• NaaS, one of the fastest-growing electric vehicle charging service providers in China, has completed a SPO transaction of 3.5 million American Depository Shares (ADS).
• Notable investors such as Dr. Adrian Cheng and CST Group have been involved in this transaction.
• The EV charging solution market is predicted to expand from CNY 44.6 billion in 2022 to CNY 1,784.8 billion in 2030, with a CAGR of 58.6%.
NaaS Completes SPO Transaction
On May 31, NaaS(NASDAQ: NAAS), one of the fastest-growing electric vehicle charging service providers in China announced to have completed the SPO transaction of 3.5 million American Depository Shares (ADS).
Notable Investors Involved
The transaction involved notable investors such as Dr. Adrian Cheng and CST Group (0985.HK), a well-established HK-listed company. Dr. Adrian Cheng, the eldest grandson of Mr. Cheng Yu Tung and the head of the family business, currently serves as the executive vice-chairman of New World Development Company Limited, leads portfolio of multi hundred billion consortiums that includes NWS Holdings Limited (0659.HK), Chow Tai Fook Jewellery Group (1929.HK), CTF Education Group, and K11 Corporate. This personal investment by Dr. Adrian Cheng is a rare move, indicating his preference for the new energy sector and the company. Mr. Han Xuyang (Johnny Han),the CEO of CST Group, previously an Oxford and HKU educated lawyer at Sullivan & Cromwell, is one of the youngest CEOs of mainboard-listed companies in Hong Kong. The current major shareholders of CST Group include Chiu Tao and Cheung Chung Kiu