NaaS Technology Inc. Announces Completion of Merger and New Board and Management

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BEIJING, June 10, 2022 /PRNewswire/ — NaaS Expertise Inc. (NASDAQ: NAAS) (the “Firm”), one of many largest and fastest-growing electrical automobile charging service suppliers in China, right now introduced the profitable completion of the transaction beforehand introduced on February 8, 2022 between RISE Training Cayman Ltd (“RISE”), the Firm’s predecessor, and Dada Auto Inc. (“NaaS”) (the “Transaction”). As introduced on April 29, 2022, the Transaction and sure extra Transaction-related proposals have been accepted by RISE’s shareholders at a unprecedented normal assembly held on April 29, 2022 (the “EGM”). The Firm, with its identify modified to “NaaS Expertise Inc.,” continues to be listed on Nasdaq with its new ticker “NAAS.”

Completion of Transaction

Pursuant to the Settlement and Plan of Merger, dated February 8, 2022, by and between RISE, NaaS and different events thereto (the “Merger Settlement”), on the closing of the Transaction (the “Closing”), the then shareholders of NaaS exchanged all the issued and excellent share capital of NaaS for newly issued shares of the Firm on the phrases and circumstances set forth within the Merger Settlement. Because of the Transaction, NaaS has develop into a wholly-owned subsidiary of the Firm. Instantly previous to the Closing, the Second Amended and Restated Memorandum and Articles of Affiliation of the Firm, as accepted on the EGM, turned efficient. Instantly after the Closing, the Firm had 2,141,595,809 atypical shares issued and excellent, divided into three courses.

In reference to the Transaction, Skadden, Arps, Slate, Meagher & Flom LLP served as U.S. authorized counsel to NaaS, Kirkland & Ellis LLP served as U.S. authorized counsel to the audit committee of the board of administrators of RISE, and China Worldwide Capital Company Hong Kong Securities Restricted acted because the monetary advisor to NaaS.

Title, Ticker and ADS Ratio Change

As accepted on the EGM, the Firm’s identify was modified from “RISE Training Cayman Ltd” to “NaaS Expertise Inc.,” efficient instantly previous to the Closing. The Firm’s ticker has additionally been modified from “REDU” to “NAAS” because the date of the Closing. As introduced on June 1, 2022, the variety of the Firm’s shares represented by every American depositary share (“ADS”) was modified from two (2) shares per ADS to 10 (10) shares per ADS, efficient on June 10, 2022.

New Board and Administration

The Firm’s board of administrators (the “Board”) and administration at the moment encompass the next members, efficient instantly previous to the Closing in accordance with the Merger Settlement:

  • Mr. Zhen Dai, a founding father of NaaS, has been appointed the chairman of the Board and the chairperson of the compensation committee of the Board.
  • Ms. Yang Wang, a founding father of NaaS, has been appointed the Firm’s chief govt officer and a director of the Firm.
  • Mr. Weilin Solar, a founding father of Newlinks Expertise Restricted, a shareholder of NaaS previous to the Transaction and a shareholder of the Firm after the Transaction, has been appointed a director of the Firm.
  • Mr. Bin Liu, beforehand a director of NaaS, has been appointed a director of the Firm.
  • Mr. Zhongjue Chen, who has served as a director of RISE since October 2013, continues to function a director of the Firm after the Transaction. Mr. Chen has additionally been appointed the chairperson of the company governance and nominating committee of the Board.
  • Mr. Guangming Ren has been appointed an impartial director of the Firm and the chairperson of the audit committee of the Board and a member of the compensation committee and company governance and nominating committee of the Board. Mr. Guangming Ren at the moment serves as a director of Joincap Holding Group and the final supervisor of Beijing Joincap Asset Administration Co., Ltd.
  • Mr. Xiaoli Liu has been appointed an impartial director of the Firm and a member of the audit committee, compensation committee and company governance and nominating committee of the Board. Mr. Xiaoli Liu is the founding father of Beijing Wanli Xinyuan Expertise Co. Ltd.
  • Mr. Lei Zhao, beforehand the chief monetary officer of NaaS, has been appointed the chief monetary officer of the Firm.

Ms. Lihong Wang, beforehand the chief govt officer, chairwoman of the Board and a director of RISE, Mr. Jonathan Jia Zhu, Mr. Weili Hong and Mr. Jun Yan, every beforehand a director of RISE, and Mr. Alex Wu, beforehand the performing chief monetary officer of RISE, have all resigned from their respective roles.

About NaaS Expertise Inc.

NaaS Expertise Inc. (the “Firm”) is without doubt one of the largest and quickest rising electrical automobile (“EV”) charging service suppliers in China. The Firm’s imaginative and prescient is to energy the world with carbon impartial vitality. The Firm’s EV charging providers started in 2019, and the Firm has established and maintains the biggest EV charging community in China by way of the charging quantity transacted by means of its charging community for third-party charging station operators, and the variety of public DCFCs (which means direct present quick charger with 30kW energy output or extra) linked to its community, in response to China Insights Business Consultancy Restricted, an impartial analysis agency. 

Protected Harbor Assertion

This press launch accommodates statements of a forward-looking nature. These statements are made below the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. You’ll be able to establish these forward-looking statements by terminology resembling “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and related statements. These forward-looking statements contain recognized and unknown dangers and uncertainties and are primarily based on present expectations, assumptions, estimates and projections in regards to the Firm and the trade. All data offered on this press launch is as of the date hereof, and the Firm undertakes no obligation to replace any forward-looking statements to mirror subsequent occurring occasions or circumstances, or adjustments in its expectations, besides as could also be required by legislation. Though the Firm believes that the expectations expressed in these forward-looking statements are affordable, it can not guarantee you that its expectations will grow to be appropriate, and buyers are cautioned that precise outcomes might differ materially from the anticipated outcomes.

For investor and media inquiries, please contact:

Investor Relations

NaaS Expertise Inc.

Electronic mail: [email protected]

Media inquiries:

E-mail: [email protected]

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