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NaaS Technology Inc. is a leading electric vehicle (EV) charging service provider in China, dedicated to revolutionizing the energy sector with carbon-neutral solutions. Listed on the NASDAQ under the symbol NAAS, the company offers an integrated suite of online and offline services to charging station operators, enhancing their operational efficiency and customer satisfaction.
NaaS provides a comprehensive range of services that cater to every need of the EV charging ecosystem. From siting consultation, software and hardware procurement, to EPC (Engineering, Procurement, and Construction), operation and maintenance, and energy storage solutions, NaaS simplifies the intricacies of managing charging stations. The company's robust digital platform also offers non-charging services, such as food and beverage options for station operators, ensuring a holistic service experience.
Recent financial results highlight NaaS's impressive growth trajectory. In 2023, the company reported a revenue of RMB320.1 million (US$45.1 million), reflecting a remarkable year-over-year growth of 245%. Gross profit surged to RMB88.8 million (US$12.5 million), with gross margins increasing from 6.6% to 27.7%. The charging volume through NaaS's network rose by 81% YoY, reaching 4,958 GWh. Additionally, the gross transaction value saw a 74% YoY increase, amounting to RMB4.7 billion (US$661.6 million).
NaaS's network is expansive, connecting 875,655 EV chargers across 77,017 charging stations as of the end of 2023. This extensive network is further bolstered by strategic partnerships with leading national operators and automobile manufacturers, including Deepal Automobile, GAC Energy Technology Co., Ltd., and Great Wall Motors. These collaborations not only enhance NaaS's service offerings but also strengthen its technological capabilities, enabling it to deliver optimized energy solutions worldwide.
One of the notable recent developments includes NaaS's partnership with Beijing Car Network New Energy Co., Ltd. (CNNE), aimed at improving the connectivity and customer flow of public EV charging piles in Beijing. This collaboration is set to integrate NaaS's digital capabilities with CNNE's charging stations, providing EV owners with enhanced services such as pricing information, one-click charging, and online payment options.
NaaS has also been recognized in the Global Unicorn Index, highlighting its status as a significant player in the new energy sector. The company's digital solutions in energy management, including the NEF (NaaS Energy Fintech) system, are designed to optimize the operation, trading, and coordination of transport energy. This innovation underscores NaaS's commitment to leveraging AI and digital technologies to drive high-quality development in the energy sector.
NaaS Technology Inc. is not only transforming the EV charging landscape but also positioning itself as a pivotal force in the global energy transition. With its continuous focus on innovation, strategic partnerships, and financial growth, NaaS is set to play a crucial role in the future of sustainable energy solutions.
NaaS Technology has successfully met Nasdaq's Minimum Bid Price Requirement.
On June 28, 2024, the company announced it received a compliance notice from Nasdaq confirming this achievement.
Previously, on June 13, 2024, NaaS was notified of a deficiency as its bid price had fallen below $1.00 for 30 consecutive business days.
To regain compliance, the bid price needed to meet or exceed $1.00 for at least ten consecutive business days within a 180-day period.
NaaS met this requirement with a bid price of at least $1.00 from June 13 to June 27, 2024, and the issue is now resolved.
NaaS Technology announced that the change in the ratio of its American depositary shares (ADSs) to its Class A ordinary shares has become effective as of June 13, 2024. The ratio adjustment from one ADS to ten Class A ordinary shares to one ADS to 200 Class A ordinary shares acts as a one-for-twenty reverse ADS split. This change was implemented automatically, with new ADSs issued and old ones cancelled by JPMorgan Chase Bank. Additionally, NaaS received a notice from Nasdaq indicating that its ADS closing bid price fell below the $1.00 minimum for 30 consecutive business days. The company anticipates that the new ADS ratio will boost the trading price, helping to meet Nasdaq's compliance requirements within a 180-day period.
NaaS Technology has announced an updated effective date for the change in the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares. Originally planned for June 10, 2024, the new effective date is June 13, 2024. The new ADS ratio will be 1 ADS to 200 Class A ordinary shares, compared to the current ratio of 1 ADS to 10 Class A ordinary shares. This change will have the same effect as a one-for-twenty reverse ADS split. ADS holders must exchange every 20 existing ADSs for one new ADS, with no fractional ADSs issued. The ADSs will continue to trade on Nasdaq under the symbol 'NaaS,' and the change is expected to proportionally increase the ADS trading price, although this is not guaranteed.
NaaS Technology announced a planned change in the ratio of its American Depositary Shares (ADS) to Class A ordinary shares. The ratio will shift from 1 ADS per 10 Class A shares to 1 ADS per 200 Class A shares, effectively a one-for-twenty reverse split. This change will be effective around June 10, 2024. Existing ADS holders must exchange every 20 ADSs for one new ADS. No fractional ADSs will be issued; instead, fractional entitlements will be aggregated and sold. The underlying Class A shares remain unaffected. The ADS trading price is expected to increase proportionally, but there's no guarantee it will be 20 times the previous price.
NaaS Technology Inc., a U.S.-listed EV charging service company in China, reported strong financial results for Q1 2024. Revenues increased by 166% year over year, reaching RMB96.2 million. Gross profit grew 4.0 times year over year to RMB24.3 million. The company saw significant growth in charging volume, gross transaction value, and number of orders transacted through its network. NaaS continues to focus on revenue diversification and technological advancements to enhance its market position.
NaaS Technology Inc., the first U.S. listed EV charging service company in China, has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission. The report can be accessed on the Company's investor relations website and shareholders can request a hard copy for free.
NaaS Technology Inc. (Nasdaq: NAAS) will report its unaudited financial results for the first quarter ended March 31, 2024 on May 9, 2024. The company, a U.S. listed EV charging service company in China, will host an earnings conference call on May 10, 2024. Participants can register online to join the call and access a live webcast. A replay will be available until May 17, 2024.
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