ENN-NG(SH:600803) Zheng Quan Ri Bao Zhi Sheng·2025-12-28 13:39Core Viewpoint - XinAo Gas Co., Ltd. has made significant progress in its major asset restructuring project, completing foreign exchange registration for overseas direct investment, which is a crucial step towards privatizing its subsidiary XinAo Energy Holdings and achieving a listing of H-shares [1] Group 1: Restructuring Details - The restructuring involves privatizing XinAo Energy by offering a payment of "24.5 HKD in cash + 2.94 H-shares of XinAo" for each share of XinAo Energy [1] - After the transaction, shareholders of XinAo Energy will hold H-shares of XinAo, and XinAo Energy will be delisted from the Hong Kong Stock Exchange, becoming a wholly-owned subsidiary of XinAo [1] Group 2: Business Strategy and Market Position - XinAo Gas is the largest private city gas company in China by retail gas sales volume, holding approximately 6.1% market share, ranking third among all market participants [2] - The privatization and subsequent listing strategy aims to enhance the integration of XinAo and XinAo Energy, improving competitive capabilities and resource allocation in response to market changes [2] - The restructuring is expected to create a more competitive "A+H" dual capital platform, facilitating deep collaboration from upstream to downstream in the natural gas supply chain [2] Group 3: Operational Efficiency and Market Expansion - The integration is anticipated to significantly reduce operational costs and improve resource efficiency by directly connecting the extensive distribution network with upstream resources [2] - The restructuring will address long-standing issues of competition between affiliated companies and broaden financing channels through the Hong Kong capital market, attracting international capital [2] - Post-listing, the management will need to balance the interests of A-share and H-share shareholders while maximizing synergies and leveraging the international advantages of the Hong Kong market [3]