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NAAS on Nasdaq

NaaS Technology Inc.

NaaS Technology Inc. is a retail-retail stores company, Cayman Islands, active since 2013.2 It is headquartered in 朝阳区, China.2

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Last updated Oct 21, 2026.

Overview

-$125.3MNet income, fiscal 20243

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  • TickerNAAS on Nasdaq2
  • IndustryRetail-Retail Stores, NEC2
  • Headquarters朝阳区, China2
  • Incorporated inCayman Islands4
  • Business addressNewlink Center, Area G, Bldg. 7,Huitong, Times Square, No.1 Yaojiayuan South Rd,, Chaoyang District, Beijing4
  • Filer categoryNon-accelerated filer4
  • Legal formlimited liability company2
  • LEI83680097FFBDDVWEE9152
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressthe offices of Maples Corporate Services Limited, PO Box 309, Ugland House, KY1-1104 Grand Cayman, Cayman Islands2
  • Registered withGeneral Registry, 2795112

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Cayman Islands. Dada Auto later became the holding company of NaaS to facilitate NaaS’s offshore financing.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

27.7%Gross margin6
-333.2%Operating margin6
-408.4%Net margin6
235.0%Revenue growth, 20236

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue72¢$32.6M
  • Research and development20¢$8.9M
  • Other costs5¢$2.3M
  • Interest2¢$783.0K
  • Income tax1¢$533.0K

Out of $45.1M in revenue.6 The company lost money this year.

Financial statements

Revenue78910116$45.1M in 2023−70% since 2017
0$100.0M$200.0M$300.0M2017: $149.0M$149.0M20172018: $185.0M$185.0M2018+24%2019: $219.7M$219.7M2019+19%2020: $146.9M$146.9M2020−33%2022: $13.5M$13.5M2022−91%2023: $45.1M$45.1M2023+235%
Gross profit789106$12.5M in 2023−84% since 2017
0$50.0M$100.0M$150.0M2017: $79.5M$79.5M20172018: $101.1M$101.1M2018+27%2019: $119.9M$119.9M2019+19%2020: $54.5M$54.5M2020−55%2023: $12.5M$12.5M2023−77%
Operating income7891012116-$150.2M in 2023+156353% since 2017
-$400.0M-$300.0M-$200.0M-$100.0M0$100.0M2017: -$96.0K-$96.0K20172018: $30.2M$30.2M20182019: $32.0M$32.0M2019+6%2020: -$21.2M-$21.2M20202021: -$4.7M-$4.7M2021−78%2022: -$356.7M-$356.7M2022+7477%2023: -$150.2M-$150.2M2023−58%
Net income7891012116-$184.1M in 2023+2397% since 2017
-$1.0B-$750.0M-$500.0M-$250.0M0$250.0M2017: -$7.4M-$7.4M20172018: $20.8M$20.8M20182019: $21.3M$21.3M2019+2%2020: -$20.3M-$20.3M20202021: -$39.0M-$39.0M2021+92%2022: -$817.3M-$817.3M2022+1996%2023: -$184.1M-$184.1M2023−77%

Every line of the income statement as filed: the last 3 fiscal years, latest first.13

Period ending2025-12-312024-12-312023-12-31
Total revenues125.1M CNY201.0M CNY233.4M CNY
Cost of revenues-17.6M CNY-112.4M CNY-170.2M CNY
Gross profit107.5M CNY88.5M CNY63.2M CNY
Selling and marketing expenses-150.5M CNY-198.9M CNY-438.6M CNY
Administrative expenses-133.1M CNY-374.6M CNY-568.4M CNY
Research and development expenses-14.6M CNY-42.1M CNY-61.6M CNY
Impairment losses, net-81.6M CNY-300.9M CNY-73.8M CNY
Total operating expenses-379.8M CNY-916.5M CNY-1.1B CNY
Other gains, net6.5M CNY20.9M CNY24.1M CNY
Operating loss-265.8M CNY-807.0M CNY-1.1B CNY
Fair value changes of financial instruments at fair value through profit or loss-126.7M CNY-80.3M CNY-203.7M CNY
Finance costs-32.6M CNY-39.8M CNY-31.9M CNY
Loss before income tax-425.1M CNY-927.2M CNY-1.3B CNY
Income tax0 CNY19.1M CNY-3.3M CNY
Loss from continuing operations-425.1M CNY-908.0M CNY-1.3B CNY
Loss from discontinued operations-24.9M CNY-6.4M CNY-13.1M CNY
Net loss-450.0M CNY-914.4M CNY-1.3B CNY
Equity holders of the Company-439.0M CNY-913.5M CNY-1.3B CNY
Non-controlling interests-11.0M CNY-958.0K CNY-237.0K CNY
Basic loss per share (in Dollars per share and Yuan Renminbi per share)-0.04 CNY-0.35 CNY-0.57 CNY
Diluted loss per share (in Dollars per share and Yuan Renminbi per share)-0.04 CNY-0.35 CNY-0.57 CNY
Basic loss per share (in Dollars per share and Yuan Renminbi per share)-0.05 CNY-0.35 CNY-0.58 CNY
Diluted loss per share (in Dollars per share and Yuan Renminbi per share)-0.05 CNY-0.35 CNY-0.58 CNY
Fair value changes on equity investment designated at fair value through other comprehensive income, net of tax25.8M CNY-37.1M CNY-24.1M CNY
Own-credit risk portion of fair value changes on convertible bonds designated at fair value through profit or loss, net of tax121.7M CNY0 CNY0 CNY
Currency translation differences-3.0M CNY5.6M CNY-6.4M CNY
Other comprehensive (loss)/income for the year, net of tax144.4M CNY-31.5M CNY-30.5M CNY
Total comprehensive loss for the year-305.6M CNY-945.9M CNY-1.3B CNY
Equity holders of the Company-294.6M CNY-945.0M CNY-1.3B CNY

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Corporate structure

NaaS Technology Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NaaS Technology Inc.

  • NaaS Technology Inc. 朝阳区, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NaaS Technology Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$356.0K3 Dec 31, 2024$617.0K6 Dec 31, 2023−42.3%
Operating-lease assets (leased space)$658.0K3 Dec 31, 2024$2.0M6 Dec 31, 2023−66.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$17.3M3 Dec 31, 2024$61.4M6 Dec 31, 2023−71.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.6M6 Dec 31, 2023
Intangible assets, net (excluding goodwill)$320.0K3 Dec 31, 2024$1.9M6 Dec 31, 2023−82.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$3.2M6 Dec 31, 2023

Leadership

Who has led NaaS Technology Inc., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Steven Sim2026–now
Board members and other officers (2)

Former names

  • RISE Education Cayman LtdJul 28, 2017 to Jun 10, 20224

Timeline

  1. Jul 16, 2013Founded NaaS Technology Inc. is founded2

Filings

226 filings to the SEC since October 2021: 8 annual reports, 7 insider forms, 25 large holders, 186 other. The latest 20:

  1. Sep 8, 2026SCHEDULE 13D/A EDGAR
  2. Aug 31, 20266-K EDGAR
  3. Aug 14, 20266-K EDGAR
  4. Aug 5, 20266-K EDGAR
  5. Jul 29, 20266-K EDGAR
  6. Jul 24, 2026SCHEDULE 13D/A EDGAR
  7. Jul 22, 20266-K EDGAR
  8. Jul 17, 20266-K EDGAR
  9. Jul 9, 20266-K EDGAR
  10. Jun 29, 20266-K EDGAR
  11. Jun 5, 2026S-8 EDGAR
  12. Jun 5, 20266-K EDGAR
  13. Jun 1, 20266-K EDGAR
  14. May 20, 20266-K EDGAR
  15. May 13, 2026SCHEDULE 13G EDGAR
  16. May 13, 2026SCHEDULE 13G EDGAR
  17. May 1, 2026EFFECT EDGAR
  18. May 1, 20266-K EDGAR
  19. Apr 30, 2026CORRESP EDGAR
  20. Apr 24, 2026CORRESP EDGAR

The 226 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC12,072$35.7K0.0%−2,359
Morgan Stanley5,644$16.7K0.0%+3,614
Rhumbline Advisers349$1.0K0.0%No change
UBS Group AG171$5060.0%−287
IFP Advisors, Inc24$710.0%No change
Farther Finance Advisors, LLC2$60.0%No change
Group One Trading LLC1$30.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NaaS Technology Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNaaS Technology Inc.1
  • CIK0001712178
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Industry code (SIC)5990 Retail-Retail Stores, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressNewlink Center, Area G, Bldg. 7,Huitong, Times Square, No.1 Yaojiayuan South Rd,, Chaoyang District, Beijing, China1
  • Phone8610855110661
  • Shares outstanding32,453,046,115 Class A Ordinary Shares shares; 195,969,844 Class B Ordinary Shares shares; 1,111,577,928 Class C Ordinary Shares shares; 16,000,000 Class D Ordinary Shares shares as of Dec 31, 20255
  • AuditorGuangdong Prouden CPAs GP, Guangzhou, China PCAOB ID 7254; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJul 28, 20171
  • Filings303 in all: 6-K (151), CORRESP (21), UPLOAD (18), SC 13G/A (12), 20-F (10), 3 (7), 424B5 (7), F-1/A (7)1
    All 33 form types

    EFFECT (6), S-8 (6), SC 13D/A (6), SC 13G (6), SCHEDULE 13D/A (5), F-1 (4), F-6 POS (4), 424B3 (3), 424B4 (3), DRSLTR (3), NT 20-F (3), SCHEDULE 13G (3), 20-F/A (2), DRS (2), DRS/A (2), F-6 (2), SC 13D (2), 144 (1), 8-A12B (1), CERTNAS (1), F-3 (1), F-3/A (1), F-6/A (1), F-6EF (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 17, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing 3,200 Class A ordinary shares, par value US$0.000001 per shareNAASNasdaq
Class A ordinary shares, par value US$0.000001 per share

From the cover page of the 20-F filed Apr 17, 2026 (Section 12(b) of the Exchange Act).5

Sources

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