NaaS Technology Inc. Announces Plan to Implement ADS Ratio Change

Core Viewpoint - NaaS Technology Inc. is changing the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares from 1:200 to 1:800, effective April 28, 2025, which is equivalent to a one-for-four reverse ADS split [1][2]. Company Overview - NaaS Technology Inc. is the first U.S.-listed EV charging service company in China and a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China [4]. - The company provides new energy asset operation services and utilizes advanced technology to match charging supply with demand, enhancing the charging experience for electric vehicle users [4]. Impact of ADS Ratio Change - The change in the ADS Ratio is expected to increase the ADS trading price proportionally, although there is no assurance that the price will be four times greater than before the change [3]. - Existing ADS holders will need to surrender four current ADSs for one new ADS, with fractional entitlements aggregated and sold by the depositary bank [2]. - The change will not affect the underlying Class A ordinary shares, and no shares will be issued or cancelled in connection with the change [2].