This article only represents the author's own views.

VNET Group Inc. (VNET.US), the weakest of the China’s three listed data center operators, could use a deep-pocketed buyer right now to set its messy house in order. But despite earlier interest, suitors won’t exactly be lining up to buy the company in its current state. Its financial performance remains uninspiring, for starters. And its chairman has been playing games with his shares in the company, raising a lot of governance questions.

VNET’s revenue grew just 7.7% year-on-year to 1.88 billion yuan ($272.7 million) in last year’s fourth quarter, the company said in its latest results announcement last Wednesday. Its gross profit actually decreased, indicating that it spent more to generate each dollar of revenue during the three months than it did a year earlier. Such expenditure includes utility bills, which have swelled due to spiking energy costs – a major expense for data center operators. VNET did cut other expenses substantially, but not enough to keep its net loss from widening.