#China #Beijing #EV Charging #Nasdaq Notice #NaaS Technology

NaaS Technology Inc. Faces Nasdaq Non-Compliance

NaaS Technology Inc. (NASDAQ: NAAS), a leader in EV charging services and the first U.S. listed company of its kind in China, has recently reported a significant regulatory challenge. On May 20, 2025, the company received a Notice of Non-Compliance from Nasdaq, stemming from the late submission of its annual report on Form 20-F, which is related to the fiscal year ending December 31, 2024.

The non-compliance is linked to Nasdaq Listing Rule 5250(c)(1), which mandates timely submissions of periodic financial reports to the U.S. Securities and Exchange Commission (SEC). Although this notice indicates a breach of compliance, it does not result in immediate repercussions for the company’s stock listing or trading activities on Nasdaq.

In line with Nasdaq regulations, NaaS now has a period of 60 calendar days from the notice's date to come up with a comprehensive compliance plan. If Nasdaq finds this plan acceptable, NaaS could receive an extension, granting them an additional 180 days to rectify the situation. This means the company could have until November 11, 2025, to fulfill its reporting obligations.

NaaS is committed to resolving this issue swiftly and is closely working on completing its annual report for timely filing in order to comply with Nasdaq's listing standards. The company emphasizes its dedication to transparency and regulatory compliance as it navigates through this hiccup in its reporting process.

About NaaS Technology Inc.

Founded as the first publicly listed EV charging service provider in China, NaaS Technology is a subsidiary of Newlinks Technology Limited, a prominent player in energy digitalization. The company’s portfolio is centered around providing intelligent connecting solutions that enhance the interaction between charging supply and demand, thus offering a seamless and efficient charging experience for electric vehicle users.

Not only does NaaS aim to improve user experiences when it comes to EV charging, but it also utilizes cutting-edge technology to foster data-driven operational optimizations. This initiative boosts not only the efficiency and profitability of charging stations but also enhances the overall ecosystem involved in electric vehicle charging.

NaaS operates in a fast-evolving sector, particularly amid the growing consumer demand for sustainable energy solutions and electric vehicles. The company is focused on innovation, continuously evolving its technology and services to meet emerging market needs and consumer expectations.

The Road Ahead

As the landscape for electric vehicles and their corresponding infrastructure continues to grow, NaaS expects to strengthen its foothold in the market. The current challenges with Nasdaq will serve as a catalyst for the company to solidify its reporting practices and ensure that it is positioned as a leader not just in innovation, but also in compliance and governance.

While the challenges presented by the Notice of Non-Compliance are not uncommon for companies on public exchanges, NaaS is actively addressing the situation with an urgency befitting a dynamic sector that requires adaptability and foresight. As the situation unfolds, stakeholders will be keenly monitoring how NaaS Technology navigates this regulatory pathway while continuing its mission to empower the EV charging network nationwide.

NaaS Technology's proactive approach to compliance illustrates its commitment to maintaining trust and reliability within the financial markets and among its customers and partners. As regulatory dynamics evolve, the company aims to emerge from this experience with enhanced operational integrity and renewed stakeholder confidence.