwen and Shu Huaying Sold another 13.25% shares each to
Peng Yang each.

A PONZI SCHEME OF ACQUISITIONS: 21 VIANET GROUP EXPOSED SEPTEMBER 10, 2014
PAGE 15 / 19


Exhibit 9 The 3rd Share Transfer Agreement among three shareholders.
The share Transfer Agreement approved the 3rd share transfer from Peng Shuhua and Hu Yiwen
to Peng Yang on July 13, 2012 , Peng Shuhua and Hu Yiwen sold the remaining 9.5% shares to
Peng Yang. After this transaction, Peng Yang holds 100% stakes in Beijing iJoy.
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Exhibit 10-11 Articles of Association of Beijing iJoy.
The first page of Articles of Association of Beijing iJoy shows the registered capital was
increased to RMB 10.08m by Peng Yang in intellectual property on March 14, 2013, just before
VNET acquired them.

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PAGE 17 / 19
APPENDIX C: Excerpts from SAIC Filings

Inconsistent Registered Business Scope and Licensing

BKHT and XYHT are examples, with bizarre entries such as technology development, information
consulting, cultural exchange, conference service, advertising and logo design.



Translation of Enterprise Registration Form for XYHT.
The registered capital is RMB 30,000. The business scope includes technology development,
information consulting, cultural exchange, conference service, advertising and logo design.

Translation of SAIC filing by BKHT. The legal representative was changed to Wang Jingbo, a
relative person of Cheng Ran. The business scope includes the sale of machines, construction
materials, instruments, car accessories, stationary, light, computers, plastic and rubber material.

Cheng Ran Missing from Registrations. All seven MNS Entities are registered under Chengs wife,
sister or friend.

XYHT and ZBXT are good examples.




XYHT
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PAGE 18 / 19


Translation of Shareholder meeting
held by XTHT on May 16, 2010
before acquisition.
The shareholders were changed to
Cheng Bin (the sister of Cheng
Ran) and ZBXT (another company
controlled by Cheng Ran). The
registered capital was RMB 30,000.

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PAGE 19 / 19






Translation of Enterprise
Application Form on Changes of
Registered Items.

The shareholders of ZBXT were
Gao Hong (Ex-wife of Cheng Ran)
and Ying Wenxin (Husband of
Cheng Bin, the sister of Cheng
Ran). The equity of ZBXT was
transferred to Beijing
Shidaitonglian Technology Co.,
Ltd. before acquisition.

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Gao Hong: Cheng Ran's Ex Wife
APPENDIX C: Excerpts from SAIC filings (CONTINUED)
1
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Employee number:8
Zhibo Xintong (ZBXT)
2
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3
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Business Scope: sell machinery, building materials, automobile accessories, Lighting,computer/accessories
Beijing BKHT Network
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BKHT shareholder meeting: 1 person
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BKHT quickly transfered the ownership to ZBXT before 21ViaNet acquired the
company
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Beijing BKHT Network
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Business scope changes:
the new business scope includes: technology development,conference service,
culture exchange, labor service, advertising
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The agreement to change the business scope at Feb 1st of 2012
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SAIC filing of BKHT address changes in 2013
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We found the new address is a ghost office, refer to our office photos in MNS acquistion appendix
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Three years later after acquired by 21 ViaNet, the registration capital got raised in 2014.
BKHT also added telecom value-added service in their business scope in 2014, 3 years after acquired by 21ViaNet.
13
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only one employee
14
BKHT SAIC financial filings 2008
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BKHT SAIC financial filing 2009:negative profits with 2 employees
Revenue
Profits
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BKHT SAIC financial filing 2010: suddenly turned profitable after acquired by 21ViaNet
Revenue
BKHT's Revenue grew 8 times suddenly after 21ViaNet acquired BKHT in 2010
Profits
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Employee number dropped from 25 to 17, while revenue grew 40% YoY in 2011
AND profits grew 9 times YoY in 2012.
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In 2013, the SAIC registration shows that the business scope of BKHT is still "technology development,
information consulting,conference service,culture exchang, advertisting
BKHT
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BKHT SAIC financial filing 2012: BKHT revenue grew over 2 times and profits grew 5 times YoY.
BUT employee number dropped further from 17 to 14 in 2012.
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BKHT shareholder meeting: only 1 people attended.
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the similar suspicious share transfering before acquired by 21ViaNet.
Cheng Bin: Cheng Ran's sister
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ZBXT and Cheng Bin only invested RMB 30,000 into BKHT.
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XYHT was established just 3 Months before acquired by 21Vianet.
Cheng Bin and his brother, Cheng Ran owned ZBXT,invested RMB 30,000 to
establish XYHT as a shell company
sold to 21ViaNet
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25
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XYHT's investment was raised to RMB 100,000 from 30,000, just 2 months before
acquired by 21ViaNet
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XYHT's investment was raised to RMB 100,000 from 30,000, just 2 months befor
acquired by 21Vianet
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2 months before acquisition by 21 Vianet, Cheng Bin transferred all her shares in XYHT to his
brother's company, ZBXT.
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Confirmation that ZBXT invested RMB 100,000 in XYHT and owned 100% of XYHT.
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XYHT was established with the same business scope with BKHT
Business Scope:Technology Development, Information Consulting,Culture Exchange,
Advertising, logo design, conference service, and exhibition.
Employee number: 6
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XYHT added telecom value-added service in their business scope 4 years after
acquired by 21ViaNet.
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XYHT SAIC financial file 2008: Revenue 2.3 mln with 130,000 net profits.3 employees.
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XYHT SAIC financial filing 2009: RMB 5.6 mln revenue with RMB 2094 net
profits. 3 employees
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XYHT's revenue grew 40% YoY and net profits grew 160 times YoY in 2010 after
acquired by 21Vianet
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Busiess scope in 2012:Technology Development,information Consulting
culture exchange, advertising, logo design, conference service, exhibition.
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board meeting still one person attended
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Fujian YJHT
Address is a residential building and no one lives there.
Business scope:Telecom equipment sales, procurement service
Telecom technology service and consulting.
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Yilong Xinda: license of internet information service and website:www.yloog.net, or Kuaihuo Wang
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Yilong Xinda changed its business scope in 2010.
The new business scope: internet service, Technology promotion,
culture exchange, conference service, logo design,consumer electronics retail.
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Yilong Xinda deleted their internet information service from their business scope in November of 2010.
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Gao Hong: Cheng Ran's Ex Wife
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Chengyi Shidai was registered under the name, Gao Hong, Cheng Ran's ex wife.
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Cheng Bin, Cheng Ran's sister and Gao Hong, Cheng Ran's Ex wife were main investors of
Chengyi Shidai (CYSD).
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CYSD SAIC financial filing 2003: Revenue RMB 8.3 mln, Net profits: 960,000, 7 Employees
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CYSD SAIC financial filing 2003: Revenue RMB 8.3 mln, Net profits: 960,000, 7
Employees
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CYSD SAIC financial filing 2007: Revenue RMB 14.2 mln, Net profits: RMB 71,100, 7 employees
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CYSD SAIC financial filing 2008: Revenue: RMB 49.5 mln, net profits RMB
810,000, 23 employees
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CYSD SAIC financial filing 2009: Revenue 48.4 mln, net profits RMB 221,292
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SAIC filings CYSD SAIC financial filing 2010: Revenue 62.2 mln,
Net profits 131,942
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CYSH SAIC financial filing 2011: Revenue RMB 82.9 mln, Net profits:RMB 9.88 mln, 15 employees
CYSH reported suspicious huge growth of revenue and net profits after acquired by 21ViaNet
even with employee number declined from 25 to 15 in 2011.
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