Chinese billionaire Wang Yusuo's ENN Natural Gas has filed for a listing in Hong Kong by way of introduction, following its earlier proposal to privatize its Hong Kong-listed subsidiary ENN Energy (2688).
ENN Natural Gas’s initial public offering plan involves no new share issuance or fundraising.
China International Capital Corporation Hong Kong Securities was the sole sponsor.
Based on its Monday closing price of 18.85 yuan (HK$20.60), ENN Ecological’s market capitalization stood at 58.4 billion yuan.
The group previously proposed to acquire ENN Energy by offering 2.9427 new H-shares and HK$24.50 in cash for each ENN Energy share. The total transaction value, including the cancellation of scheme shares and a buyout offer for share options, is nearly HK$18.4 billion.
ENN Natural Gas emphasized that the privatization plan remains subject to regulatory and shareholder approvals.
In 2024, the company posted a 4 percent year-on-year decline in revenue from continuing operations to 134.9 billion yuan, while its net profit rose 58 percent to 4.49 billion yuan.
It pledged to distribute no less than 50 percent of its core earnings as cash dividends annually from 2026 to 2028, after the privatization and listing plans are completed.
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