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NaaS Technology ADR (NAAS) is a leader in China’s electric vehicle charging sector, leveraging AI and its proprietary NEF system to optimize charging infrastructure. This page provides investors and industry professionals with timely updates on the company’s operational milestones, strategic initiatives, and market developments.
Access official press releases, earnings reports, and analysis of NAAS’s innovations in energy fintech and digital solutions. Track key announcements including partnerships with regional operators, advancements in neural network algorithms, and expansions aligned with China’s sustainable mobility goals.
Discover updates on NAAS’s role in enhancing EV ecosystem interconnectivity, dynamic pricing models, and government collaborations. Content is curated to support informed decision-making while maintaining compliance with financial disclosure standards.
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NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, announced a significant leadership change. Mr. Alex Wu has resigned as President, Chief Financial Officer, and Director, effective August 9, 2024. The company has appointed Mr. Steven Sim as the new Chief Financial Officer, starting August 12, 2024.
Mr. Sim brings over 20 years of experience in Singapore, London, and mainland China. He holds an MBA from INSEAD and has worked at three of the Big Four accounting firms. His previous roles include Vice President of Finance at Sohu and CFO at Pintec Group, where he led the company's IPO process.
To ensure a smooth transition, Mr. Wu will continue in an advisory role until November 8, 2024. Ms. Yang Wang, speaking on behalf of NaaS, expressed gratitude for Mr. Wu's contributions and confidence in Mr. Sim's ability to drive growth for the company.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has released its 2023 Environmental, Social and Governance (ESG) report. The report highlights NaaS's progress towards its long-term ESG goals, including:
- Achieving a carbon emission reduction of 3.29 million tons through new energy charging
- Procuring 305 million kWh of clean energy, accounting for 81.14% of total electricity consumption
- Scoring 60 points in the S&P Global Corporate Sustainability Assessment, ranking in the top 2% globally and second in the industry in China
The report also details NaaS's strategic initiatives in sustainability, technological advancements in autonomous charging solutions, and commitment to sound governance and employee development.
NaaS Technology Inc. (Nasdaq: NAAS) reported its Q2 and H1 2024 financial results, showing significant progress towards profitability. Key highlights include:
- 59% YoY reduction in net loss for Q2 2024
- 73% YoY increase in charging services revenue for Q2 2024
- 89% YoY overall revenue growth in Q2 2024
- 59% YoY gross profit growth in Q2 2024
- Non-IFRS net profit turned positive in June 2024
The company's core charging services business continued to drive revenue growth, with 70% of orders achieving positive Net Take Rate (NTR) in Q2. NaaS also advanced its autonomous charging robot solutions and formed strategic partnerships to expand its ecosystem.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has announced it will report its unaudited financial results for the second quarter and first half of 2024 on July 24, 2024, before the U.S. market opens. The company will host an earnings conference call at 8:00 AM U.S. Eastern time (8:00 PM Beijing/Hong Kong time) on the same day.
Investors and analysts can access the call through various toll-free and international numbers. A live and archived webcast of the conference call will be available on the company's investor relations website. Additionally, a replay of the call will be accessible until July 31, 2024.
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.
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