NaaS Technology has been listed on Nasdaq through a merger with US company RISE Education Cayman in a deal that makes NaaS the third China concepts stock to go public in the US this year and the first IPO for an electric-vehicle charging-services provider.
Existing NaaS shareholders and previous investors in RISE held approximately 92.9 per cent and 7.1 per cent respectively after the deal closed.
Skadden served as US legal counsels to NaaS while Haiwen & Partners, King & Wood Mallesons, Jingtian & Gongcheng acted as PRC counsels.
Haiwen’s team was led by partners Wang Lei and Fan Yunpeng with support from senior counsel Yu Yi and associate Chen Shujia. Partner Yang Jianyuan advised on regulatory compliance.
Kirkland & Ellis advised the RISE’ board’s audit committee on US law.
This transaction came amid an education market crisis in China as the “double reduction” policy cracked down on private education companies and caused RISE profits to plummet.
RISE has been defined as a “public shell” by Nasdaq as it sold all its assets at the end of last year.
One of NaaS’s pre-IPO fundraising round investors, Bain Capital, was a major shareholder of RISE and had wanted to link the two companies to focus on China, the largest global energy market.