• NaaS, one of the fastest-growing electric vehicle charging service providers in China, has completed a SPO transaction of 3.5 million American Depository Shares (ADS).
• Notable investors such as Dr. Adrian Cheng and CST Group (0985.HK) participated in this transaction.
• The EV charging infrastructure sector is expected to experience a double-digit increase in scale with an estimated market expansion from CNY 44.6 billion in 2022 to CNY 1,784.8 billion by 2030.
Overview of NaaS
NaaS is one of the fastest-growing electric vehicle charging service providers in China which offers a comprehensive one-stop service that includes charging station site selection, software and hardware procurement, EPC, operation and maintenance, energy storage, PV, virtual power plant, and autonomous charging robots. As of March 31 2023, the company has connected 55,000 charging stations and 575,000 chargers accounting for 20% of the country’s public charging volume in 2022.
On May 31st 2021 NaaS announced to have completed a SPO transaction of 3.5 million American Depository Shares (ADS). This transaction involved notable investors such as Dr Adrian Cheng and CST Group (0985 HK), a well-established HK listed company. The personal investment by Dr Adrian Cheng indicated his preference for the new energy sector and the company while Mr Han Xuyang (Johnny Han),the CEO of CST Group educated at Oxford and HKU serves as one of the youngest CEOs for mainboard listed companies in Hong Kong whose current major shareholders include Chiu Tao and Cheung Chung Kiu with Cheng Yu Tung Stanley Ho & Joseph Lau Luen Hung associated as historical shareholders for this reputable HK listed company established since 1993 engaged primarily in mineral resources development & extraction along with investments into financial instruments properties & EV industry .
According to data from China Investment Corporation ,The EV penetration rate is expected to reach 35% to 40% by 2023 with sales reaching 9 million units meanwhile the EV charging solution market is predicted to expand from CNY 44.6 billion in 2022 up to CNY 1 784 8 billion by 2030 with a CAGR of 58 6%. Leveraging digital technologies & AI usage , NaaS aims at improving industrial efficiency within this booming sector .
The Chinese government has implemented several incentive policies including subsidizing purchase costs for EVs , preferential insurance policies , tax breaks on fuel use etc that are expected to increase demand further within this sector .
The completion of NaaS’s SPO transaction involving notable investors such as Dr Adrian Cheng & CST Group indicates strong confidence towards this promising new energy sector driven mainly due to Chinese Government Incentives expected to continue boosting further growth potential prospects within this market .