China's ENN to privatize ENN Energy, list in HK

Chinese billionaire Wang Yusuo's ENN Group announced plans to privatize clean energy company ENN Energy (2688) and to list in Hong Kong, aligning with Beijing’s efforts on energy security.

Each ENN Energy share under the scheme is valued at around HK$80 and can be exchanged for 2.9427 ENN H-shares plus HK$24.5 in cash. The privatization offer represents a 34.57 percent premium over ENN Energy’s closing price on March 17.

The total transaction value, including the cancellation of scheme shares and a buyout offer for share options, is nearly HK$18.4 billion.  

In 2024, ENN Energy recorded a net profit of 5.99 billion yuan (HK$6.42 billion), down over 12 percent from a year prior.
STAFF REPORTER