Clifford Chance advises ENN Energy on its proposed privatisation, at a valuation of US$11.6 billion

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2 April 2025

Clifford Chance advises ENN Energy on its proposed privatisation, at a valuation of US$11.6 billion

Global law firm Clifford Chance is advising ENN Energy Holdings Limited (ENN Energy) (stock code: 2688 HK) on its proposed privatisation by Xinneng (Hong Kong) Energy Investment Limited, a subsidiary of ENN Natural Gas Co., Ltd. (stock code: 600803 SH), which currently holds a 34.28% stake in ENN Energy. The privatisation proposal is one of the largest for a Hong Kong listed company announced thus far this year, valuing ENN Energy at approximately HK$90.5 billion (approximately US$11.6 billion).

The privatisation of ENN Energy will be implemented by a scheme of arrangement under which new H shares of ENN Natural Gas will be offered and a cash payment will be paid to the shareholders of ENN Energy. In conjunction with the proposed privatisation, the enlarged ENN Natural Gas group will apply for the listing of its H shares on the Hong Kong Stock Exchange.

Lead partner Tommy Tam said, "We are honoured to advise ENN Energy on its privatisation, which builds upon our strong track record in advising on significant take-privates. We would like to thank ENN Energy for their confidence in our team on this important mandate. We look forward to seeing the company continue its success in the future."

Tommy was supported by senior associates Winnie Poon and Anson Wong, associate Priscilla Au Yeung and trainee solicitor Janice Chan.

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

This transaction builds upon Clifford Chance's work advising on Haier Smart Home's privatisation of Haier Electronics Group in 2020, involving a complex transaction structure of privatisation and a concurrent new listing. More recently, the firm advised on the privatisation of Beijing Capital Grand, the privatisation of L'Occitane International and the privatisation of SciClone Pharmaceuticals.

高伟绅就新奥能源估值约116亿美元的拟议私有化交易提供法律服务

国际领先律师事务所高伟绅就新奥天然气股份有限公司（上交所股票代码：600803，“新奥股份”）旗下子公司新能（香港）能源投资有限公司拟议私有化新奥能源控股有限公司（港股代码：2688，“新奥能源”），为新奥能源提供法律服务。新奥股份目前持有新奥能源34.28%的股份。此次私有化要约对新奥能源的估值约为905亿港元（约合116亿美元），是本年度迄今为止规模最大的已公布香港上市公司私有化交易之一。

私有化将通过协议安排的方式进行，在此项协议安排下，新奥股份将向新奥能源的股东新发行H股，且新能（香港）能源投资有限公司向新奥能源的股东支付现金。在拟议私有化的同时，扩大后的新奥股份集团将向港交所提交H股上市申请。

牵头合伙人谭诗聪(Tommy Tam)表示："我们很荣幸为新奥能源这个私有化交易提供法律服务，进一步巩固了我们在重大私有化交易方面的领先地位。感谢新奥能源的此次委托，这是对我们团队专业能力的信任，我们期待见证贵司未来持续取得成功。"

高伟绅团队由合伙人谭诗聪牵头，资深律师潘咏怡(Winnie Poon)和黄炜杰(Anson Wong)、欧阳沛琳律师(Priscilla Au-Yeung) 和实习律师陈明丰 (Janice Chan) 提供支持。

新奥能源为中国最大的清洁能源分销商之一，主要业务为在中国投资、建设、经营及管理燃气管道基础设施，销售与分销管道燃气、液化天然气及其他多品类能源产品。

此次交易延续了高伟绅在复杂私有化交易中的丰富经验。2020年，高伟绅就海尔智家私有化海尔电器提供法律服务，该交易涉及私有化与同步上市的创新复杂交易架构。近期高伟绅协助处理的交易还包括：就首创置业私有化交易提供法律服务；就L'Occitane International私有化交易提供法律服务；就赛生药业私有化交易提供法律服务等。