[6-K] NaaS Technology Inc. American Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Nomura Holdings, Inc. (NMR) filed a Form 6-K detailing its share buyback activity for June 2025.

• Program parameters: Board resolution dated April 25, 2025 authorises repurchase of up to 100 million shares (≈3.2 % of shares outstanding) or ¥60 billion between May 15 and Dec 30 2025, excluding blackout periods.

• June execution: 25,670,300 shares were repurchased across 16 trading days for a total consideration of ¥22,903,332,570. The implied average price is roughly ¥892 per share.

• Cumulative progress: Since program launch the company has bought back 47,590,200 shares for ¥41,932,504,490—47.6 % of the volume target and 69.9 % of the monetary limit. The purchases represent about 1.5 % of the 3,163,562,601 shares outstanding.

• Treasury stock: Nomura now holds 210,688,559 shares in treasury, equal to approximately 6.7 % of total shares. Dispositions were minimal; 151,800 shares (¥80.5 million) were issued via stock-option exercises.

Investment takeaways: Rapid utilisation of the buyback budget signals management confidence and provides near-term EPS support. However, with 70 % of funds already deployed midway through the authorised period, future flexibility is reduced, and the large treasury balance raises questions about eventual cancellation policies.

Positive

• JPY22.9 bn repurchased in June, signalling strong capital return commitment.
• 47.6 % of authorised shares and 69.9 % of monetary limit already completed, supporting EPS accretion.
• Board-approved ceiling of 100 m shares / ¥60 bn underscores management’s willingness to deploy excess capital.

Negative

• 70 % of buyback budget exhausted with six months left, reducing future flexibility.
• Treasury shares equal 6.7 % of float; lack of explicit cancellation plan could dilute accretive effects.

Insights

Financial Analyst

TL;DR – Nomura has spent 70 % of its ¥60 bn buyback budget by June, enhancing EPS but limiting future flexibility.

Nomura accelerated its repurchase plan, retiring 25.7 m shares in June alone. Cumulatively 47.6 m shares (1.5 % of float) have been removed at an average cost of ¥882, absorbing 69.9 % of the authorised yen limit. The aggressive pace is earnings-accretive and illustrates solid capital capacity after recent results. Yet the rapid spend leaves just ¥18 bn for the remaining six-month window, potentially curbing future support during periods of market weakness. Investors should also note the 6.7 % treasury-share overhang pending cancellation.

Corporate Governance Expert

TL;DR – Buyback pace is shareholder-friendly, but sizeable treasury position warrants clarity on cancellation policy.

Nomura’s board-approved program demonstrates proactive capital management, nearly halving the share authorisation within seven weeks. While such activity can improve per-share metrics and signal confidence, best practice calls for prompt cancellation of repurchased shares. The firm now holds over 210 m shares in treasury; absent a stated cancellation timeline, this stock could be re-issued, partly offsetting accretion. Continued transparency on treasury-share strategy and any linkage to employee plans will be important for long-term investors.

 

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER 

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER 

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of July 2025

 

Commission File Number: 001-38235

 

 

 

NaaS Technology Inc. 

(Registrant’s Name)

 

 

 

Newlink Center, Area G, Building 7, Huitong Times Square, 

No.1 Yaojiayuan South Road, Chaoyang District, Beijing, China 

(Address of Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F x   Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

 

Incorporation by Reference

 

This current report on Form 6-K, including the exhibit hereto, is incorporated by reference into the registration statement on Form F-3 of the Company (File No. 333-273515) and shall be a part thereof from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit Index

 

Exhibit No.	Description
99.1	Press Release – NaaS Technology Inc. Announces Plan to Implement ADS Ratio Change

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 	NaaS Technology Inc.
 	 	 	 
 	By	:	/s/ Steven Sim
 	Name	:	Steven Sim
 	Title	:	Chief Financial Officer

 

Date: July 14, 2025

 

 

 

FAQ

How many Nomura (NMR) shares were repurchased in June 2025?

Nomura bought back 25,670,300 common shares during June 2025.

What was the total cost of Nomura’s June 2025 share repurchases?

The company spent ¥22,903,332,570 on June repurchases.

How far along is Nomura in its current buyback authorisation?

Nomura has completed 47.6 % of the share cap and 69.9 % of the yen cap authorised by its Board.

What is the size and duration of Nomura’s 2025 share buyback programme?

The Board authorised up to 100 m shares or ¥60 bn for repurchase from May 15 to Dec 30 2025.

What percentage of Nomura’s shares are held in treasury?

As of June 30 2025, Nomura holds 210,688,559 shares, about 6.7 % of total shares outstanding.

Were any treasury shares disposed of in June 2025?

Yes, 151,800 shares were issued via stock-option exercises for ¥80,521,800.