NaaS Technology Inc. Announces Completion of ADS Ratio Change

Core Viewpoint - NaaS Technology Inc. has implemented a change in the ratio of its American depositary shares (ADSs) to Class A ordinary shares, effective April 28, 2025, which is expected to impact the trading price of the ADSs [1][2][3]. Company Overview - NaaS Technology Inc. is the first U.S.-listed EV charging service company in China and operates as a subsidiary of Newlinks Technology Limited, a prominent energy digitalization group in China [4]. - The company is recognized as a leading provider of new energy asset operation services, utilizing advanced technology to optimize the charging experience for electric vehicle users [4]. ADS Ratio Change - The ADS Ratio has changed from one ADS representing 200 Class A ordinary shares to one ADS representing 800 Class A ordinary shares, effectively resulting in a one-for-four reverse ADS split [2]. - The exchange of ADSs occurred automatically, with previously-held ADSs being cancelled and new ADSs issued by JPMorgan Chase Bank, N.A., the depositary bank for the company's ADS program [2]. Expected Impact - Following the change in the ADS Ratio, the trading price of the ADSs is anticipated to increase proportionally, although the company cannot guarantee that the new trading price will be at least four times the previous price [3].