NaaS Technology Inc. (NASDAQ: NAAS) shares are on a significant surge today, rising 53.24% to $2.13 as of the last premarket check. This impressive rise comes after the business announced an equity plan to improve shareholder value.
The Program for Share Buybacks
NaaS Technology’s boar of Directors has approved a share buyback program commencing today. Under the program, during the following 12 months, ending in February 2026, the company will repurchase up to $10 million worth of its American Depositary Shares (ADSs).
Thye buybacks will be depending on the state of the market and regulatory compliance, and might take place through block trades, privately negotiated agreements, open market transactions, or other legally permitted methods. The Board has promised to examine the program on a regular basis and may modify its terms and scope as necessary.
Increasing the Interconnectivity
Beyond financial plans, NaaS Technology keeps moving forward with its operational growth, especially in the field of electric vehicle (EV) charging. The corporation had a significant surge in registered customers in 2024, expanding its charging network by almost 6.4 million new accounts.
Over 60% of China’s new energy vehicle (NEV) owners were among the almost 19 million customers who had registered on the Kuaidian platform, NaaS’s strategic partner, as of December 31, 2024. Data from China’s Ministry of Public Security, which reported that 31.4 million NEVs were in the nation by the end of 2024, served as the basis for this projection.
Growth in the NEV Market
NaaS Technology is strengthening its relationships with charge station operators, third-party internet platforms, and vehicle original equipment manufacturers (OEMs) in order to accelerate its interconnection ambitions. Nearly 1.15 million chargers have been linked by the firm by September 30, 2024, accounting for almost 35% of China’s public charging network.
Developing Innovative and Smooth Solutions
NaaS is dedicated to providing scalable, superior charging solutions through strategic partnerships. For China’s quickly increasing NEV user base, the firm is improving the accessibility, dependability, and convenience of EV charging by consistently extending network coverage and maximizing service efficiency. This strategy emphasizes how NaaS Technology may expedite the country’s shift to a more environmentally friendly transportation system.