Adrian Cheng’s Bet on NaaS: A Step Towards a New World Ecosystem?
Adrian Cheng, the influential scion of New World Development, has turned his gaze toward a new investment frontier: NaaS (NASDAQ:NAAS). This emerging powerhouse in China’s New Energy Service industry has caught the keen eye of Dr. Cheng. According to the F1 filing submitted to the U.S. Securities and Exchange Commission (SEC) , it has been revealed that certain investors and institutions, including Dr. Cheng, have expressed their intention to purchase a total of 3.5 million American Depository Shares offered in the upcoming issuance.
However, this intriguing development seems to be more than just a simple investment for Dr. Cheng. The New World Group has previously expressed a desire to improve urban renewal, commerce, education, healthcare, cultural preservation, and technology in the Greater Bay Area. Dr. Cheng’s interest in NaaS aligns with this vision, hinting at a potential strategy of creating a New World Ecosystem, with NaaS serving as a cornerstone in the new energy sector.
In the past, Dr. Cheng’s Midas touch transformed companies like Meituan, Xiaomi, Xiaohongshu, Huolala, XPeng Motors, and NIO into success stories. Now, he directs his focus towards the new energy sector, and NaaS’s promising future has piqued his interest.
NaaS is one of the largest and fastest growing EV charging services in China. In its Q4 2022 financial report, NaaS posted a year-over-year growth of 177%, with an expected growth of up to 6.4 times in 2023.
As a one-stop EV charging solution provider that serves consumers, OEMs, and industry partners, NaaS has connected over 575,000 chargers and covered 55,000 charging stations, servicing more than 2.54 million new energy vehicle owners across 358 cities in China. The charging volume transacted through the company’s network reached 1,023 GWh in the first quarter of 2023. The company currently accounts for 21% of China’s public charging volume.
Its benefit for the environment is undeniable. NaaS’s carbon emission reduction reached 1.84 million tons in 2022, a 106% increase over 2021. Additionally, more than 460,000 people have signed up for the carbon account feature to promote green and low-carbon travel.
In its endeavor to Striving to helping promote carbon neutrality in transportation globally, NaaS began trading on Nasdaq (stock code NaaS) on June 13, 2022. The company is also expanding into new territories. In March, NaaS unveiled its autonomous charging robot, solidifying its position as a leader in smart charging.