HK Stock Market Move | ENN ENERGY (02688) drops nearly 6%, its parent company ENN Natural Gas cancels its privatization plan.

ENN ENERGY (02688) fell nearly 6%, as of the time of writing, it fell 5.73% to HK$46.06, with a turnover of HK$5.16 billion. On the news front, on the evening of June 12, ENN Natural Gas announced that the company has decided to terminate the privatization of its wholly-owned subsidiary ENN ENERGY Holdings Limited and introduce it to the main board of the Hong Kong Stock Exchange through an introduction to listing. Citibank pointed out that ENN Natural Gas, the parent company of ENN ENERGY, has cancelled its privatization plan, thus downgrading the rating to "Neutral." The transaction has been awaiting approval from the China Securities Regulatory Commission for nearly a year, and the timetable for meeting all conditions is still unclear. From a fundamental perspective, the prospects for ENN ENERGY are not good, with weak growth in retail natural gas sales, a decrease in the number of new household users, and a decline in overall energy sales.