Welcome to our dedicated page for NaaS Technology ADR SEC filings (Ticker: NAAS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
NaaS Technology Inc. (NASDAQ: NAAS) files as a foreign private issuer with the U.S. Securities and Exchange Commission, using Form 20-F for annual reporting and Form 6-K for current reports. This page brings together the company’s SEC filings, which document its EV charging service and new energy asset operation business in China, its capital structure, and its relationship with its controlling shareholder, Newlinks Technology Limited.
In its Form 6-K reports, NaaS discloses a range of material events. These include changes to authorized share capital, re-designation and reclassification of share classes, and the creation and issuance of Class D ordinary shares with enhanced voting rights. Filings also describe share subscription agreements with Newlink-related entities and other investors, detailing the number of newly issued Class A ordinary shares and the resulting ownership and voting power held by Newlinks Technology Limited and its affiliates.
Other filings cover capital markets instruments, such as the issuance of a warrant to purchase Class A ordinary shares to an institutional investor, with exercise conditions tied to market capitalization and settlement through waiver and cancellation of specified indebtedness. NaaS also files reports related to ADS ratio changes, which affect how many Class A ordinary shares each ADS represents and have the same effect as reverse ADS splits.
Regulatory and listing matters appear in Form 6-K filings that include Nasdaq notifications about minimum market value of listed securities and late filing of the annual report on Form 20-F, along with subsequent updates on regaining compliance. Many of these 6-Ks incorporate attached press releases and are themselves incorporated by reference into NaaS’s registration statement on Form F-3, as noted in the filings.
On Stock Titan, these SEC filings are available with AI-powered summaries that highlight key terms, capital structure changes, governance updates, and listing-related disclosures. This helps readers quickly understand the implications of NaaS’s Form 20-F annual report, Form 6-K current reports, and related exhibits without having to parse every technical detail.
NaaS Technology Inc. registers for resale up to 37,376,000,000 Class A ordinary shares (including shares issuable upon exercise of warrants) and up to 468,750 ADSs (each ADS represents 3,200 Class A ordinary shares) by selling shareholders.
This is a resale registration: the Company states it is not selling any Class A ordinary shares here and will not receive proceeds from sales by the selling shareholders. The prospectus highlights material risks tied to the Company’s Cayman holding structure, substantial control by NewLink (which holds significant voting power), PRC regulatory and licensing uncertainty (including cybersecurity and overseas‑listing rules), and HFCAA/PCAOB inspection considerations that could affect continued U.S. trading. Financial snapshots show 2025 revenues of RMB125,139,000 (US$17,894,000) and a 2025 net loss of RMB449,967,000 (US$64,345,000).
NaaS Technology Inc. files its annual Form 20-F as a Cayman Islands holding company whose operations run mainly through PRC subsidiaries. The report highlights heavy net losses of RMB1,307.2 million in 2023, RMB914.4 million in 2024 and RMB450.0 million (US$64.3 million) in 2025, with expectations of continued near-term losses.
The company stresses structural risks from doing business in China, including evolving cybersecurity, data and overseas-listing rules, and potential trading prohibitions under the HFCAA. It notes complex cash-transfer limits from mainland China, reliance on strategic partner NewLink and the Kuaidian platform, and multiple ADS ratio changes affecting how many Class A shares each ADS represents.
NaaS Technology Inc. reported 2025 results showing a smaller business with much stronger economics but ongoing losses. Total revenue fell to RMB125.1 million from RMB201.0 million as the company exited capital-intensive, lower-margin activities to focus on an asset-light platform model.
Cost of revenues dropped 84% to RMB17.6 million, lifting gross margin to 86% from 44%. Operating expenses fell 59% to RMB379.8 million, and net loss narrowed by 51% to RMB450.0 million, with loss attributable to ordinary shareholders at RMB439.0 million.
The company generated positive operating cash flow of RMB0.5 million, compared with a RMB179.1 million outflow in 2024, and ended 2025 with cash of RMB81.2 million. The balance sheet remains highly leveraged, with total liabilities of RMB1,205.2 million exceeding total assets of RMB312.6 million, leaving total equity at a deficit.
NaaS Technology Inc. has called an extraordinary general meeting on April 29, 2026 in Langfang, China, where shareholders will vote on a major increase in authorized share capital. The proposal would raise authorized capital from US$52,000 (52,000,000,000 shares) to US$369,200 (369,200,000,000 shares), including 365,300,000,000 Class A ordinary shares.
Shareholders of record as of April 3, 2026 may vote in person or by proxy, while holders of American depositary shares, each representing 3,200 Class A ordinary shares, must vote through JPMorgan Chase Bank, N.A., the ADS depositary.
NaaS Technology Inc. director and Chief Executive Officer Wang Yang filed an initial ownership report listing existing equity interests. She holds stock options over 713,600 and 32,441,600 Class A ordinary shares at exercise prices of US$0.00005 and US$0.00000305 per share, respectively. The filing also reports large indirect holdings of Class A, B, C and D ordinary shares through Newlink Envision Limited, Newlink Linkage Limited and Newlinks Technology Limited, with Wang Yang disclaiming beneficial ownership of many of these shares except for her proportionate pecuniary interest.
NaaS Technology Inc. director Sun Weilin filed an initial ownership report showing existing equity interests rather than new trades. He holds stock options directly over 713,600 and 8,905,600 underlying Class A ordinary shares at very low exercise prices, with expirations in 2033 and 2032.
Indirectly, entities linked to him hold 11,915,840,000 Class A ordinary shares, 195,969,844 Class B shares, 1,111,577,928 Class C shares, and 16,000,000 Class D shares. Footnotes state he disclaims beneficial ownership of many of these holdings except for his stated pecuniary interests, and some share classes are convertible into Class A ordinary shares subject to conditions.
NaaS Technology Inc. director and more-than-10% shareholder Dai Zhen filed an initial ownership report detailing substantial direct and indirect holdings. Indirectly, entities including Newlink Envision Limited, Newlink Linkage Limited and Newlinks Technology Limited hold large blocks of Class A, B, C and D ordinary shares associated with him, with some holdings specifically disclaimed except for his pecuniary interest. He also holds stock options directly over 892,800 and 32,336,000 Class A ordinary shares at very low exercise prices, which are already exercisable according to the vesting schedules described. Certain Class B and Class C ordinary shares are each convertible into Class A ordinary shares subject to conditions, while Class D shares are not convertible.
NaaS Technology Inc. filed an initial insider ownership report for director Zhang Wei on Form 3. This filing identifies Zhang Wei as a board member but shows no buy, sell, or other share transactions and no derivative positions in the provided data.
NaaS Technology Inc. Chief Strategy Officer Wu Ye filed an initial ownership report showing multiple stock option grants over Class A ordinary shares. The filing lists options over 496,000 shares at an exercise price of $0.0001 per share expiring on January 31, 2032, 950,400 shares at $0.30 per share expiring on March 31, 2033, 2,000,000 shares at $0.01 per share expiring on July 2, 2033, and 278,400 shares at $0.0001 per share expiring on September 30, 2033. Footnotes describe staged vesting from February 2023 through July 2027, indicating these are long-term incentive awards rather than market trades.
NaaS Technology Inc. director LIU XIAOLI filed an initial ownership report showing derivative holdings in the company. The Form 3 lists stock options that are exercisable into 236,000 Class A ordinary shares at an exercise price of $0.0100 per share, expiring on June 9, 2032.
According to the footnote, these options became exercisable in three tranches: 76,541 shares on June 10, 2023, another 76,541 shares on June 10, 2024, and 82,919 shares on June 10, 2025. The filing reflects a direct option position rather than a new market transaction.