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NaaS Technology Inc. Announces Updated Effective Date of ADS Ratio Change

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BEIJING, June 7, 2024 /PRNewswire/ — NaaS Technology Inc. (Nasdaq: NaaS) (“NaaS” or the Company”), the first U.S. listed EV charging service company in China, today provides an update on the effective date of the change of the ratio of its American Depositary Shares (the “ADSs”) to its Class A ordinary shares (the “ADS Ratio”). The ADS Ratio change was previously announced on May 30, 2024 and originally planned to become effective on or about June 10, 2024. According to JPMorgan Chase Bank, N.A., the depositary bank for the Company’s ADS program, the ADS Ratio change will take effect at the open of business on June 13, 2024 (U.S. Eastern Time).

As previously announced, for the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-twenty reverse ADS split and the current ADS Ratio of one (1) ADS to 10 Class A ordinary shares will be changed to a new ADS Ratio of one (1) ADS to 200 Class A ordinary shares.

Each ADS holder of record at the close of business on the date when the change in ADS Ratio is effective will be required to surrender and exchange every 20 existing ADSs then held for one (1) new ADS. The depositary bank will arrange for the exchange of the current ADSs for the new ones. The ADSs will continue to be traded on the Nasdaq Stock Market under the symbol “NaaS.”

No fractional new ADSs will be issued in connection with the change in the ADS Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank. The change in the ADS Ratio will have no impact on the Company’s underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with the change in the ADS Ratio.

As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than 20 times the ADS trading price before the change. 

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy asset’s lifecycle and facilitating energy transition.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com 

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SOURCE NaaS Technology Inc.

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Creddinv Launches ‘The Smart Investor’ App

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India’s first app facilitating 100% digital startup investment processes

BENGALURU, India, April 10, 2025 /PRNewswire/ — Creddinv, India’s premier curated startup investment platform, is set to revolutionize the way investors engage with startups through its new ‘Creddinv: The Smart Investor’ app, launching today.

 

This first-of-its-kind application is designed exclusively for high-net-worth individuals (HNIs), angel investors and venture capitalists looking to seamlessly discover and invest in India’s most promising startups.

Key Features of the Smart Investor App:

Curated Startup Listings – Access thoroughly vetted and high-potential startup investment opportunities.Seamless Investment Process – Invest in a few clicks with a secure and intuitive interface.Real-Time Portfolio Tracking – Monitor the investments and stay updated with market insights.Exclusive Investor Community – Network with seasoned investors and industry experts.

The Smart Investor App becomes an exclusive gateway to invest in startups through Creddinv’s Premium Series, as a part of which investors will be assigned a dedicated investment banker to manage their portfolios.

What is Premium Series?

Premium Series is a curated investment experience launched by Creddinv for investors seeking high-potential private equity opportunities in early-stage startups. Unlike pooled investments like AIF Category I, Premium Series allows investors to invest directly on a startup’s cap table via Compulsory Convertible Preference Shares (CCPS)—alongside prominent angel investors and institutional funds.

Each cohort in the Premium Series features a highly selective group of startups across trending sectors like fintech, electric vehicles (EV), SaaS, agri-tech, consumer & FMCG, Robotics and AI. Only 2% of the startups evaluated make it to the final portfolio—ensuring one can only see the best of the best.

“We believe the future of wealth creation lies in startup investments, and with the Smart Investor App, we are empowering investors to be at the forefront of India’s entrepreneurial revolution, by letting them know every step they take,” said Anil Kumar Kar, Director and Co-Founder of Creddinv.

With startup investments emerging as a key asset class in India’s booming private equity landscape, Creddinv’s Smart Investor App is set to democratize access to high-growth opportunities while making startup investments more transparent, efficient and profitable.

“For years, investing in startups has been complex and reserved for a select few. Today, we change that. The Smart Investor App makes it easier than ever to discover, evaluate and invest in the next big thing in the most transparent way possible,” said Nandakishor, Director and Co-Founder of Creddinv.

The app will be available for download on iOS and Android starting April 10, 2025.

Stay tuned for more updates and be among the first to experience the future of startup investing.

About Creddinv

Creddinv Technologies offers a platform where startup founders and investors connect seamlessly for mutual success. Creddinv revolutionises investing by lowering entry barriers, matching investors with diverse investment opportunities. With its upcoming expansion into wealth creation and portfolio management services, Creddinv continues to provide valuable options for a comprehensive, balanced and informed investment journey.

For more information, visit website: https://www.creddinv.in 

For media inquiries, please contact:
Dhivya Abirami
Lead – Content and PR | Creddinv Technologies
media@creddinv.in 

Video: https://www.youtube.com/watch?v=O6MLpT5gbOg
Logo: https://mma.prnewswire.com/media/2561746/Creddinv_Logo.jpg

 

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Hyundai Mobis Seeks Open Innovation Opportunities for Mobility in Detroit

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Hyundai Mobis held Mobis Mobility Day in Detroit … introducing its business vision and investment status under the theme of “Mobis in Global.” Exploring local collaboration and business opportunities in Detroit, which is home to big 3 automaker and recently emerging as a key hub for mobility startups.It is expanding the discovery of outstanding startups and strategic investment performance … strengthening support for business proofs of concept, led by MVSV, its US-based investment subsidiary.

SEOUL, South Korea, April 10, 2025 /PRNewswire/ — Hyundai Mobis (KRX 012330) held an investment presentation for startups in North America, setting out to secure a future mobility technology alliance. The company announced on 10 that it held the 4th annual Mobis Mobility Day in Detroit, home to the automotive industry. The event had originally been held in Silicon Valley every year. Mobis Mobility Day is an event where Hyundai Mobis introduces its business vision and investment status to global startups, academia, and investors.

Based on its automobile manufacturing infrastructure, Detroit is emerging as a hub for a large number of mobility startups armed with AI and software, as well as production and quality control capabilities.

In this event, these regional characteristics led to many presentations by promising local startups Hyundai Mobis invited. It is reported that in-depth discussions were made regarding mobility trends, particularly in the fields of robotics and cleantech.

Hyundai Mobis changed the venue from Silicon Valley to Detroit this year, considering that its recent global orders have been concentrated on North American customers. The company also considered that by expanding investment and cooperation with promising local startups and jointly developing superior technologies with them, it would be able to promote its products to customers more easily in the future.

During the event, Hyundai Mobis introduced its latest innovations in software-defined vehicle (SDV), electrification, and automotive electronics under the theme of “Mobis in Global,” with presentations on its business vision, open innovation achievements, and investment strategies. It is reported that the event was a great success, attracting over 200 local customer and startup officials. Presentations were given by employees of Mobis Technical Center of America, providing an engaging and informative experience.

“It is becoming important to discover outstanding global startups and make strategic investments to secure innovative technologies that will lead the paradigm shift in mobility,” said Mitchell Yun, investment manager at Mobis Ventures Silicon Valley (MVSV), the organizer of the event. “This year, we will expand our support for business proofs of concept (PoCs), including technology and business feasibility reviews, and strengthen our collaboration to preempt the market.” 

Hyundai Mobis launched Mobis Ventures Silicon Valley, its open innovation base, in Silicon Valley in 2018, and the cumulative amount of money it has invested in startups exceeded 200 billion won last year. Last year, the company made a new investment of 15 million dollars in the US semiconductor company Elevation Microsystems, and in 2020, it invested in the UK’s Envisics and is currently collaborating with it on augmented reality-based head-up display (AR-HUD) technology. It also continues to cooperate with promising companies in the core technology fields of future mobility, including Zendar, a developer of high-performance image radars for autonomous driving, LightIC, an AI-based semiconductor-type lidar company, and Sonatus, a software platform company.

For more information, please visit the website at http://www.mobis.com.

Media Contact 
Choon Kee Hwang: ckhwang@mobis.com
Jihyun Han : jihyun.han@mobis.com

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View original content:https://www.prnewswire.co.uk/news-releases/hyundai-mobis-seeks-open-innovation-opportunities-for-mobility-in-detroit-302424096.html

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Kuen Cheng High School Earns 2nd Place in Otis’ Asia Pacific Regional Made to Move Communities™ Challenge

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School awarded US$15,000 grant to advance STEM programming

KUALA LUMPUR, Malaysia, April 10, 2025 /PRNewswire/ — A team of students from Kuen Cheng High School has been named runner-up in the Otis Asia Pacific region Made to Move Communities student challenge, a competition in which students apply principles of STEM (Science, Technology, Engineering and Maths) to propose solutions to real-world urban mobility issues.

Over the last several months, the high school students, with the guidance of Otis volunteer mentors, designed solutions leveraging AI technology aimed at enabling more inclusive mobility in their communities, and presented their ideas to Otis judges from the company’s Asia Pacific region. Otis (NYSE: OTIS) is the world’s leading elevator and escalator manufacturing, installation and service company.

The students’ solution titled City Alive: Leveraging AI to Resolve Traffic Congestion showcased an innovative concept using drones as command centers for the creation of autonomous and moveable platforms to clear road obstacles. The team received a US$15,000 grant from Otis to further advance STEM programming in their school.

“We extend our sincere gratitude to Otis for providing Kuen Cheng High School with the opportunity to participate in this year’s Made to Move Communities challenge,” said Ms. Foo Cheau Yee, teacher-in-charge from Kuen Cheng High School. “It has been an enriching and meaningful experience for our students, who have gained valuable insights through their eight-week collaboration with Otis volunteers—enhancing their AI solution, strengthening their presentation skills, and learning how to position a solution for commercial viability.” 

“Rapid urbanization has driven the swift growth of cities across Malaysia, leading to traffic congestion, longer commute times, and reduced productivity,” said Pradeep Nair, Managing Director of Otis Malaysia. “We extend our heartfelt congratulations to the students of Kuen Cheng High School for securing second place in the Otis Asia Pacific region with their innovative solution to overcome Malaysia’s urban mobility challenges. Most importantly, we hope this experience has inspired them—and all participating students—to continue exploring and pursuing opportunities in the STEM fields.”

About the Made to Move Communities challenge

Launched in 2020, the Made to Move Communities challenge engages young minds to explore real-world challenges and develop innovative solutions with the potential to create more connected communities and improve mobility for all. This initiative brings together students, educators, and Otis colleagues as mentors with the goals of advancing STEM and leadership skills to help build the next generation of talent, ensuring future workforce readiness, and sustaining innovation.

Each year, the program focuses on a different theme that aligns with global priorities, such as sustainability, accessibility or technology. This year’s theme had students incorporate Artificial Intelligence into their proposals. Students are encouraged to think critically and creatively, applying STEM principles to address mobility-related issues. Through workshops, mentorship, and collaboration, participants gain valuable insights and skills that prepare them for future careers while making a positive impact on society. Participating schools also receive grants at the conclusion of the program to support ongoing STEM education in their schools.

This year, more than 250 students globally from dozens of schools participated in the challenge. To date, the Made to Move Communities program has reached more than 1,000 student participants, involved more than 950 Otis volunteer mentors, and delivered nearly 90 grants totalling over $1 million to support ongoing STEM education at participating schools.  

To learn more about the Made to Move Communities challenge, visit www.otis.com/mtmc.

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry’s largest Service portfolio. You’ll find us in the world’s most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.

 

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SOURCE Otis Elevator

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