Slaughter and May is advising ENN Natural Gas’s proposed privatisation of its subsidiary ENN Energy Holdings and its proposed listing on the Hong Kong Stock Exchange

Slaughter and May, Hong Kong, is acting for China International Capital Corporation Hong Kong Securities Limited (CICC), the financial adviser to ENN Natural Gas Co., Ltd (ENN-NG) (a company listed on the Shanghai Stock Exchange) and Xinneng (Hong Kong) Energy Investment Limited (Offeror) (a wholly-owned subsidiary of ENN-NG), on the proposed privatisation of ENN Energy Holdings Limited (ENN), a company incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange (HKSE) (stock code: 2688) and the listing of the H shares of ENN-NG by way of introduction on the HKSE.

The proposed privatisation will be implemented by way of a scheme of arrangement pursuant to the Companies Act of the Cayman Islands (the Scheme) under which new H Shares of ENN-NG (which are proposed to be listed on the HKSE) will be offered as consideration, in addition to cash, to cancel the ENN shares held by the relevant ENN shareholders. The proposed privatisation and listing are inter-conditional, upon completion of which, ENN would be delisted and H Shares of ENN-NG would be listed on the Exchange with the ENN shareholders as its H shareholders.

ENN-NG is listed on the Shanghai Stock Exchange (stock code: 600803) and its group’s business segments include obtaining upstream natural gas resources, LNG terminals, natural gas downstream distribution, energy engineering, and energy chemical business. 

ENN is one of the largest clean energy distributors in the PRC and is principally engaged in the investment in, and the construction, operation and management of gas pipeline infrastructure, and the sales and distribution of piped gas, LNG and other multi-energy products in the PRC

Benita Yu and Jing Chen, lead partners for the transaction, commented, “We are pleased to have the opportunity to work with CICC, ENN-NG and the Offeror on this exciting transaction in the natural gas industry. The combination of a take private and listing transaction , together with the A share regulatory aspects applicable to the offeror, is one of only a few cases in Hong Kong’s corporate history. We look forward to joining hands with our clients and other advisers for a smooth implementation of the transaction.”