NaaS Technology Inc., a Chinese electric vehicle charging services provider, was officially listed to the Nasdaq on June 11 with the ticker “NAAS.” This is the third China concepts stock listed in the US this year, and it is also the first charging services company to carry out an IPO.
NaaS Technology Inc. completed its listing through a merger. In February 2022, it signed a merger agreement with RISE Education Cayman Ltd. On April 29, RISE Education’s shareholder meeting reviewed and approved the merger agreement with the company. On May 31, RISE Education submitted the two-year complete financial data of NaaS Technology Inc. to the US Securities and Exchange Commission (SEC), and submitted the stock code change and other related application material to the Nasdaq.
Founded in 2016, NaaS Technology Inc., also known as NewLink in China, covers businesses such as oil, electricity, hydrogen and gas. Its products and services include Tuanyou, Kuaidian, and NewLink Cloud.
According to a report by China Insights Consultancy, NaaS Technology Inc. began to provide electric vehicle charging services in 2019. Given the charging capacity provided by it for third-party charging station operators and the number of public DC fast charging piles connected to its network, the company has formed one of the largest electric vehicle charging networks in China.
By the end of 2021, its smart power business covered 288 cities with 290,000 charging piles. Over 200,000 piles were DC fast charging piles, accounting for 51% of China’s public DC fast charging piles. In 2021, orders for smart power were 55 million, and the charging capacity was 1.233 billion kWh, accounting for 18% of the public charging capacity of electric vehicles in China in 2021 and 8.2 times that in 2019.
In January 2022, the company completed a pre-IPO round of financing totaling $87 million. The investors include Anji State-owned Investment, Sincere Fund, CICC Capital, Bain Capital, GSR United Capital and Sino Pacific Capital.