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NaaS Technology Inc. (Nasdaq: NAAS), one of China's leading electric vehicle charging service providers, announced its adjusted financial results for Q2 and H1 2022. Net revenues experienced substantial growth, soaring 558% year-over-year to RMB21.8 million (US$3.3 million) in Q2 and 592% to RMB36.5 million (US$5.5 million) for H1. However, total operating costs increased significantly due to equity-settled listing costs and share-based compensation, leading to a net loss of RMB575.4 million (US$85.9 million) in Q2 and RMB671.3 million (US$100.2 million) in H1. The company also restated financial statements for Dada Auto Inc. as part of its merger transactions.
NaaS Technology Inc. (NASDAQ: NAAS) CEO Wang Yang has been honored with the 2023 Ernst & Young Asia-Pacific Successful Female Entrepreneur award, becoming one of five distinguished female entrepreneurs from China to receive this accolade. NaaS Technology, a leader in new energy services, is at the forefront of advancing the global energy transformation and aims to optimize the electric vehicle (EV) charging experience. The company has connected over 45,000 charging stations and aims to meet rising market demands for quality charging infrastructure amidst the growing EV adoption in China, projected to reach 35% in 2023.
NaaS Technology Inc. (NASDAQ: NAAS) reported robust financial results for Q2 and H1 2022, showcasing significant growth in its electric vehicle (EV) charging services in China. Q2 2022 charging volume rose to 580 GWh, up 135% YoY, with gross transaction value reaching RMB 537.2 million (US$ 80.2 million), a 125% increase. Total gross revenues for H1 were RMB 108 million (US$ 16.1 million), a 90% rise YoY. However, the net loss increased to RMB 565.2 million (US$ 84.4 million) in Q2, largely due to one-off costs related to listing and share-based compensations. The company anticipates charging volumes to exceed 2,700 GWh for FY 2022.
RISE Education Cayman Ltd (NASDAQ: REDU) is set to finalize its merger with Dada Auto Inc. (NaaS) after trading hours on June 10, 2022. Following the merger, the company will rebrand as NaaS Technology Inc. and change its ticker symbol to NAAS. Additionally, the ratio of shares represented by each American Depositary Share (ADS) will increase from two to ten, effectively acting as a one-for-five reverse split. These changes will take effect before 4:00 A.M. Eastern Daylight Time on June 13, 2022.
RISE Education Cayman Ltd (NASDAQ: REDU) announced a change in the number of shares represented by each American Depositary Share (ADS) from two shares to ten shares, effective June 10, 2022. This Ratio Change requires ADS holders to exchange five existing ADSs for one new ADS. No new shares will be issued, ensuring ADS holders maintain their percentage ownership, with minor adjustments for fractional shares. Voting rights and preferences will remain unchanged. The company's ADSs will continue trading under the symbol REDU.
RISE Education Cayman Ltd (Nasdaq: REDU) received a notification from Nasdaq regarding non-compliance with listing rules due to failing to maintain a minimum closing bid price of US$1.00 per share. A previous grace period expired on March 28, 2022. Following a hearing on March 9, 2022, RISE was granted continued listing until at least June 30, 2022, contingent on meeting various conditions. The company aims to comply with the US$4.00 minimum bid price for initial listing through its proposed business combination with NaaS, with a shareholder meeting scheduled for April 29, 2022.
RISE Education Cayman Ltd (NASDAQ: REDU) will hold an extraordinary general meeting (EGM) on April 29, 2022, in Beijing to approve a merger with Dada Auto Inc. (NaaS). This transaction involves shareholders exchanging NaaS shares for newly issued shares of RISE, making NaaS a wholly owned subsidiary. Additional proposals include changing the company name to NaaS Technology Inc. and increasing authorized share capital to $25 million. Shareholders of record by April 11, 2022, can vote and must read the filed proxy statement for details.
RISE Education Cayman Ltd (NASDAQ: REDU) received a favorable decision from the Nasdaq Hearings Panel, allowing its continued listing on the Nasdaq Stock Market until June 30, 2022. This extension is conditional upon completing a proposed business combination with Dada Auto Inc. (NaaS), a major player in China's electric vehicle charging sector. Key requirements include meeting Nasdaq initial listing criteria and obtaining shareholder approval. The company expressed gratitude to Nasdaq and affirmed its commitment to meet these conditions.
RISE Education Cayman Ltd (NASDAQ: REDU) announced a definitive merger agreement with Data Auto Inc. (NaaS), valuing the latter at approximately $587 million. Following the transaction, existing NaaS shareholders will own 92.9% of the combined entity, while RISE shareholders will hold 7.1%. The deal, approved by both boards, aims to leverage NaaS's position in China's booming electric vehicle (EV) market. The merger is anticipated to complete around mid-2022, subject to shareholder and regulatory approvals.
RISE Education Cayman Ltd (NASDAQ: REDU) has received a Nasdaq notice regarding the potential delisting of its securities due to being deemed a public shell following the sale of most of its assets. The Company has filed the required interim financial statements, regaining compliance with Nasdaq rules. A hearing has been requested to discuss its compliance plan and seek an extension. Additionally, the Company is evaluating a non-binding proposal for a business combination with a technology platform in the electric vehicle sector, with exclusive negotiations ongoing.
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